NO END IN SIGN FOR PHILIPPINES’ STRUGGLE WITH AML
August 1st, 2017
AFTER it was discovered in February 2016 that Chinese cybercriminals had used the Philippines banking system and local casinos to launder USD81 million of the USD101 million they had stolen from the Bangladesh central bank (the Bangladesh Bank), Filipino officials vowed to strengthen anti-money laundering (AML) controls.
However, one-and-a-half years on, the bank at the centre of the scandal, Rizal Commercial Banking Corporation (RCBC), has essentially been slapped on the wrist, with a Philippines Peso PHP1 billion (USD20 million) fine. Moreover, the promise to ...
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