Salud Bautista, President of Philrem Service Corporation, at the Senate of the Philippines' Blue Ribbon Committee hearing on the US $81-million money laundering that victimized the Bangladesh Bank account in the United States of America. YouTube image grab.
The Philrem Service Corpoation, which is being involved in the alleged money laundering of about US $81 million stolen from Bangladesh Bank (BB), faces possible charges for violation of Bangko Sentral ng Pilipinas rule on third party reliance.
During the Senate hearing on Thursday, Philrem owner Salud Bautista was asked by Senators if her company properly checked the identity of Kim Wong, also known as Kam Sin Wong, a casino owner who reportedly received part of the stolen money, when the company delivered multimillion dollars to him in February 2016.
Bautista repeatedly told lawmakers Philrem leaned on the third party reliance rule of the central bank, hoping that Rizal Commercial Banking Corporation (RCBC) followed the know-your-customer rule, which requires clients to submit valid identification documents.
Anti-Money Laundering Council (AMLC) Executive Director Julia Bacay-Abad, during the same hearing, said remittance companies could tap the third party reliance rule of the central bank, particularly Section X806.1.e.3 of the central bank Circular 706 (series of 2011), but they should still conduct their own due diligence process.
Violators of the rules included in the said Circular will be subjected to written reprimand, suspension or removal from the office they are currently holding, and disqualification from holding any position in any covered institution.
They will also be slapped with “monetary penalties computed in accordance with existing regulations and in coordination with the Anti-Money Laundering Council.”
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla Jr., during the said Senate hearing, said remittance companies need to register with the central bank in line with the Anti-Money Laundering Act (AMLA).
He explained that for these companies to be able to tap the third party reliance rule, they need to first secure a sworn certification that says the bank has conducted the KYC and face-to-face identification, that the bank has the minimum information on the customer, and that the remittance company can secure identification documents from the bank without delay.
Asked by Senator Sergio Osmena III if the central bank will penalize Philrem for violation of the third party reliance rule, Espenilla said this is possible.
“They (Philrem) may rely based on those requisites but as pointed out earlier by the AMLC Executive Director the ultimate responsibility for customer due diligence lies with the remittance agents,” he said.
“Based on what we’ve heard today, Mr. Chairman, there maybe basis to cite them for violating our regulations,” he added. (from PNA report by Joann Santiago)
Let's create community! Tell us your thoughts on this article. If logged in with any of your Wordpress.com, Twitter, Facebook, Google+, or registered on this site before, then you can simply write your comment below. Thanks and appreciate your feedback. Cancel reply
Her story resembles that of a script lifted direct from a tele-novela. This video is another installment in our continuing coverage of ordinary people sharing their experience during their married life. The resource speaker on this video supports the passage of the divorce bill in the Philippine congress. The speaker […]
Did regret came too late? A girl who transitioned to becoming a boy during teenage year speaks of great regret for having done so. Charlie Evans “became” male for close to ten years before making a turn-around from a decision made. Evans detransitioned in 2018. But will it recoup the […]
This is only a passing question for residents living around the City of Naga and also of towns nearby, and maybe of Camarines Sur province, too. Have you visited the Jesse Robredo museum yet? If not, then come on, let’s join Vice-President Leni Robredo show us around. The VPOP is […]
Canadians react with disdain on government officials, which include PM Justin Trudeau and Environment Minister Catherine McKenna, due to garbage dumping in the Philippines. Watch how independent conservative YouTube channel shares reaction and more below: [At 1:40, notice the government official sitting right of President Duterte make face, reacting to […]
Sharing here the attendance of Vice President Leni Robredo during the 121st Independence Day rites this morning at Rizal Park in Manila. And below is the commemorative message of the vice president for the occasion: Sa araw na ito, bilang nagkakaisang lahi, ipinagdiriwang natin ang ika-isangdaan at dalawampu’t isang taon […]
A short clip derived from a PBS (US tv channel) documentary highlights a woman acquiring a “sense of peace” after aborting her two (twin) babies. The woman was shown getting clear instruction from the doctor on the dosage and timing of taking “medical” abortion pills. The doctor was so blatant […]
The most important and relevant documentary movie drops today. Will it be truth bites the plight of mass migration hurting Europe? We are referring to the much awaited “Borderless” movie by independent Canadian activist-journalist Lauren Southern and her team. After months enduring the rigors (and danger) of (clandestine) location filming, […]
Some world leaders, and even the mainstream media, didn’t get it. But at least, Pope Francis on Easter Sunday speaking after the special Easter ‘Urbi et Orbi’ message and blessing, expressed his “heartfelt closeness to the Christian community [of Sri Lanka] wounded as it was gathered in prayer, and to […]
This is a throwback post on the feature documentary about the Philippine Eagle. The much awarded and acclaimed film work about the rare and critically endangered Philippine Eagle was officially released less than a year ago. The feature documentary already shown outside the Philippines and gathered rave reviews and praises […]
Daring independent journalist Lauren Southern is on the hot trail of the illegal immigration happening now in most of Europe. On this her latest reportage the daring Canadian exposes the alleged human smugglers and traffickers operating in Greece as NGO’s like the Emergency Response Center International. ERCI is a self-described […]
This should be the first walking tour for inmotion channel, I mean, a walking exploration. So here I was at the churchyard of the main Catholic church in my hometown which is the Parish church of Our Lady of La Porteria. Welcome to inMotion. And many thanks and appreciate for […]
Yes, totally true. The epic fails in Ilocos Norte. One of which was the “cable cart” ride which amused the passengers at first. Then afterwards lost the interest for the operator obviously had difficulty maneuvering the cart up its destination and back. But hey, it was a good try. The […]
Culled from the online news portal itself, Rappler reports agents from the National Bureau of Investigation (NBI) arrested Rappler CEO and executive editor Maria Ressa early Wednesday evening, February 13. The arrest was done in connection with a cyber libel case filed by the justice department. NBI officers in civilian […]
This Philippine province of almost two million people, or 1.9 (1,952,544) million warm bodies according to the official census count of 2015 is the biggest in the Bicol region in terms of population and land area. While it is rich in natural resources and beautiful scenic places, majority of its […]
I am back, yet again, after a long hibernation of sorts. I fixed some personal issues, settled what should have been done before and still in the process of accepting and facing some other health circumstances that is part of life. And then I completely pushed aside into the backburner […]
After posting the article covering the much vaunted Pantao regional port located in Libon town of Albay province we dig a foot deeper and decided to go ahead with an update and rejoinder about the project. Envisioned to boost a “robust economic corridor in southern Luzon, specifically for Daet, Naga […]
Time magazine’s 2018 acknowledged person(s) of the year (POY) received mixed reaction from netizens. Before the end of year, the US-based news magazine picks a POY of their choice who has done the most to influence the events of the year. This 2018, it came out with not one, but […]
As many expected, former Philippine senator Bong Revilla on Friday was acquitted by the Sandiganbayan of the plunder case in relation to the misuse of P224 million pork barrel funds. Pork barrel funds were coated as Priority Development Assistance Fund (PDAF) of previous administrations. His co-accused, bussinesswoman Janet Lim Napoles […]
We get it. Bicolanos and travelers to and from the region will have to get used to flying and landing on four dated airports, one each in Legazpi, Pili (for Naga), Virac and Masbate. The one and only, but much vaunted, Bicol International Airport, or the Southern Luzon International Airport, […]
The domestic airport in Pili serving metropolitan Naga and the provinces of Camarines Sur and Camarines Norte will soon be capable of catering to evening flight take-off and landing operations. The Naga airport, which is operated by the Air transportation Office (ATO) of the Department of Transportation and Communications, has […]
To get a good grasp of the illegal immigrant crisis in the United States (America), and in Europe (European Union), we are sharing below two video coverage, one for each. These are different takes on the massive migrant caravan that began marching from Central America, mostly coming from Honduras, with […]
The town of Daraga in Albay province, has total assets of P1.029 billion making it to the top of the list among the richest municipal local government units (LGU) for 2017, besting 106 others in Bicol region, according to the Commission on Audit (COA). Daraga, aside from topping the list, […]
Ownership of the University of Nueva Caceres change hands. Kind of. For decades, the Hernandez family of Naga city and Libmanan town used to own and manage the first and largest university in Bicol. But not anymore as the education arm of the Ayala Corporation, the AC Education, Inc., (AEI) […]
Naga City, Bicol’s financial, business, educational and religious capital now has a total net worth of over P4.675 billion, making it the richest local government unit (LGU) in the region, according to the Commission on Audit (COA). The City of Ligao, in Albay province, followed far second, with a total […]
Why Fuentebella’s Partido Development Administration got the axe. The administration is cleaning up the mess of the past. Or, so it seems. Recently, Malacañang abolished a Bicol-based Government Owned or Controlled Corporation (GOCC) created during the administration of former president Fidel V. Ramos. The Partido Development Administration (PDA) was snapped […]
While I am not required to explain why I am using English as the medium or language of this channel, I am too happy to explain why. Also, I think it is time to share our reason. Hello friends, Thank you for dropping by and watching this post. At the […]
Today, I temporarily place under my drawer the primary concern of growing more subs. Because today we go Chinese. I mean, I will talk in passing about the Chinese Zodiac as very soon the Chinese New Year will come with a bang on Feb 16, 2018 and end on Feb […]
The Malacanang palace on Saturday made known an official denial it has got no hand in the subpoenas issued by the National Bureau of Investigation to online xocial news network publisher Rappler chief executive officer (CEO) Maria Ressa and two others over cybercrime raps, Presidential Spokesperson Harry Roque said on […]
President Rodrigo Duterte has designated Undersecretary Rosalina Bistoyong as Officer-In-Charge of the Department of Agrarian Reform. She will occupy the vacated post of Rafael Mariano whose nomination was rejected by the powerful joint congressional Commission on Appointments last September 6. Bistoyong is a career executive service professional in the government […]
The residence of Mayor Jed Patrick Mabilog of Iloilo city on Thursday afternoon was the subject of initial inspection from a team of the National Bureau of Investigation.. Witness to the arrival of the inspection team include Ariel Castañeda, the head of the Local Economic Enterprise Office (LEEO) of the […]
My English classes in Grade Six will be the first set of pupils under the K-12 curriculum moving up to Grade 7 come March this school year. At this point, even while it is too early, I try to foresee the probable challenges and impact on their learning curve due […]
President Rodrigo Duterte’s blogger-supporter and now amply rewarded as Assistant Secretary in the office of Presidential Communication Operations Office has courted, again, the ire of netizens, specifically Twitter users. This time, tweets criss cross the internet calling for the ouster or removal of the former sexy dancer from her Malacanang […]
Thanks to the long known advocacy of the Greeenpeace group, the 4th Annual sky lantern flying activity in Legazpi city was eventually canceled by its organizers. The organizers of the 4th Annual sky lantern flying activity have decided today to cancel the event after it was met with strong opposition […]
Bangko Sentral ng Pilipinas wants you to know that it would be very difficult to produce a counterfeit of the new generation Philippine bank notes now in circulation. With the very stringent process, the bank note paper used made up of cotton with Philippine abaca, and all other security features […]
In its disclosure with the Philippine Stock Exchange (PSE) Monday, the Banco de Oro Unibank Inc. (BDO) registered a P13.3-billion net income in the first half of 2017, much higher than the PHP11.7 billion in the same period in 2016. The leading unibank of the country traced the improvement of […]
Alleged drug trafficker and coddler Mayor Rolando Espinosa, Sr. of Albuera town, Leyte province has surrendered to police authorities. The mayor was the subject of President Rodrigo Duterte’s ultimatum on Monday, ordering him to surrender within 24 hours or ultimately confront with the “shoot on sight” directive to the police. […]
The number of drug fatalities, persons killed in the continuing campaign of the government against illegal drugs already passed 2,500 within a period of two months. It is the same period of President Rodrigo Duterte’s tenure at the helm of the government. The Philippine National Police update on Tuesday include […]
Robredo, Escudero, top political advertisers on ABS-CBN. Independent Partido Galing at Puso vice-presidential candidate Francis “Chiz” Escudero and Daang Matuwid Coalition Liberal Party vice-presidential candidate Ma. Leonor Robredo topped the list among candidates for national position who have spent more for television advertising with ABS-CBN alone. According to the Philippine […]
I-Witness Account of the Quest for the Largest Human No-Smoking Sign in Albay Last June 28, 2013 on a bright Friday morning Albayanos converged in Albay park and orderly marched towards the football field of the Bicol University main campus. The massive event was in participation to the quest, and […]
Have you been to CamSur, yet? Or, when was your last visit of the province? We are posting this because Governor Migz Villafuerte is rolling out the invitation to local tourists and ‘outsiders’ alike, to savor the warmth welcome for tourists. Take note the premier province of Bicol offers incomparable […]
WASHINGTON, D.C., April 25 – While the result of her efforts are yet to be known in the months to come, Philippine government peace panel chair Prof. Miriam Coronel-Ferrer received this year’s Hillary Clinton Award for Advancing Women in Peace and Security. The award, personally handed by Clinton and Georgetown […]
The Department of Labor and Employment said that about 13.90 per cent of Bicol employers do not comply with the current minimum wage rate as specified in Wage Order No. RBV-16 which stipulates P260.00 per day for establishments with more than 10 workers and P236.00 per day for those with […]
The mayor of Albuera town in Leyte province and his son are given only 24 hours by President Rodrigo Duterte to surrender to police authorities. On Monday, Duterte gave the mayor of Albuera, Leyte and his son, who are both being linked to illegal drugs, 24 hours to surrender or […]
The general elections is more than four months away. This early, security authorities are quick to pin point possible local hot spot areas in the Eastern Visayas region. The Philippine National Police (PNP) has tagged towns in Eastern Visayas as election watchlist areas for the May 9 elections because of […]
Soon, piggy bank savers will have to unload before the coins become worthless. It is because the Philippines’ Bangko Sentral (BSP) is set to release new generation coins with security features before the end of this year. Coins that will have a makeover include the one centavo, fifty centavos, one […]
As the nation celebrate the new year of 2017 vice President Leni Robredo sends her felicitations to all Filipinos with a message using the social media. Robredo wished that in the new year Filipinos will have their homes filled with light and peace, remain hopeful and always have faith for […]
A bomb blast kills 10 and injured dozens more in Davao City about 10 in the evening of Friday at the Roxas night market near Ateneo de Davao University. Police authorities confirmed the incident but has yet to verify the actual number of casualties. Witnesses disclosed they saw at least […]
A new grouping of Bicol provinces into a local tourism industry development alliance is finally taking shape. The new group, which will be referred to as “Triple C,” include the provinces of Camarines Sur, Camarines Norte and Catanduanes. It will comprise a tourism development area. The two sub-tourism areas under […]
The quaint, little and big town of Siruma lies on the northeastern section of Camarines Sur, much properly on a peninsula jutting out to the sea. Its shores is lapped by the cool waves of the Pacific, while the inland territory is generally of mountainous terrain abundantly sun-basked.
DAVAO CITY, Nov. 27 — Update. Mayor Rodrigo Duterte filed his Certificate of Candidacy for President with the Commission on Elections in Manila through his lawyer Salvador Medealdia at 11:55 Friday morning. This developed after Duterte withdrew his COC for mayor with the Comelec here at 11:40 am Friday. After […]
The number of drug fatalities, persons killed in the continuing campaign of the government against illegal drugs already passed 2,500 within a period of two months. It is the same period of President Rodrigo Duterte’s tenure at the helm of the government. The Philippine National Police update on Tuesday include […]
Free at last! That could be one of the first liners former President Gloria Macapagal Arroyo may have said after the Supreme Court of the Philippines (SCOTP) dismissed the case that stemmed from the alleged misuse of the P366-million confidential intelligence fund of the Philippine Charity Sweepstakes Office (PCSO) during […]
The conversion of CSSAC into CBSUA has made a tremendous grandeur for my Alma Matter, a far cry from what I had known during the CSAC days. The new University is expected to provide technological science including education, arts, and science.
MOSCOW, Aug. 17– The US Pentagon employees have been issued a ban on playing the global phenomenon game, Pokemon Go, on their work phones. amid fears of espionage. It follows reports that suggest the game could be used to pinpoint the locations of secure facilities. It has been revealed that […]
Philippines in 20 best foreign retirement havens list for 2015 – Forbes MANILA, Feb 18 — US-based magazine Forbes rated the Philippines among the 20 best place to retire in its 2015 listing. If it’s retirement you seek, there are a number of countries to settle down to and the […]
Ten tables for ‘Noche Buena’ Pinoy style on eve of New Year with ‘fiesta’ atmosphere. An inviting array of ten tables set by Filipino families just for that awaited eve before New Year. And when the clock strikes 12 midninght, the real star of the show are the food waiting […]
The Senate approved on third and final reading on Monday a bill which seeks to mandate the installation of a speed limiter in all public utility buses (PUBs). Voting 19-0, the senators passed Senate Bill No. 2999 which is aimed at reducing road accidents by requiring buses to install speed […]
The memory of the Maguindanao Mamasapano incident which resulted in the massacre of 44 members of the Special Action Force (SAF) unit of the Philippine National Police is not forgotten, it seems. On Monday the Philippine senate upheld previous ruling to reopen the Mamasapano incident investigation based on “new matters” […]
Supreme Court rules tax case in favor of mining firm. MANILA, Jan. 25 — A mining corporation received a favorable Supreme Court tax ruling on unpaid claim for refund amounting to over P3 million. The case pertains to the complaint filed by Taganito Mining Corporation against the Bureau of Internal […]
