Spotting red flags: AMLC tells banks, remittance centers to be vigilant vs vote buying

The Anti-Money Laundering Council (AMLC) has ordered banks, remittance centers, and all other financial institutions to tighten their watch against suspicious transactions related to the May 9 elections.
In an advisory, the financial watchdog said reporting institutions should crackdown on electronic vote buying activities running up to election day.
“In anticipation of the influx of financial activities that usually occur during the election period, and to ensure that proceeds from unlawful activities are not laundered during the campaign period, all covered persons are reminded of their obligations under the Anti-Money Laundering Act of 2001, as amended, and its Implementing Rules and Regulations to conduct appropriate customer due diligence measures, including ongoing monitoring, electronic or otherwise, of their customers’ transactions; and to file suspicious transaction reports, if warranted under the circumstances,” the AMLC said Monday.
“Covered persons must be mindful of the following red flag indicators and suspicious behaviors that are related/linked or are analogous to possible money laundering activities or any of its unlawful activities,” he added.
These red flags include:
– Significant or large transactions occurring in a short period of time
– Unjustified large cash deposits and withdrawals
– Transactions seem to be inconsistent with the customer’s financial profile or declared business
– Unusual transactions or activities compared with normal everyday trade or dealings
– Structured cash deposits and money transfers;
– Use of multiple accounts by a single transactor; and
– Use of several money service businesses to send funds.

Fraud trial opens of former Swedbank CEO

Former chief executive of Swedish bank Swedbank, Birgitte Bonnesen, went on trial in Stockholm on Tuesday to answer fraud and market manipulation charges, three years after a money laundering scandal implicating her bank erupted.

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.