Central Bank of the Philippines - Memorandum No. M-2016-004 - Sound Risk Management Practices when Dealing with Foreign Exchange Dealers, Money Changers and Remittance Agents


The Central Bank of the Philippines' (BSP) Memorandum No. M-2016-004 outlines risk management practices, such as enhanced due diligence upon on-boarding and during transaction monitoring, that all banks should follow when dealing with foreign exchange dealers, money changers and remittance agents. These risk management practices are consistent with regulations and the BSP's procedures as provided under its Money Laundering and Terrorist Financing Prevention Program (MLPP).

Document Details

Document Type: 
Document Topic: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Issue Status: 
Year of Document: 
Date of Document: 
Tuesday, April 5, 2016
Document Authors: 
Central Bank of the Philippines
Language (This Document): 

Legal Disclaimer: The content appearing on this site is for general information purposes only and made available on an "AS-IS" basis. The law is subject to change and no representation or warranty is made with regard to accuracy or fitness for a particular purpose.