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
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 […]
Without finger pointing and resorting to the blame game, the Bicol Regional Development Council almost owned the mess and error in the continuing implementation of the construction of the vaunted Bicol International Airport located in Barangay Alobo of Daraga town in the province of Albay. The project was originally seen […]
[flexiblemap title=”Boracay Island” address=”Boracay, Malay, Aklan” region=”Western Visayas, Philippines” directions=”true” width=”100%” height=”250px” zoom=”12″] . The mandatory manifesto listing for boat passengers in Boracay was seen as the primary cause of long queues in the island. Prompted by the problem, the Boracay Redevelopment Task Force has ordered the management of Aklan […]
This should completely erase the doubt. Senator Grace Poe-Llamanzares is a natural-born Filipino and also complied with the residency requirement to run for president in the May 9, 2016 elections. This was declared by the Supreme Court of the Philippines (SCOTP) in a 47-page decision released on Friday on the […]
Legazpi Bishop Joel Baylon is adding voice on the strong opposition to the Duterte administration-sanctioned deadly all-out war on drug users and pushers. During the Sunday mass service, the bishop lamented the unfortunate disregard of the strong moral outcry for life. The Legazpi prelate announced the ringing of church bells […]
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 […]
Camarines Sur 1st district congressman Rolando Andaya, Jr., was formally charged by the Office of the Ombudsman, for his role as the secretary of the Department of Budget and Management, in connection with the anomalous utilization of the Priority Development Assistance Fund (PDAF) released during the term of President Gloria Macapagal Arroyo.
During his elementary days, one would see him at their home front sari-sari store sketching komiks (yes, komiks was so popular that time) characters like the famous “Palos” and many more, honing his skills. At an early age he has shown the propensity and inclination for the visual arts, just […]
The Commission on Elections (Comelec) has to focus its attention in complying with the decision of the Supreme Court of the Philippines requiring the vote counting machines (VCMs) to be used in the May 9 polls to print ballot receipts. According to vice presidential candidate Senator Ferdinand “Bongbong” R. Marcos, […]
Watch the live stream feed of the joint congressional oversight committee on the automated election system The agenda for this include: Update from Comelec on the preparations for the 2016 national and local elections minimum system capabilities of the vote counting machines field testing for the transmission of election results. […]
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, Dec. 18 — A total of only three hundred seventy-seven (377) examinees (283 males and 94 females) passed the highly-competitive PNPA Cadet Admission Test (CAT) held last November 10 in 24 key cities nationwide. The 377 successful examines represents only 3.4% out of the total 10,966 qualified applicants who […]
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 […]
The big, influential businesses accumulate profits and get the government’s favorable attention much of the time. On the other side are hapless workers literally wrapped in the palms of big business, choking. Already, they howl and scream on the city streets yet get the caressing water guns of the government. Hence, workers are warped into a time very much comparable when there exist no justice for all but for the people wtih deep pockets and capital.
The town of Siruma boasts of white sand beaches almost equal to that of Caramoan’s. But wait, the beaches of Siruma languishes for attention and development. Camarines Sur has invested, time and resources for Caramoan’s development and Siruma is waiting.
Watch another edition of the hearing by the Blue Ribbon Committee of the Senate of the Philippines on the $81-million money laundering scam that was processed through the financial banking system of the country. Keep watch as there could be some surprise coming out in the open. Author Recent Posts […]
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 […]
DAVAO CITY — Kidnap victim Marites Flor was finally released in Sulu by the Abu Sayyaf Group (ASG). This as President-elect Rodrigo Duterte on Friday warned the ASG against continuing its kidnapping activities, saying the day of reckoning is coming. Duterte’s statement was issued after receiving the kidnap victim from […]
Easter Sunday marked the culmination of the eight-day observance of the holy week and the passion of Christ in most Christian and Catholic communities in the country. This morning, before the first streak of sunlight came out from the dark and still sky, the traditional processions of Santos depart from the church ground of La Porteria, as in most of the local parishes of Calabanga.
Yesterday, during the pre-fiesta parade celebration, many of these institutions fielded representatives showcasing the showmanship, talent and faces of their students. Consider how long the parade went on with the long list of participants. They presented exhibition and action fronting the makeshift review grandstand, right into that commercial area, everybody calls the “Parada”.
The Sandigan Bayan First Division has been stopped, again, from proceeding with its trial on the plunder case against former President of the Philippines (POTP) Gloria Macapagal Arroyo, now on her second term as the 2nd district congressional representative of Pampanga. The Supreme Court of the Philippines (SCOTP) has extended […]
About US S4.63 million, part of the $81 million stolen from Bangladesh Bank have been recovered and turned over at the Bangko Sentral ng Pilipinas main office in Manila Thursday afternoon. The money was returned by the lawyer of casino junket operator Kim Wong to officials of Bangladesh, BSP and […]
SC DAP ruling to lead prosecution of erring gov’t officials – CBCP MANILA, Feb 5 — Archbishop Socrates Villegas said people are hoping the recent ruling of the Supreme Court (SC) will pave the way for the investigation and prosecution of those who were involved in the use of the […]
Next 500 Philippines rich towns, poor towns annual regular income in 2014, the second batch of the 1,502 in the country. While income was arranged beginning from the highest, it is not inferred that the town referred to is really that rich since we do not take into account the […]
Mention disaster preparedness and the province of Albay always comes to mind. But not all LGUs and government offices in the province “walk the walk” and “talk the talk” of the indefatigable governor Joey Sarte Salceda. In Tabaco, at least 21 sacks of rice and cartons of relief goods (noodles) […]