Banks cooperating The Bankers Association of the Philippines (BAP) said it had been working closely with authorities to ensure the compliance of its members with antimoney laundering reportorial rules. “The BAP has been working vigorously with its members to ensure full compliance with Amla laws and regulations,” the group’s president Lorenzo Tan said. Amla refers to the Anti-Money Laundering Act. Tan, president of the Yuchengco-led Rizal Commercial Banking Corp., said BAP would fully cooperate with the Anti-Money Laundering Council (AMLC) in its investigation of the handling of the Napoles accounts by certain banks. One of those banks, Metrobank, said it was fully cooperating with the BSP and the AMLC investigations. In a statement sent to the Inquirer, Metrobank said it was also complying with the “freeze order issued by the Court of Appeals” on Napoles’ accounts. Bank of the Philippine Islands (BPI) and Landbank were unable to issue comments as of press time. Read more: newsinfo.inquirer.net/493491/bsp-probes-banks-that-failed-to-report-napoles-questionable-transactions#ixzz2gFXkragK Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
Posted on: Sun, 29 Sep 2013 03:42:32 +0000