New money-laundering risk system adopted

The Bangko Sentral ng Pilipinas (BSP) announced on Tuesday that it had adopted a new assessment system for financial institutions’ money-laundering and terrorist-financing risks.

In a memorandum signed on November 23 but released a day after, BSP Governor Chuchi Fonacier said the Money Laundering (ML)/Terrorist Financing (TF) Risk Assessment System (MRAS) approved by the central bank’s policymaking Monetary Board on November 13 would replace the existing AML risk rating system and be implemented with the Supervisory Assessment Framework for BSP-supervised financial institutions (BSFIs).