Banks required to form task force on payment systems

By Melissa Luz T. Lopez, Senior Reporter THE Bangko Sentral ng Pilipinas (BSP) has required banks and players to set up a task force to ensure that all payment systems will be compliant to global standards on digital financial data. Memorandum M-2018-033 signed by BSP Governor Nestor A. Espenilla, Jr. mandates all participants of the […].....»»

Category: newsSource: bworldonline bworldonlineNov 9th, 2018

BSP requires banks to set up e-payment channels

Banks and other financial firms are required to offer electronic payment channels for all clients and should be able to put up systems that will allow fund transfers in a matter of seconds, the central bank said......»»

Category: newsSource:  interaksyonRelated NewsMar 28th, 2018

BSP requires banks to set up e-payment channels

By Melissa Luz T. Lopez Senior Reporter BANKS and other financial firms are required to offer electronic payment channels for all clients and should be able to put up systems that will allow fund transfers in a matter of seconds, the central bank said. The Bangko Sentral ng Pilipinas (BSP) spelled out specific guidelines for […] The post BSP requires banks to set up e-payment channels appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMar 28th, 2018

Gatchalian: Form task force vs profiteers

Gatchalian: Form task force vs profiteers.....»»

Category: newsSource:  thestandardRelated NewsDec 31st, 2018

BSP setting up task force for real time payments

The Bangko Sentral ng Pilipinas (BSP) is creating a task force to further enhance the safety, efficiency, and resiliency of the country’s payments and settlement systems......»»

Category: financeSource:  philstarRelated NewsNov 9th, 2018

PVL: Cool Smashers face surging Fighting Warays

Creamline’s character will be tested on Wednesday as the Cool Smashers look to bounce back from an opening day setback against surging Tacloban in the Premier Volleyball League Season 2 Open Conference at the FilOil Flying V Centre in San Juan. Game time is at 6:00 p.m. and will air live on LIGA SkyCable Channel 86, LIGA HD SkyCable Channel 183 and via livestream.  The Cool Smashers, considered as title favorites, struggled with their form in their debut to fall victim to PetroGazz in a sorry five-set, 25-27, 25-17, 23-25, 25-19, 5-15, loss in Imus, Cavite last Saturday.   Alyssa Valdez, who had 26 points last game, Risa Sato, Jema Galanza and Jia Morado will lead the Cool Smashers’ charge to erase the bitter memory of their loss. But it won’t be an easy task for Creamline especially against a team that is coming off back-to-back wins. After dropping its first game, Tacloban went on a two-game tear with victories over Iriga-Navy, 25-17, 25-17, 25-19, and Adamson-Akari, 25-21, 25-12, 25-22, for a 2-1 win-loss record tied with Pocari Sweat-Air Force at third to fourth spots. Jovielyn Prado has been the scoring leader for the Fighting Warays with an average of 12.3 points per game while Heather Guino-o, Mary Anne Esguerra, Menchie Tubiera and setter Kyle Negrito giving valuable support.   --- Follow this writer on Twitter, @fromtheriles.....»»

Category: sportsSource:  abscbnRelated NewsOct 2nd, 2018

Duterte forms task force to resolve Libya hostage crisis

President Duterte has heeded the advice of his Cabinet team to form a task force to coordinate with the Libyan government all efforts to rescue the three Filipino engineers kidnapped last month......»»

Category: newsSource:  philstarRelated NewsAug 8th, 2018

Banks told to flag risky loans even before these go bad

Local banks will now be required to toughen their accounting standards on risky loans -- even before borrowers actually default on their payment -- after the Bangko Sentral ng Pilipinas approved ne.....»»

Category: newsSource:  philippinetimesRelated NewsAug 6th, 2018

AFP chief commends soldiers for helping secure SONA

AFP chief of staff Gen. Carlito Galvez Jr. commended members of the military’s Joint Task Force-National Capital Region (JTF-NCR) for ably supporting the Philippine National Police (PNP) in ensuring that #SONA2018 of President Rodrigo Duterte was shielded from any form of violence. AFP chief commends soldiers for helping secure SONA Armed Forces of the Philippines… link: AFP chief commends soldiers for helping secure SONA.....»»

Category: newsSource:  manilatimesRelated NewsJul 24th, 2018

Palace to media: Report threats

“Since the task force was formed, it has investigated about 13 cases. Malacañang urged media workers yesterday to report any death threats in light of the recent brutal slaying of broadcaster Joey Llana. Presidential Task Force on Media Security (PTFoMS) executive director Undersecretary Joel Sy Egco said on radio that any form of threats that […].....»»

Category: newsSource:  tribuneRelated NewsJul 22nd, 2018


The Department of Trade and Industry (DTI) is pushing for automated government frontline services through mobile applications and the use of electronic payment scheme to enhance the ease of doing business in the country. Trade Secretary Ramon Lopez, chair of Inter-agency Ease of Doing Business Task Force, said that the ultimate goal of all the […].....»»

Category: newsSource:  boholnewsdailyRelated NewsMar 9th, 2018

NFA employees must fill up new forms on ‘affiliation’ with AFP. Forced conscription of civilian state workers?

COURAGE president Ferdinand Gaite said it's the first time NFA personnel were required to fill up such forms. Karapatan secretary general Cristina Palabay said the form “is, in essence, conscription to military service, either as part of the military’s reserve force or its auxiliary. This takes militarization of the civilian bureaucracy to a whole new level.”.....»»

Category: newsSource:  interaksyonRelated NewsFeb 4th, 2018

Aguirre orders NBI to probe Aquino, DAP

MANILA, Philippines – Justice Secretary Vitaliano Aguirre II signed two Department Orders authorizing an investigation into the Disbursement Acceleration Program (DAP)  and a malversation complaint filed against former president Benigno Aquino III. Aguirre ordered the National Bureau of Investigation (NBI) to form a special task force to ........»»

Category: newsSource:  rapplerRelated NewsNov 24th, 2017

Bank that lent $300m to Trump linked to Russian money laundering scam – The Guardian

The German bank that loaned $300m (£260m) to Donald Trump played a prominent role in a money laundering scandal run by Russian criminals with ties to the Kremlin, the Guardian can reveal. Deutsche Bank is one of dozens of western financial institutions that processed at least $20bn – and possibly more – in money of “criminal origin” from Russia. The scheme, dubbed “the Global Laundromat”, ran from 2010 to 2014. Law enforcement agencies are investigating how a group of politically well-connected Russians were able to use UK-registered companies to launder billions of dollars in cash. The companies made fictitious loans to each other, underwritten by Russian businesses. The companies would default on these “debts”. Judges in Moldova then made court rulings enforcing judgments against the firms. This allowed Russian bank accounts to transfer huge sums to Moldova legally. From there, the money went to accounts in Latvia with Trasta Komercbanka. Deutsche, Germany’s biggest lender, acted as a “correspondent bank” for Trasta until 2015. This meant Deutsche provided dollar-denominated services to Trasta’s non-resident Russian clients. This service was used to move money from Latvia to banks across the world. During this period many Wall Street banks got out of Latvia, citing concerns that the small Baltic country had become a centre for international money laundering, especially from neighbouring Russia. In 2013, and under US regulatory pressure, JP Morgan Chase ceased providing dollar clearing services to the country. From 2014, only two western lenders were willing to accept international dollar transfers from Latvian banks. They were Deutsche and Germany’s Commerzbank. Deutsche eventually withdrew correspondent services to Trasta Bank in September 2015. Six months later, Latvian regulators shut down the bank. They cited repeated violations, and said the bank had failed to deal with its money laundering risk. Latvia’s deputy finance minister, Maija Treija, said the money sent via Trasta was “either stolen or with criminal origin”. The defunct bank was being used as vehicle to get money out of the ex-Soviet Union and “into the EU financial system”, she added. Deutsche said it had significantly strengthened its systems and controls. It said that by the end of this year it will have hired more than 1,000 new staff in its compliance and anti-financial crime unit since 2015. It added: “The bank has comprehensively reviewed its client onboarding and know-your-client processes and where necessary is exiting higher risk client relationships and markets.” Commerzbank said it could not comment on its relationships with other banks. It said it put a high value on compliance. It said that suspicious transactions picked up during routine monitoring were reported to the authorities. Deutche Bank ended its relationship with Trasta soon after Latvia’s regulator issued a warning, it is understood. In August 2015, the Financial and Capital Markets Commission stopped all transactions above €100,000. Deutsche severed its relationship with the other key Laundromat bank &'' Moldova’s Moldindconbank – in 2012. Ties with Russia are a matter of acute sensitivity for Deutsche. In February, it emerged that Deutsche had secretly reviewed multiple loans made to President Trump by its private wealth division to see if there was a connection to Russia. Trump owes Deutsche about $300m. Deutsche refused to comment on its internal review. Sources say the bank discovered no evidence of any Moscow link. That covers other members of the US president’s family who are also Deutsche clients. They include Trump’s daughter, Ivanka, her husband, Jared Kushner, and Kushner’s mother, Seryl Stadtmauer. In January, the UK and US imposed record $630m fines on Deutsche for its role in another money laundering scam run out of its Moscow office. The bank failed to prevent $10bn of Russian money being laundered in a complex “mirror trades” operation. The wealthy Russians that used the scheme have not been identified. Deutsche’s Private Bank – the division that lends to Trump – appears in the Global Laundromat scheme. Sources suggest that many of its clients are rich Russians, typically with personal assets of $50m-plus. According to Germany’s Süddeutsche Zeitung, Deutsche processed more than $24m of Laundromat cash in 209 transactions. Records obtained by the Organized Crime and Corruption Project (OCCRP) and Novaya Gazeta from anonymous sources show how the money was spent. Much of it vanished into opaque offshore companies. Some of it went on luxury items including diamonds, leather jackets, and home-cinema equipment. One of Deutsche’s high net worth customers blew €500,000 at Mahlberg, a German jewellery firm. The payment in January 2013 was made by Seabon Limited, a Laundromat company registered in Tooley Street, London. More than $9bn was funnelled via Seabon, records show. Almost €1m went to a Munich electronics firm, Rohde &'38; Schwarz, which produces surveillance technology for security services and police. Often, the explanation for high-volume payments was fake. The money spent on watches was marked down on the bank wire transfer as a payment for “computer equipment”. Another $500,000 payment was made to a London fur broker, Gideon Bartfeld. Bartfeld said the money had arrived from Deutsche Bank New York, before being sent on to the Bank of New York Mellon, which paid the invoice. Trasta – the bank that first sent the money to Deutsche – did not appear in any paperwork, he added. Bartfeld said the payment came via two “highly reputable and respected” global banks. He said: “Consequently, we received this payment in full confidence [as they] were satisfied that the payment met their [&'].....»»

Category: newsSource:  mindanaoexaminerRelated NewsMar 22nd, 2017

AFP to form task force to support PDEA drug war -

AFP to form task force to support PDEA drug war -»»

Category: newsSource:  googlenewsRelated NewsFeb 19th, 2017

Army to form task force in war on illegal drugs - BusinessWorld Online Edition

Army to form task force in war on illegal drugs - BusinessWorld Online Edition.....»»

Category: newsSource:  googlenewsRelated NewsFeb 19th, 2017

Nation: Army to form task force in war on illegal drugs

THE PHILIPPINE ARMY will create a "battalion-size" task force to help the government's anti-narcotics agency run after high-value targets in President Rodrigo R. Duterte's war on drugs, the country's military chief said......»»

Category: financeSource:  bworldonlineRelated NewsFeb 19th, 2017

Form task force, PNP urged

Form task force, PNP urged.....»»

Category: newsSource:  thestandardRelated NewsDec 12th, 2016

Lacson to Dela Rosa: Form special task force to probe vigilante killings

Lacson to Dela Rosa: Form special task force to probe vigilante killings.....»»

Category: newsSource:  rapplerRelated NewsDec 12th, 2016

Task force on payments fraud formed

NEW YORK -- A committee of the world’s major central banks said on Friday last week that it has launched a task force to examine cyber security in cross-border banking and to ensure interbank payments are protected, confirming an earlier Reuters re.....»»

Category: newsSource:  bworldonlineRelated NewsSep 18th, 2016

Cagayan de Oro to form security unit resembling Task Force Davao

Cagayan de Oro to form security unit resembling Task Force Davao.....»»

Category: newsSource:  rapplerRelated NewsSep 7th, 2016