Monetary authorities have urged banks to take ‘extra caution’ and practice sound risk management when dealing with foreign exchange dealers, money changers and remittance agents to prevent money laundering and terrorist financing activities.
In a circular released Wednesday, the Bangko Sentral ng Pilipinas (BSP) said “banks dealing with foreign exchange dealers, money changers, and remittance agents should take extra caution and vigilance and shall perform enhanced due diligence, upon onboarding and during transaction monitoring, consistent with regulations and the banks’ procedures as provided under its Monetary Laundering and Terrorist Financing Prevention Program (MLPP).”
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