The Daily Tribune
BPI: Banks have ways to track depositors’ wealth sources
Philippine banks, including BPI, have robust systems in place to identify the sources of depositor wealth, a measure crucial for complying with anti-money laundering regulations.
Maria Therese Marcial, CEO of BPI Wealth, highlighted the stringent 'Know Your Customer' (KYC) and Anti-Money Laundering Council (AMLC) checking processes required for onboarding new clients.
These established parameters allow banks to scrutinize the profiles and declared sources of wealth of their depositors.
The effectiveness of these measures was underscored by the Philippines' successful removal from the Financial Action Task Force (FATF) greylist earlier this year, indicating improved compliance in combating money laundering and terrorist financing.
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