Manila — The policy-making Monetary Board of the Bangko Sentral ng Pilipinas has cancelled the Certificate of Registration of Philrem Services Corp., the remittance service provider facing lawsuits for alleged involvement in the laundering of about US $81 million stolen from Bangladesh Bank in February 2016.
The board also cancelled the certificate of registration as foreign exchange dealer, money changer, remittance agent of Werquick and Peso Remittance.
”The BSP will also be working closely with other relevant government agencies, such as the Anti-Money Laundering Council and the Department of Justice, in their investigation of possible criminal and administrative violations under the Anti-Money Laundering Act and its Implementing Rules and Regulations, of the aforementioned entities, including their Directors and Officers,” the central bank said.
Last April, in one of the Senate hearings on the said money laundering activity, BSP Deputy Governor Nestor Espenilla Jr. said there was a possibility that Philrem face sanctions vis-à-vis violations of central bank rules on remittance agents since it failed to implement the know-your-customer (KYC) rule, which is required from BSP-regulated financial institutions .
This after Philrem owner Salud Bautista admitted in one of the Senate hearings that the company did not use the KYC rule on junket operator Kim Wong, who received part of the stolen money, when Philrem remitted money to the businessman.
Instead, Philrem tapped the third party reliance rule hoping that the Jupiter, Makati branch of the Rizal Commercial Banking Corporation (RCBC), where the stolen money was transferred from the Federal Bank of New York ended, followed the KYC rule, she said.
Espenilla said that before a BSP-registered remittance company can use the third party reliance rule they first need to 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. (PNA / 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
Sharing this much watched ‘WHAT IS A WOMAN’ documentary of conservative YT channel Daily Wire. On June 1, 2023, the documentary movie starring Matt Walsh of ‘What is a Woman’ was posted online via Twitter. In the first few hours of publication, the movie hit the proverbial stumbling block of […]
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 […]
”My God, you will be shocked,” Presidential legal counsel Salvador Panelo said, giving mediamen a possible reaction to the new expose about local executives who will soon be identified by Malacanang. This as President Rodrigo Duterte will soon reveal the names of at least 27 local executives allegedly involved in […]
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 […]
The thirteenth edition of the colorful and now popular “Voyadores festival” was held yesterday at the parochial grounds of Naga Metropolitan Cathedral. The show of colors and body movements through street dancing was focused on the alternative expression of piety and devotion to Our Lady of Peñafrancia (Ina) through music and vibrant dancing.
After the May 10, 2010 general elections, the local government of Siruma and its town folks received its first ever and most distinguished visitor of the land, and a surprise yet.
Try keep watching the live stream video of the Philippine Senate hearing by the Committee on Justice and Human Rights last April 20 on the bloody dispersal of farmers’ rally in (North) Cotabato and Kidpapawan. Even at the first few minutes of the stream, one will get irked by how […]
Independent presidential candidate and Senator Grace Poe said on Sunday there is no proof that having a long experience as a public servant would make one best qualified for the presidency. ”There is no proof that if you have long experience, you are good. I think that among us, I […]
The ‘phenomenon’ is back. The (stock market) ghost month begins. The benchmark Philippine Stock Exchange index (PSEi) dived 149.34 points, or 1.86 percent to 7,888.44 from previous day’s 8,037.78 finish on Wednesday. Almost all counters suffered a massive decline, led by services and holding firms that plunged 2.85 percent and […]
With its towering height of 8,077 feet (2,462 meters), the almost perfect-coned volcano is the main tourist attraction of the province and the regions’ natural wonder.
But don’t be guiled with its beauty and charm, for it has erupted times too many since its first recorded activity in 1776. The most destructive was in 1814 when the town of Cagsawa was buried under its mudflows and only the church belfry was left standing. The town was later relocated into what is now the bustling trade center of Daraga.
LEGAZPI CITY, March 2 — Almost halfway through its construction phase, only then that a commercial building rising in the city center here is getting its building permit processed by the city engineering office. For months, works on the construction of structure attributed to as the Yashano Mall has been […]
MANILA, March 4 — In the continuing hostilities in conflict-torn areas in Mindanao, government forces suffered yet another set of fatalities. Three soldiers, two of them officers, were killed after the resupply column they were in were mined and ambushed by suspected Abu Sayyaf Group (ASG) bandits in Patikul town, […]
Human Rights group Karapatan noted the number of victims of extrajudicial killings, now numbering 20 under president Aquino, has surpassed former president Gloria Macapagal-Arroyo’s record during her last six months in office.
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 […]
Do you love fruit salads? Are you fond of experimenting by adding colors on the mix to make it more fancy and attractive? Now that wait is almost over. Very soon, the food stalls and supermarkets in the US of A will get a fill of pineapple, not the yellow […]
The Philippines was included in the Zika virus-related travel advisory by the United States. The U.S. government on Thursday issued the advisory, recommending pregnant women to consider postponing non-essential travel to identified countries in the region. Ten other countries majority in the Southeast Asian region are also in the list, […]
Pope Francis in Philadelphia, USA, offers Holy Mass concluding the World Meeting of Families 2015. This is the live stream coverage on Pope Francis presiding at celebration of Holy Mass which concludes the World Meeting of Families at Benjamin Franklin Parkway in Philadelphia, USA. Scheduled for Sep 27, 2015. Local […]
Sharing this much watched ‘WHAT IS A WOMAN’ documentary of conservative YT channel Daily Wire. On June 1, 2023, the documentary movie starring Matt Walsh of ‘What is a Woman’ was posted online via Twitter. In the first few hours of publication, the movie hit the proverbial stumbling block of […]
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 […]
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 […]
