Banks in the Philippines are turning a corner in taking AML/KYC processes and systems seriously with the help of central bank. Just last April, the Bangko Sentral ng Pilipinas, the Philippines central bank, reminded all banks that they should not discriminate against customers wanting to avail of their services while at the same time guarding against suspicious individuals under the Anti-Money Laundering Act of 2001. The BSP said that it has mandated supervised institutions to adopt an anti-money laundering stance to combat the financing of terrorism. They should also identify, monitor, assess, and control risks associated with money laundering and terrorist financing. The Dragon Banker reached out to executives across the Philippines to learn how they are combating money laundering and what systems, processes and procedures they are implementing to make it a reality.
This report is the most authoritative source on how banks in the Philippines are combating money laundering. The report is based off a survey with 10 bankers across anti-money laundering including heads of AML, heads of compliance, and senior directors and managers involved in AML in six different banks in the country, including state-owned banks and international ones.
The report also looks at what regulations AML heads are worried about, their future plans in implementing KYC and AML systems and processes, and their views on how to deal with supply afraid, internal fraud, and how they are avoiding terrorist money laundering. The report also looks into how banks in the Philippines’s AML and compliance bankers view transactional monitoring, customer risk assessment, customer due diligence controls and Watch List Monitoring.
Reasons To Invest in This Report
The Dragon Bankers has extensive networks with banks in the Philippines is due to its trainings in the region, publications, research throughout the country. This report will aid your team to accomplish the following:
· Get the names of the decision-makers within banks in the Philippines AML departments.
· Understand in depth the decision-making process regarding purchasing AML software and the bidding process, and what banks look for in a bid for software.
· Learn about The Philippines bank’s weaknesses in AML software, the problems they are encountering in monitoring transactions, KYC, reporting, and training staff in AML.
· Gain deep insights into banks in the Philippines main thoughts into what the regulators are planning, how the regulations have impacted the banks, and how they are planning on responding.
Who Should Invest In This Report?
This report Is Designed for the following decision makers:
· Technology venders based in the Philippines that are seeking to gain a comprehensive view of the latest developments in anti-money laundering regulations, bank’s software issues and the regions’ banking executives plans.
· Technology venders that are planning in near future to begin servicing banks in the Philippines in terms of anti-money laundering software.
· Regulators in are seeking to learn how banks in the Philippines are monitoring their transactions, complying with AML regulations, and upgrading their software.
· Banks that are seeking to learn about the latest developments of AML in the Philippines and what the region’s decision makers are building the proper infrastructure to comply with local and international regulations.