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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

DFA launches ePayment to cope with surge in passport demand

THE Department of Foreign Affairs formally launches today its passport ePayment Portal to help increase its capacity to receive and process passport applications. The ePayment Portal requires passport applicants to prepay the processing fees through selected payment centers and, eventually, through debit and credit cards and through over-the-counter cash transactions….....»»

Category: newsSource:  journalRelated News12 hr. 21 min. ago

Firms urged to toughen cybersecurity measures

The threat of cyberattacks is one of the biggest challenges facing the Philippine financial system nowadays with the growing number of aggressive and malicious hackers targeting those in banking, financial services and insurance (BFSIs), according to industry experts.   And with rising concerns about security breaches in the biggest banking institutions locally, banks have been advised to allocate resources to boost its cybersecurity infrastructure and ensure the security of its clients transactions.   "Cyberattacks are getting more and more sophisticated every day. The usual practice is to provide and implement reactive actions by depending on the technologies," eP...Keep on reading: Firms urged to toughen cybersecurity measures.....»»

Category: newsSource:  inquirerRelated NewsJun 16th, 2018

Trumps sued for ‘illegal conduct’ at family foundation

  New York, United States -- President Donald Trump, his sons and daughter, were accused on Thursday of "persistently illegal conduct" at their family foundation, in a lawsuit alleging the Trump misused charity funds to finance everything from his election campaign to a portrait of himself.   The suit filed by New York State Attorney General Barbara Underwood accuses the Donald J. Trump foundation of "extensive unlawful political coordination" with the Republican's 2016 campaign,, and "repeated and willful self-dealing transactions to benefit Mr. Trump's personal and business interests," violating laws governing non-profit foundations.   According to...Keep on reading: Trumps sued for ‘illegal conduct’ at family foundation.....»»

Category: newsSource:  inquirerRelated NewsJun 15th, 2018

Ombudsman probes Calida’s security firm deals

  Ombudsman Conchita Carpio Morales has hinted that there could be a case of conflict of interest against Solicitor General Jose Calida.   The Office of the Ombudsman has begun a fact-finding investigation of a complaint filed in May over Calida's failure to divest himself of his majority stake in a security agency that has won multimillion-peso contracts from several government agencies since he took office in 2016.   In the fact-finding stage, field investigators gather documents and other evidence to build up a case, which will be set for preliminary investigation.   Morales said investigators were "looking into" the angle that Calida, as the c...Keep on reading: Ombudsman probes Calida’s security firm deals.....»»

Category: newsSource:  inquirerRelated NewsJun 14th, 2018

No time to finish old probes, but time for the new?

Morales absolved Aquino completely in the DAP scam while Abad was given a weak slap on the wrist. His penalty? A month’s salary forfeited Even as Ombudsman Conchita Carpio-Morales, who retires next month, was quoted as saying that she no longer has time to finish the investigation and indictment of personalities involved in the third […].....»»

Category: newsSource:  tribuneRelated NewsJun 13th, 2018

Ombudsman probes Calida security firm’s contracts

Solicitor General Jose Calida is facing an investigation before the Office of the Ombudsman in connection with his family’s security agency that had contracts with the government, according to Ombudsman Conchita Carpio-Morales. “Ibig sabihin, kliyente mo ang NEDA dahil ikaw ay may security agency na nakipag-kontrata sa iyo and at the same time, kliyente mo [...] The post Ombudsman probes Calida security firm’s contracts appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJun 13th, 2018

Ombudsman probes Teo

THE Office of the Ombudsman has launched a motu propio investigation against former Tourism Secretary Wanda Teo and other ex-public officials who have resigned or were fired by President Rodrigo “Rody” Duterte over alleged corruption. In a television interview, outgoing Ombudsman Conchita “Carpio” Morales bared that Teo and other former….....»»

Category: newsSource:  journalRelated NewsJun 11th, 2018

Ombudsman probes Wanda Teo

Ombudsman probes Wanda Teo.....»»

Category: entertainmentSource:  pepRelated NewsJun 11th, 2018

Business as Usual: Terror Threats Remain Active

Northern Mindanao still remains under Terror Alert Level 3 but residents can go about their usual businesses as usual without however, letting down their vigilance against suspicious persons or activities......»»

Category: newsSource:  kagay_anRelated NewsJun 10th, 2018

Bulalacao relieves 20 erring WV cops, probes 33 others

NEW Police Regional Office 6 officer-in-charge Chief Supt. John C. Bulalacao yesterday recommended to Camp Crame the relief of 20 erring Western Visayas cops and has ordered the investigation of 33 others for various offenses as part of the regional police’s internal cleansing program. Three days after assuming his post,….....»»

Category: newsSource:  journalRelated NewsJun 8th, 2018

LTO launches internet-based payment system

THE Land Transportation Office (LTO) yesterday launched an internet-based payment system for LTO transactions during a simple ceremony held at the LTO main office in Quezon City. The availability of the Land Bank of the Philippines (LBP) Electronic Portal (EPP) to accept payment for LTO transactions have been made possible….....»»

Category: newsSource:  journalRelated NewsJun 8th, 2018

Mall baggage counters being used in drug transactions –PDEA chief

Philippine Drug Enforcement Agency (PDEA) Director General Aaron Aquino on Tuesday bared that drug pushers are using baggage counters in malls in their illegal transactions. Source link link: Mall baggage counters being used in drug transactions –PDEA chief.....»»

Category: newsSource:  manilainformerRelated NewsJun 5th, 2018

BIR seeks to speed up transactions

THE BUREAU of Internal Revenue (BIR) has taken more steps to speed up taxpayer transactions. The post BIR seeks to speed up transactions appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsJun 4th, 2018

IAS probes 4,152 drug bust deaths

The Internal Affairs Service (IAS) is investigating 97 percent of 4,279 persons killed for allegedly trying to fight it out with police officers during drug busts since July 2016......»»

Category: newsSource:  philstarRelated NewsJun 4th, 2018

IMT probes MILF men’s killing in drug raid

The death of nine Moro Islamic Liberation Front (MILF) members in an alleged encounter with anti-drug operatives in Matalam, North Cotabato on May 26 should not affect the peace process, according to the International Monitoring Team......»»

Category: newsSource:  philstarRelated NewsJun 3rd, 2018

Visa close to normal after outage blocks transactions across Europe

Payment systems giant Visa said late Friday it was 'operating at close to normal levels' after a hardware failure left it struggling to process transactions in Europe. The blockage had le.....»»

Category: newsSource:  philippinetimesRelated NewsJun 3rd, 2018

Visa ‘operating close to normal levels’ in Europe after ‘hardware failure’

PAYMENT systems giant Visa said late Friday it was “operating at close to normal levels” after a hardware failure left it struggling to process transactions in Europe. The blockage had left some customers stuck at the tills in stores across the continent and queueing at cash machines. “Visa cardholders can now use their Visa cards [...] The post Visa ‘operating close to normal levels’ in Europe after ‘hardware failure’ appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsJun 2nd, 2018