BSFIs to Remain Vigilant in Monitoring Anti-Money Laundering and Countering Terrorist Financing
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The Philippine Central Bank has reminded Bangko Sentral Supervised Financial Institutions (BSFIs) to remain vigilant and stay up to date on statements issued by the Financial Action Task Force (FATF).
The BSP’s Circular Letter CL-2022-054 emphasizes the importance of keeping track of the developments when it comes to high-risk jurisdictions as well as jurisdictions under increased monitoring.
The FATF is an intergovernmental organization that combats money laundering globally in coordination with local authorities in each respective jurisdiction. Other illicit activities sought to be prevented include terrorist financing and proliferation financing.
The full circular letter can be accessed here.