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).
- Country Focus
- Legal Library