MANILA – The Bangko Sentral ng Pilipinas (BSP) has given banks until Oct. 12 to report transactions linked to individuals and entities designated as terrorists, as part of efforts to strengthen safeguards against terrorism financing.
The directive requires banks and other covered financial institutions to identify and report transactions involving designated persons or organizations within the prescribed deadline.
The move forms part of the country’s measures to prevent the financial system from being used to move, conceal or provide funds for terrorism-related activities.
Financial institutions are expected to conduct appropriate monitoring and comply with existing regulations on terrorism financing, including reporting suspicious or covered transactions to the proper authorities.
The BSP has repeatedly required supervised financial institutions to maintain strong systems for detecting potentially illicit transactions and to comply with sanctions and asset-freezing requirements involving designated individuals and entities.
Further details on the specific transactions and designated persons covered by the latest directive were not provided in the material.
