Tan urges anti-fraud body for bank group

Amid an ongoing money-laundering investigation into a transaction involving the bank which he heads, Rizal Commercial Banking Corp. (RCBC) President-CEO Lorenzo Tan urged the future leadership of the Bankers Association of the Philippines (BAP) to form a monitoring body to help authorities in ensuring anti-financial crime compliance.

Having denied allegations of his involvement in an $81-million money laundering transaction at RCBC’s Jupiter Street, Makati branch, Tan, who is also the president of BAP, said during the group’s leadership turnover ceremony on Monday, the money laundering issue is unprecedented and has dire implications for the industry.