The Bangko Sentral ng Pilipinas (BSP) has issued a warning to financial institutions under its supervision about organized crime groups' current modus operandi (MO) involving auto loans.
BSP Deputy Governor Chuchi Fonacier said in a memorandum released over the weekend that the Philippine National Police-Highway Patrol Group issued public warnings against emerging modus operandi of crime groups, which emphasized that carnapping syndicates acquire high-end motor vehicles through auto loans under fictitious identities.
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