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 […]
Fund for the construction of the much delayed project of Bicol International Airport was already approved by the Department of Transportation and Communications. According to Albay Gov. Joey Salceda, DOTC Secretary Abaya called him up last Friday that the P780-million fund for the project has already been awarded. The now […]
MANILA, Oct. 3 — Watch the full coverage of the Senate inquiry into the alleged extra judicial killings The Senate inquiry into the purported extra-judicial killings, which will be attended by alleged members of the so-called vigilante group Davao Death Squad (DDS), resumes Monday. The inquiry was initially scheduled to […]
Driven by the ASEAN Open Skies framework, airlines in the region, are up to stiff competition between and among its operators. The new regime on the regional airline industry allows an ASEAN-based carrier unlimited fifth freedom rights to fly from one member country to any city in the region. A […]
MANILA, March 30 — Free at last. It could be one of the short statement of women who will directly benefit with the approval of the law abolishing the Revised Penal Code provision that makes it illegal for a woman to marry within certain conditions after the death of her […]
Next year, Filipino expats in Europe will get to taste Philippine’s ‘home grown hamburger’ and related to go food stuff. This is because industry leader Jollibee Foods Corporation is set to make a European debut with the strong possibility in Italy. Italy is home and host to many expat Filipinos, […]
Manila — Many supporters, observers and detractors are waiting for this. Now, Interior and Local Government Secretary Mike Sueno finally made an order for the conduct of a lifestyle check for all members of the, hold your breath, Philippine National Police to identify and remove wayward officials involved in illegal […]
This is the Christmas 2016 message of Vice President Leni Robredo posted on her facebook account. Maligayang Pasko po sa inyong lahat. At mula sa akin sa aking mga anak at sa opisina ng pangalawang pangulo. Hindi ba’t kapag lumalamig na ang simoy ng hangin tayo ay nakakaramdam na ng […]
Study shows that for a mega-city comparable to Metro Manila, 25 percent of the total land area should be allotted for roads which should be 8,000 kilometers. But based on Metro Manila Development Authority’s records, the National Capital Region has only 5,000 kilometers of road network, way far from the […]
One Calabangueno stand tall and proud on a pedestal facing what used to be the town plaza (up until the construction of the multi-purpose Octagon edifice) for many decades now. He is Emilio Tible, Sr., or should be rightfully referred to as the monument erected and dedicated in his honor […]
Albay province will stage a 50-mile run during the celebration of Daragang Magayon Festival on April 6. The marathon will test the endurance and speed of runners who will compete in the Mayon 360º, a run around the circumference of Mt. Mayon. The race is one of the sports highlight […]
Salceda to junk LP bets because of unfinished Bicol International Airport, which may tip the balance of LP’s winning or losing in his province even as Roxas said he is not afraid to lose Albay. On Thursday, Salceda said his province may junk the administration ticket after the failure of […]
Malacañang Palace on Thursday confirmed the suspension order issued by Executive Secretary Salvador Medialdea against Energy Regulatory Commission (ERC) chair Jose Vicente Salazar. Presidential Spokesperson Ernesto Abella confirmed on Thrusday that the Office of the President has placed ERC chair Jose Vicente Salazar on preventive suspension pending investigation of the […]
This is, again, more of being a clueless President of the Philippines (POTP). President Benigno S. Aquino III on Wednesday said the Supreme Court of the Philippines, which has allowed Senator Grace Poe to run in the presidential elections in May, should clarify the rules on citizenship. “Sana iyong ating […]
Baluko is a meaty shellfish that can be cooked in many ways like fried, adobo or seasoned in coconut milk with lots of chili to taste like the super hot Bicol express. Ii is now a popular wet market commodity in Sorsogon province as exotic delicacy for seafood lovers. Baluko […]
However or whatever whatchamacallit, it will always be viewed and perceived as the big capital consolidating ownership of print, broadcast and media as drive towards monopoly, control and discretion on dispersing content and media information. Take a look at the giant PLDT Group which owns TV channel 5 by way […]
For the fiscal year of 2007, the LGU of Libmanan was the first and only that surpassed the P100M earnings among the 35 municipalities, while capital town Pili had P87M. Rinconada’s Nabua made P73.2M and the third district town of Calabanga earned P72.6M.
Construction of the last pillar for the Light Rail Transit (LRT) Line 2 extension up until Masinag Junction in Barangay Masinag of Antipolo City is nearing completion. The extension that connects with the Santolan station in Pasig City to Masinag covers 3.9 kilometers of elevated guideway. After Santolan, two stations […]
This is just the tip of an iceberg in the Comelec’s readiness in the conduct of the May 9, 2016 elections. Less than sixteen days before the anticipated national polls, the Commission on Elections agency was confronted with ‘minor’ glitches in the highly anticipated tests of its system, at least […]
One school day of 1934, the residents of barrio Vito in the town of Siruma, installed on a pedestal a bust of a national hero at the school grounds of Vito Elementary School. The event was attended by most of the locals including the teachers and pupils of the school. […]
MANILA — Smartmatic International, the tech firm handling the automated election system of the Commission on Elections for the May 9, 2016 general elections reported that it will deploy some 45,000 technicians in all of the 36,788 voting centers as well as in the canvassing centers. “Everywhere where there will […]
LEGAZPI CITY, March 9 — The suspect in the killing of a cousin of Camarines Sur Governor Miguel Luis Viilafuerte surrendered to Senior Supt. Marlo S. Meneses, Albay Philippine National Police provincial director, on Sunday morning inside Camp Gen. Simeon A. Ola. Meneses identified the suspect as Manny Rey, 40 […]
Survey says Pinoy’s have sustained optimism during the Yuletide season as revealed by the result of a survey recently conducted by the Social Weather Stations (SWS). The SWS survey revealed that seven out of ten adult Filipinos expect a happy Christmas and 77 per cent of the 1,200 respondents believe […]
Robin Padilla, ARMM officials, bring Valentine joy to Mamasapano folks MAMASAPANO, Maguindanao, Feb. 15 – A movie star and his TV personality-wife, together with the ARMM regional governor and his wife, on Saturday gave “extra love” to thousands of Muslim civilians displaced and affected by the Jan. 25 encounter here. […]
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 […]