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)
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 […]
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 […]
This should confirm the long suspected plunge of the peso vis-à-vis the US dollar. Now the peso is seen to weaken further beyond the range of 48-50 until the end of year 2017. If it does, which is srongly possible, President Rodrigo Duterte’s economc managers are missing something. Yet, it […]
This is the third live stream coverage of the Poe-Llamanzares Vs. Comelec 3rd Oral Arguments G.R. No. 221697 from the Supreme Court of the Philippines (SCOTP). Follow the update on the disqualification case for the presidential run of Senator Grace Poe. Starts Tuesday, February 2, 2016, at 2:00 o’clock PM […]
The banca operator is so experienced he managed to device a system of not going straight ahead after departing from Balongay but instead maneuvers a sharp curved route to curtail the push and shove of the current. Imagine being in a crib on a rocking motion. Just looking at the transport boat, do not expect amenities of comfort for the seat will be a piece of bamboo pole nailed across its rim.
The remittance company that converted most of the stolen US $81 million from central bank of Bangladesh into pesos, will return P10 million it earned from the money laundering heist that rocked the local banking industry in the Philippines. ”We are returning the P10.4 million as token of our apology […]
PNoy’s Aunts blessed by Pope Francis during Malacanang visit. During the courtesy call and visit of the Pope to Malacanang, two sick aunts of the president were around. The sister of President Cory and a sister of Senator Ninoy were blessed by the Holy Father. Presidential sister Kris Aquino confirmed […]
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 […]
LEGAZPI CITY, — Albay opens its international gateway through this city on January 30th. On this day, about 156 Chinese tourists will visit the Bicol province during the initial direct flight from Xiamen, China. The Chinese nationals are expected to stay for a five-day tour. The domestic airport here has […]
The tourist town of Puerto Galera of Mindoro Oriental hosts the 11th World Congress on ‘Most Beautiful Bays’ slated on February 1 to 6. It is one of the major events under the mantle of Visit the Philippines Again 2016 campaign of the Department of Tourism. This early, 18 countries […]
The National Bureau of Investigation Task Force Talaba (Tanim-Laglag Bala) on Thursday filed before the Department of Justice criminal complaints against two employees of the Office of Transportation Security and four personnel of the Philippine National Police Aviation Security Group. DOJ Undersecretary and Spokesman Emmanuel L. Caparas identified the respondents […]
LEGAZPI CITY, Feb. 27 — Calls and suggestions to declare Xian Lim as persona non grata in Albay, which was first suggested and mentioned on this site, yet Governor Joey Sarte Salceda did not yield, saying doing so contradicts their campaign to promote Albay. The tsinito charm and attraction of […]
Three huge National Irrigation Administration projects worth P336,845,505.73 is underway for Ilocos Norte, Bukidnon and Davao Del Sur. The amount is earmarked to rehabilitate, improve irrigation systems and fund the construction of irrigators’ association support facilities. The finalized project contracts under the National Irrigation Sector Rehabilitation and Improvement Project (NISRIP) […]
This is how the Philippine National Police dispersed the rally in Manila’s Roxas Boulevard fronting the United States embassy in the Philippines. A total display of arrogance and police brutality, the whole world gasped in horror and dismay. What more words can one add. This time the video can speak […]
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 […]
Another Canadian hostage in the province of Sulu may have been beheaded by Abu Sayyaf kidnappers even as a Malacanang executive on Monday said the Armed Forces of the Philippines (AFP) is confirming the reports. ”AFF is verifying,” Presidential Communications Secretary Herminio Coloma Jr. said. It must berecalled that armed […]
President Aquino leaves for US-ASEAN summit in California. President Benigno S. Aquino III has vowed to further solidify the Philippines’ stand for the peace process during his attendance in the two-day ASEAN-US Leaders’ Summit in the United States this week. The Summit, to be held in Sunnylands, California, aims to […]
Video: PH need to institutionalize climate change struggle — Ambassador Lazaro PARIS, France, Nov. 30 — President Aquino was able to put in place the principles and regulations addressing climate change in the country and the next leader should strengthen those guidelines, the country’s ambassador to France said during an […]
Easily, then, Bicol river is both the queen and mother of all rivers in southern Luzon due to its size and influence. It holds sway and impact on the fertile and floodplains of the provinces, dictating the state of economic well-being and status affecting thousands of lives of people- including farmers, fisherfolks, travellers, etc., around its sphere of natural terrain.
Even as I have discussed and recalled memories, stories and current events about Siruma, I kept missing one more place much nearer our residence and of my father’s hometown. In a way, it is my third hometown, though. I am referring to Bolaobalite, which immediately stirred a chord in my […]
The Philippine Coconut Authority is recommending the inter-cropping strategy to coconut farmers after the devastation brought by killer typhoon “Yolanda” in Samar and Leyte provinces. PCA Albay official Ed Bailon said inter-cropping should be introduced as an alternative income of the affected coco farmers while waiting for the total recovery […]
QUEZON CITY, Nov. 10 — The Human Rights Victims’ Claims Board (HRVCB) has clarified all possible claimants application has until 12:00 midnight of November 10, 2014 to file their paperworks in its main office at ISSI, UP Diliman, and including all regional desks. The assurance of Akbayan Rep. Barry Gutierrez […]
Ex-President Fidel Ramos chides P-Noy on Mamasapano incident Former President Fivel V. Ramos sounded off a somewhat spicy message for President Aquino. “You must balance your actions with hot pursuit, this is law enforcement with peacemaking,” former President Fidel V. Ramos said in a speech during ceremonies in Intramuros marking […]
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 […]
Laguindingan Airport in Misamis Occidental was gripped in fear when a man commandeered a passenger van in the airport compound and breached the main gate on Monday. Police identified the suspect as Victor Samban of Malaybalay City, Bukidnon. Junal Andaya, the driver of the commandeered passenger van, said that the […]
Live Stream: Poe-Llamanzares Vs. Comelec 4rth Oral Arguments at SCOTP This is the fourth live stream coverage of the Poe-Llamanzares Vs. Comelec 4rth Oral Arguments G.R. No. 221697 from the Supreme Court of the Philippines (SCOTP). Follow the update on the disqualification case for the presidential run of Senator Grace […]
If casinos were under AMLA law, money laundering could have not happened- Guingona. The US81-million money laundering controversy could not have happened if the casino were covered by the Anti-Money Launder Law (AMLA), Senate blue ribbon chairman Sen. Teofisto ‘TG’ Guingona III said on Tuesday. ”(And) what is clear, this […]
