BSP warns of auto loan scams
The Philippine Star|August 30, 2021
The Bangko Sentral ng Pilipinas (BSP) has warned banks and financial institutions about scams perpetrated by organized crime groups involving auto loans using fictitious identities.

BSP Deputy Governor Chuchi Fonacier issued Memorandum 2021 – 047, directing BSP-supervised financial institutions (BSFIs) to strictly observe and strengthen the implementation of the requirements pursuant to the Anti-Money Laundering regulations provided in the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions.

In particular, Fonacier said banks should strengthen customer identification and verification procedures, ongoing monitoring of customers and their transactions, suspicious transaction reporting, and continuing AML training program, including controls relating to partner/accredited car dealers.

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