Continuously mitigating credit risk and fraud in operational processes and systems has become a prevailing problem for the financial sector. As businesses deal with the aftermath of the lockdown, lenders may expect a surge in working capital loan requests from entrepreneurs hoping to recover from these trying times.
Covering more than the Financial Sector, The Republic Act (RA) 11521 is the law relating to Anti-Money laundering and also includes real estate developers and brokers as well as offshore gaming operators and their service providers. The push for recovery and the demand for business loans means all covered sectors have to improve credit compliance as well as strengthen Anti-Money Laundering (AML) practices to ensure that members and employees comply with the law against fraudulent acts.
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