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BDO probes suspicious transactions

The country's largest bank BDO Unibank is probing unauthorized withdrawals and purchases complained by some of its bank account-holders. In a statement issued on Tuesday night, BDO admitted that in recent months, "there has been an increased number of clients that have experienced suspicious bank account transactions involving withdrawals and purchases done without their knowledge." Some of these clients, including some overseas Filipinos, lamented the breach of their accounts via social media. BDO, the banking arm of the SM Group, said that in the 4th quarter of 2017, there had been an "extraordinary" rise in fraud attacks towards the entire industry along with an increase...Keep on reading: BDO probes suspicious transactions.....»»

Category: newsSource: inquirer inquirerJan 9th, 2018

BDO investigating suspicious bank transactions

MANILA, Philippines — BDO Unibank, the country's largest bank, is probing cases of unauthorized purchases and withdrawals after a number of clients complaine.....»»

Category: financeSource:  philstarRelated NewsJan 10th, 2018

New AMLC rules seen boosting investor optimism

New anti-money laundering rules covering casinos should boost investor optimism in the Philippine financial system, an economist said on Monday. The Anti-Money Laundering Council (AMLC) has ordered casinos, which were placed under its purview via Republic Act 10927, to develop risk management policies, identify customers and record their transactions, and report suspicious activities to authorities. [...] The post New AMLC rules seen boosting investor optimism appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsOct 23rd, 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 probes possible weapons theft from military armory

MANILA, Philippines --- The Armed Forces of the Philippines (AFP) has launched an investigation on how firearms and ammunition believed to be owned by the government ended up with suspected arms suppliers of rebel groups in Mindanao.   Two gunrunners identified as Edgardo and Rosemarie Medel were arrested last Sunday after accepting marked money from undercover agents. The firearms and ammunition seized from the suspects were worth P1.2 million.   The wooden containers of the firearms and ammunition bore thelabels "AFP," "GOVERNMENT PROPERTY," and "PHILIPPINE ARMY." They were traced to have come from the Army's 7th Infantry Division in Fort Magsaysay, Nueva Ecij...Keep on reading: AFP probes possible weapons theft from military armory.....»»

Category: newsSource:  inquirerRelated News17 hr. 26 min. ago

‘Over my dead body’

WASHINGTON — With a number of probes moving closer to the Oval Office, President Donald Trump and his attorney unleashed a fresh series of attacks on the investigators, questioning their integrity while categorically ruling out the possibility of a presidential interview with the special counsel. Trump and Rudy Giuliani used Twitter and television interviews Sunday […].....»»

Category: newsSource:  tribuneRelated News20 hr. 26 min. ago

Before going cashles

Getting more Filipinos to trust banks is already a big challenge for the Banko Sentral ng Pilipinas, but its goal of getting cashless transactions to rise to at least 20 percent of total transactions by 2020 would be, simply put, something of interest to observe......»»

Category: financeSource:  philstarRelated News21 hr. 26 min. ago

Palace probes alleged order for clergy to leave Balangiga plaza

MANILA, Philippines --- Malacaang Palace is investigating an incident that took place on Saturday during the turnover of historic church bells in Balangiga in Easter Samar, in which a presidential staff member allegedly asked priests and bishops to leave the town plaza before the arrival of President Rodrigo Duterte. READ:Duterte staffer tells clergy to leave Balangiga plaza -- priest In reaction, presidential spokesman Salvador Panelo issued a statement on Sunday, saying: "I did not see any occurrence as described nor hear any complaint coming from the Apostolic Nuncio and the CBCP [Catholic Bishops Conference of the Philippines] president whom I talked to just before the Presiden...Keep on reading: Palace probes alleged order for clergy to leave Balangiga plaza.....»»

Category: newsSource:  inquirerRelated NewsDec 16th, 2018

PH’s 2018 dollar outflow blows through BSP’s worst-case forecast

  The amount of dollars spent by the Philippines will outstrip its total dollars earnings by a significantly higher gap this year than government planners' already pessimistic projections, the latest data from the Bangko Sentral ng Pilipinas revealed on Friday.   In a press briefing, BSP officials said that they expect the country's balance of payments ---the aggregate net value of all transactions between the local economy and the rest of the world---to end 2018 at a deficit of $5.5 billion.   This marks a 266-percent increase in the expected net dollar outflows from the $1.5-billion yearend deficit the central bank projected just six months ago which was, ...Keep on reading: PH’s 2018 dollar outflow blows through BSP’s worst-case forecast.....»»

Category: newsSource:  inquirerRelated NewsDec 15th, 2018

PH’s 2018 dollar outflows blow through BSP’s worst-case forecasts

        The amount of dollars spent by the Philippines will outstrip its total dollars earnings by a significantly higher gap this year than government planners' already pessimistic projections, according to the latest data from the Bangko Sentral ng Pilipinas (BSP) revealed on Friday.   In a press briefing, BSP officials revealed that they expect the country's balance of payments --- the aggregate net value of all transactions between the local economy and the rest of the world --- to end 2018 at a deficit of $5.5 billion.   This marks a 266-percent increase in the expected net dollar outflows from the $1.5-billion yearend defici...Keep on reading: PH’s 2018 dollar outflows blow through BSP’s worst-case forecasts.....»»

Category: newsSource:  inquirerRelated NewsDec 14th, 2018

Facebook s California campus evacuated due to bomb threat

MANILA, Philippines – A number of buildings on Facebook's California campus on Menlo Park were evacuated on Tuesday evening, December 11 (December 12, Manila time) following a bomb threat. CNN reported police later cleared the campus, as no devices or suspicious packages were found by the San Mateo bomb ........»»

Category: newsSource:  rapplerRelated NewsDec 12th, 2018

Singapore’s GIC hikes stake in BPI to above 5%

GIC Private Ltd. of Singapore raised its stake in Ayala-led Bank of the Philippine Islands (BPI) to slightly above five percent through a series of transactions at the Philippine Stock Exchange (PSE) over the past two months......»»

Category: financeSource:  philstarRelated NewsDec 9th, 2018

Highway patrol officer killed in a Cagayan de Oro shootout

  CAGAYAN DE ORO CITY -- A member of the Regional Highway Patrol Unit (RHPU-10) was killed following a shootout with a motorist at the uptown area here on Thursday afternoon, police said.   According to regional police spokesperson Supt. Surki Sereas, RHPU-10 officers identified as SPO2 Lyndie Baltazar and SPO1 Serge de Constantine Maceren were involved in the shootout in Barangay Carmen.   Reports said the law enforcers tried to question a motorist, Abdul Rahim Batawi Adilao, when they noticed his Hyundai Accent had a suspicious license plate.   Witnesses said that during conversation, Adilao allegedly suddenly fired at the officers. An exchange ...Keep on reading: Highway patrol officer killed in a Cagayan de Oro shootout.....»»

Category: newsSource:  inquirerRelated NewsDec 6th, 2018

Indonesia probes reports dozens of workers shot dead in Papua province | The Manila Times Online

WAMENA, Indonesia: An Indonesian soldier was killed while investigating reports that more than two dozen construction workers were shot dead by separatist rebels in restive Papua province, officials s.....»»

Category: newsSource:  manilanewsRelated NewsDec 6th, 2018

‘Beware of scammers at Capitol’

BACOLOD City – Negros Occidental’s provincial government has warned the public against engaging in unauthorized and indirect transactions when conducting their business at the Capitol here. Acting Provincial Administrator Lucille Gelvolea issued the warning on Monday after her office received reports on possible scams involving job hiring and food reservations. There are complaints of unscrupulous […] The post ‘Beware of scammers at Capitol’ appeared first on The Daily Guardian......»»

Category: newsSource:  thedailyguardianRelated NewsDec 5th, 2018

RCBC rolls out improved online forex platform

RCBC online banking continues to make foreign currency exchanges easier and more convenient for many Filipinos as it now accommodates travel and investment-related transactions......»»

Category: financeSource:  philstarRelated NewsDec 2nd, 2018

Lack of financial guide affects SK programs

By: Gail T. Momblan THE Sangguniang Kabataan Federation in Iloilo province is awaiting the Department of Interior and Local Government’s (DILG) guidelines on SK financial transactions. Iloilo SK Federation President and Board Member Ma. Angelica Bianca Requinto said the lack of guidelines affects the implementation of programs and activities by the youth sector body. “Indi pa […] The post Lack of financial guide affects SK programs appeared first on The Daily Guardian......»»

Category: newsSource:  thedailyguardianRelated NewsNov 30th, 2018

Australia probes war crimes in Afghanistan | The Manila Times Online

SYDNEY: Australian police have opened an investigation into allegations of war crimes committed by Australian military personnel in Afghanistan, officials said Thursday. A spokesman for the Australian.....»»

Category: newsSource:  manilanewsRelated NewsNov 30th, 2018

DOH probes suspected measles outbreak

DOH probes suspected measles outbreak.....»»

Category: entertainmentSource:  pepRelated NewsNov 29th, 2018

DTI VI Panublion 2018 earns P8M

WESTERN Visayas’ Panublion Regional Trade Fair 2018 earned over P8M in cash sales and booked orders including under negotiation transactions during the five-day product exhibit at the Activity Center of SM City Iloilo, Mandurriao, Iloilo City from November 14 to 18. Based on its sales report, the activity made a total of P8,118,764.60. The Panublion […] The post DTI VI Panublion 2018 earns P8M appeared first on The Daily Guardian......»»

Category: newsSource:  thedailyguardianRelated NewsNov 28th, 2018

No more House probes unless it leads to laws

No more House probes unless it leads to laws.....»»

Category: entertainmentSource:  pepRelated NewsNov 28th, 2018