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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

Trillanes is paranoid, says Palace

OPPOSITION SENATOR Antonio Trillanes could be in state of paranoia for claiming suspicious-looking men have been surveilling his house, Malacañang […].....»»

Category: newsSource:  mindanaoexaminerRelated NewsSep 22nd, 2018

Dead puppy dumped in Quezon City

The corpse of a puppy surprised police officers who responded to a report of a suspicious-looking package left on the street in Quezon City on Thursday......»»

Category: newsSource:  philstarRelated NewsSep 22nd, 2018

Combatting bank scams and frauds

Scams and frauds remain a serious threat to financial institutions and consumers, especially these days when fraudsters are becoming more sophisticated as the technologies and methods they employ advance over time. Innovations that allow people to conveniently manage financial tasks and transactions via digital channels have ironically opened opportunities for fraudsters to deceive the banking […] The post Combatting bank scams and frauds appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsSep 21st, 2018

Thunder GM says they won t rush Westbrook back

NBA.com staff report The Oklahoma City Thunder will open camp next week with former Kia MVP Russell Westbrook on the mend from the arthroscopic surgery he had on his left knee a little more than a week ago. As the Thunder hope for a solid season and deep playoff run in 2018-19, OKC general manager Sam Presti told reporters today the team will not rush Westbrook back into the lineup. Westbrook is scheduled to have his knee injury re-evaluated in a few more weeks, which Presti said the team is waiting for before deciding anything else about their star.   “We’d never push Russell or any player onto the floor. It was a pretty minor thing he had done. We’ll see how that re-evaluation goes," Presti said. Sam Presti says the team has never pushed a player to hit a specific date in recovering from injury, and won’t start now by rushing Russell Westbrook to be ready for game one. — Royce Young (@royceyoung) September 20, 2018 Presti on Russell Westbrook surgery/return: “We’d never push Russell or any player onto the floor. It was a pretty minor thing he had done. We’ll see how that reevaluation goes.” — Erik Horne (@ErikHorneOK) September 20, 2018 A re-evaluation of Westbrook's status four weeks since his surgery would be around Oct. 10. That would be six days away from OKC's regular-season opener at the Golden State Warriors. While the Thunder wait for Westbrook to recover from his injury, they received good news on another player coming back from injury. Guard Andre Roberson missed the final two months of the season and the 2018 playoffs with a ruptured patella tendon in his left knee. In July, the Thunder were hoping Roberson would be on track to return to training camp and that seems to be the pace Roberson is on. Roberson will go through parts of training camp, Presti said, and will participate in some non-contact drills. “We don’t think we’re going to be without him very long,” Presti said. However, it did not sound like Roberson will be ready to play on opening night. Presti added that Roberson is doing a lot more this week than he was a week ago and is through the hardest part of his recovery process. The 6-foot-7 Roberson was an All-Defense second-team selection in 2016-17. In 39 games last season, he averaged 5.0 points, 4.7 rebounds, 1.2 assists and 1.1 steals per game. Sam Presti says Andre Roberson will go through parts of training camp, primarily non-contact. “We don’t think we’re going to be without him very long,” Presti says. Doesn’t sound like he’ll be ready to go on opening night. — Royce Young (@royceyoung) September 20, 2018 Presti said Roberson is doing a lot more this week than he was last week and is through the hardest part of his recovery process. — Erik Horne (@ErikHorneOK) September 20, 2018 Overall, Presti said he expects both Roberson and Westbrook to be back in the early part of the season. And, in a bit of personal news, Presti announced he and his wife had twin girls last night. Sam Presti announces that he and his wife Shannon welcomed twin girls last night. Names are Millie and Elise, joining their three and a half year old, Nicholas. — Royce Young (@royceyoung) September 20, 2018 The Thunder were active in the offseason, parting ways with Carmelo Anthony in a trade with the Atlanta Hawks that netted them Dennis Schroder. Additionally, they re-signed All-Star swingman Paul George and defensive-minded forward Jerami Grant while also picking up Timothé Luwawu-Cabarrot, Abdel Nader and Nerlens Noel in other transactions. Information from The Associated Press was used in this report......»»

Category: sportsSource:  abscbnRelated NewsSep 20th, 2018

Appoint anti-red tape czar now, Zubiri asks Duterte

  Senate Majority Leader Juan Miguel Zubiri on Thursday urged President Rodrigo Duterte to appoint an Anti-Red Tape Authority (ARTA) czar. Zubiri explained that the Ease of Doing Business Law (EODB) was crafted supposedly to eliminate "bureaucratic bottlenecks and red tape that hamper transactions between businesses and the government." "Its title has business in it, but, we want ordinary Filipinos, not just big business, to get the full benefits of the law," said Zubiri, who sponsored the measure at the Senate plenary. "The essence of the law is to raise the bar for all government agencies. We're not asking for lightning speed, but we deserve better than business-as...Keep on reading: Appoint anti-red tape czar now, Zubiri asks Duterte.....»»

Category: newsSource:  inquirerRelated NewsSep 20th, 2018

MPD probes death of Manila City Jail inmate

    An inmate of the Manila City Jail died shortly after being rushed to the Jose Reyes Memorial Medical Center in Sta. Cruz, Manila, according to a police spot.   Initial information from the Manila Police District (MPD) identified the victim as Ramon Guevarra, 58, from Tondo Manila. Manila City Jail's Medical Infirmary said the victim was seen gasping for breath before losing consciousness.   Despite being given first aid by the attending infirmary nurse, Guevarra remained unresponsive, prompting them to rush him to the hospital. Guevarra was declared dead on arrival by hospital physicians.   An initial examination of the victim's body s...Keep on reading: MPD probes death of Manila City Jail inmate.....»»

Category: newsSource:  inquirerRelated NewsSep 19th, 2018

Convenience at Your Fingertips with LBC Connect

At a time when you can get practically anything and everything you need, whenever and wherever you may be, with a few swipes and taps of your fingers, convenience has indeed become king. To keep up with the growing demand for mobile efficiency and seamless transactions, logistics solutions provider LBC digitally transformed its services in order to offer the best tracking and branch location features via its newest mobile app, LBC Connect. A faster and easier way to track and trace multiple LBC deliveries, the new LBC Connect app allows you to access the entire range of LBC's shipping and delivery services so you can move anything-wherever you are, and whenever you want. ...Keep on reading: Convenience at Your Fingertips with LBC Connect.....»»

Category: newsSource:  inquirerRelated NewsSep 19th, 2018

CHR probes deaths in AFP, Sayyaf Sulu clash

Human rights probers are investigating the reported encounter between Abu Sayyaf bandits and government troopers in Patikul, Sulu on Friday......»»

Category: newsSource:  philstarRelated NewsSep 18th, 2018

CHR probes deaths in AFP, Sayyaf Sulu clash

Human rights probers are investigating the reported encounter between Abu Sayyaf bandits and government troopers in Patikul, Sulu on Friday......»»

Category: newsSource:  philstarRelated NewsSep 18th, 2018

Surveillance? Trillanes says suspicious vehicle seen near his home

MANILA, Philippines – A "suspicious" vehicle was seen making rounds along the street of opposition Senator Antonio Trillanes IV's home, the lawmaker said on Tuesday, September 18. Trillanes showed the media CCTV footage of the vehicle during a news briefing on Tuesday. "Suspicious 'yung behavior eh. Doon kasi sa kalye namin, ........»»

Category: newsSource:  rapplerRelated NewsSep 18th, 2018

Trillanes is ‘OA,’ showing ‘paranoia’ — Palace

Malacaang on Tuesday dismissed as "paranoia" the claim of "OA" Senator Antonio Trillanes IV that his house was being watched by intelligence personnel. The remark came after Trillanes sent to media photos and CCTV footage of a car purportedly manning his house. "Talagang yung behavior niya highly suspicious. May hallmarks of suspicious activity. Pinapacheck namin ngayon --- nakuha namin ang plate number, mukha. Hindi lang to basta-basta harassment o pananakot lang," Trillanes said in a press briefing.   READ: WATCH: Trillanes shows video of car 'stalking' his house However, Presidential Spokesperson Harry Roque insisted that the senator, who has been holed up in...Keep on reading: Trillanes is ‘OA,’ showing ‘paranoia’ — Palace.....»»

Category: newsSource:  inquirerRelated NewsSep 18th, 2018

CHR probes killing of 7 Sulu civilians by soldiers

SULU – The Commission on Human Rights have begun an investigation into the killing by army soldiers of 7 civilians […].....»»

Category: newsSource:  mindanaoexaminerRelated NewsSep 17th, 2018

Duterte jokes: Push COA auditor in Ilocos Norte down the stairs

MANILA, Philippines – President Rodrigo Duterte joked that the Commission on Audit (COA) auditor in Ilocos Norte should be pushed down the stairs so he would not be able to report on the local government's transactions. Duterte made the statement on Sunday, September 16, at the prodding ........»»

Category: newsSource:  rapplerRelated NewsSep 16th, 2018

Trillanes: Intelligence men casing my house

  Sen. Antonio Trillanes IV said on Saturday that suspicious-looking men have been casing his house as he continued to hole up at the Senate to avoid arrest after President Rodrigo Duterte revoked his amnesty for two failed mutinies.   Trillanes said his camp listed the license plate numbers of vehicles seen around his house, but these turned out to be unregistered, leading him to conclude that these were from the government's intelligence units.   "We are making the necessary security arrangements," Trillanes, one of the President's most vocal critics, said over radio station dwIZ.   Used to harassment   In the radio interview, the for...Keep on reading: Trillanes: Intelligence men casing my house.....»»

Category: newsSource:  inquirerRelated NewsSep 16th, 2018

Buying sprees and backdoor listings

Amid the wildfire decimating market gains are the quiet but bold buying and backdoor listing activities that may lend to interesting stock plays in the not so distant future. The most recent of these financial transactions, which are labelled broadly under mergers and acquisitions (M&A) activities, is the purchase by Davao-based businessman Dennis Uy (through [...] The post Buying sprees and backdoor listings appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsSep 13th, 2018

Bomb scare briefly closes runway at Japan’s Narita airport

TOKYO: Japan’s Narita airport briefly closed one of its two runways on Thursday after what is suspected to be an unexploded shell was found buried nearby, officials said. Local police cleared the suspicious object and there were no flight cancellations, as one runway operated as normal during the three-hour closure, officials added. “Contractors involved in [...] The post Bomb scare briefly closes runway at Japan’s Narita airport appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsSep 13th, 2018

Electronic fund transfer available in banks by end-November — BSP

The Bangko Sentral ng Pilipinas (BSP) said banks should make fund transfer available through their electronic channels starting Nov. 30 to meet the government’s target of increasing the level of cashless transactions to 20 percent by 2020 from only one percent......»»

Category: financeSource:  philstarRelated NewsSep 12th, 2018