IT consultancy firm LogicaCMG and risk management specialist NetEconomy have been chosen by the Bankers Association of the Philippines to develop the country’s first anti-money laundering system for use in its banks.
Leonilo Coronel, executive director of the Bankers Association of the Philippines said: The fight against international money laundering not only provides customers within our country with a safer banking environment, but it is also a key structure in the fight against terrorism. We are determined to make our banking system as protected as possible against criminal activity.
Countering financial crime is a major part of the Philippines’ efforts to comply with Financial Actions Task Force’s anti-money laundering guidelines and recommendations. Non-compliance puts considerable international political pressure on the country and makes it difficult for its financial institutions to conduct business with the rest of the world.