Philippine Central Bank Tightens Dirty Money Risk Reporting Rule

The Philippines central bank will require financial institutions to submit a report within 24 hours of discovering risks linked to money laundering and terrorist financing, as the Southeast Asian nation steps up its fight against illicit transactions.

The new reporting requirement is spelled out in an April 29 circular by the Bangko Sentral ng Pilipinas. The rule would allow the central bank to have “timely and accurate information on significant risk events” as part of its anti-money laundering and counter-terrorism supervision, the central bank said.