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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

SM Store goes cashless with PayMaya

PLDT, Inc.’s digital financial unit PayMaya Philippines is ramping up its presence in brick-and-mortar retail establishments, unveiling on Wednesday its partnership with The SM Store for cashless payments. Under its partnership with the retail unit of the country’s largest shopping mall operator, PayMaya users can pay for their transactions just by opening the app and […] The post SM Store goes cashless with PayMaya appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated News2 hr. 5 min. ago

entertainment.mb.com.ph

The death in London of Cranberries lead singer Dolores O‘Riordan is not being treated as suspicious, police said, as tributes flowed in for one of Ireland’s most successful artists. #BeFullyInformed entertainment.mb.com.ph Source link: entertainment.mb.com.ph.....»»

Category: newsSource:  manilainformerRelated News11 hr. 26 min. ago

Death of Cranberries star O’Riordan not suspicious: police

DUBLIN (Reuters) – The death in London of Cranberries lead singer Dolores O’Riordan is not being treated as suspicious, police said on Tuesday, as tributes flowed in for one of Ireland’s mostThe post Death of Cranberries star O’Riordan not suspicious: police appeared first on DZRH News......»»

Category: newsSource:  dzrhnewsRelated News18 hr. 26 min. ago

Bong Go denies intervening in Navy selection of weapons system supplier

Special Assistant to the President Christopher "Bong" Go deniedon Tuesdaythat he has intervened in the procurement process of the Philippine Navy's controversial selection of the weapons system supplier for the P15.7-billion frigate program.   "I have not intervened in the procurement of DND of its computer system for its ships. I have not participated nor intervened, directly or indirectly, in the transactions of DND. Further, I even have no information nor knowledge of the said transaction," Go said in a statement sent to reporters.   "Further, I even have no information nor knowledge of the said transaction," he added.   The Inquirer reportedon Tue...Keep on reading: Bong Go denies intervening in Navy selection of weapons system supplier.....»»

Category: newsSource:  inquirerRelated NewsJan 16th, 2018

Health office probes alleged food poisoning

THE Iloilo Provincial Health Office is collating data from Dumangas District Hospital relative to a case of alleged food poisoning which hit 42 students from San Dionisio, Iloilo. Ziforah Leevaneigh Sotomil, surveillance coordinator of the Provincial Epidemiology Surveillance Unit (PESU), said they already requested the hospital to provide them with the name list of patients […] The post Health office probes alleged food poisoning appeared first on The Daily Guardian......»»

Category: newsSource:  thedailyguardianRelated NewsJan 16th, 2018

Social Security Commission Chairman Amado Valdez on alleged illegal media transactions in SSS

CHAIRMAN Amado Valdez of the Social Security Commission (SSC), the policy-making body of Social Security System (SSS), said that the Commission has already instructed management last month to ensure alignment of procurement procedures in light of the recent Implementing Rules and Regulations covering media services and placements. “The Commission has instructed management, through its Bids […] The post Social Security Commission Chairman Amado Valdez on alleged illegal media transactions in SSS appeared first on The Daily Guardian......»»

Category: newsSource:  thedailyguardianRelated NewsJan 15th, 2018

Rody offers services to traders with gov’t transaction troubles

President Duterte has offered to get the permits for businessmen “for free” in case government agencies are unable to process their documents within three days. #BeFullyInformed Rody offers services to traders with gov’t transaction troubles A presidential fix awaits businessmen having troubles with government transactions. Source link: Rody offers services to traders with gov’t transaction troubles.....»»

Category: newsSource:  manilainformerRelated NewsJan 14th, 2018

BDO probes reports of fraud

BDO probes reports of fraud.....»»

Category: newsSource:  cnnphilippinesRelated NewsJan 13th, 2018

Trump’s year: Congress bickers over Russia, Mueller looms

Republicans who spent the early months of 2017 working with Democrats on investigations into Russian interference in U.S. elections have pivoted as the new year begins and midterm elections loom, leaving the conclusions of those congressional probes in doubt. #BeFullyInformed Trump’s year: Congress bickers over Russia, Mueller looms Republicans who spent the early months of… link: Trump’s year: Congress bickers over Russia, Mueller looms.....»»

Category: newsSource:  manilainformerRelated NewsJan 13th, 2018

DFA on Benham Rise: Same rules for all countries

MANILA, Philippines – Philippine Foreign Secretary Alan Peter Cayetano said the same rules apply for all countries when it comes to conducting research in Benham Rise, and there should be "nothing suspicious" about this. Cayetano made these remarks on Friday, January 12, after Magdalo Representative Gary Alejano ........»»

Category: newsSource:  rapplerRelated NewsJan 12th, 2018

BI probes overstaying Indian nationals tagged in illegal drug trade

The Bureau of Immigration (BI) has announced it would investigate overstaying Indian nationals who were arrested by thePhilippine Drug Enforcement Agency (PDEA) for alleged involvement in the illegal drug trade. BI Commissioner Jaime Morenteon Thursdaysaid the BI intelligence division discovered that three Indian nationals whowere arrested by PDEA operatives in Iloilo in 2017 have been illegally staying in the country. Morente said a team of BI operatives was dispatched to Iloilo to investigate and conduct follow-up operations on theirarrests. They were identified as Amandeep Tangri, Joginder Pal Tangri and Tehal Singh. "We are alarmed over these reports of Indians allegedly eng...Keep on reading: BI probes overstaying Indian nationals tagged in illegal drug trade.....»»

Category: newsSource:  inquirerRelated NewsJan 11th, 2018

BDO addresses clients’ complaints, steps up probe of fraud attacks

Facing snowballing customer complaints of unauthorized banking transactions, the country's largest lender, BDO Unibank, vowed to devote more manpower to fraud investigation. In an interview, a woman who works at a communications company said that around P4,500 had been debited from her regular peso savings account in June last year for an online purchase from media library iTunes, but she never had any iTunes account. "I complained at my branch (BDO ADB) and I was told I will be given a reference number. I wasn't able to recover the money anymore," she said. Then on Dec. 8, the same woman saw another P8,000 in unauthorized withdrawal from the same account. She filed a complaint ...Keep on reading: BDO addresses clients’ complaints, steps up probe of fraud attacks.....»»

Category: newsSource:  inquirerRelated NewsJan 10th, 2018

Nazareno 2018, PAO probes Dengvaxia death, U.S. on Salvadoran immigrants | Midday wRap

Today on Rappler: The annual procession of the Black Nazarene begins at around 5:40AM Tuesday as the Manila archbishop calls for aid for disaster victims in the Philippines.  Public Attorney's Office Chief Persida Acosta says they will continue conducting forensic examinations on children vaccinated with Dengvaxia.  The United States government is expected to rule that hundreds of thousands of Salvadorans living in ........»»

Category: newsSource:  rapplerRelated NewsJan 9th, 2018

Fire hits Aboitiz power utility in Davao City

DAVAO CITY --- A fire of still undetermined origin broke out inside the compound of the Davao Light and Power Co. (DLPC) hereon Sunday, the police said. Senior Insp. Ma. Teresita Gaspan, the Davao City Police Office spokesperson, said the blaze hit the data center of the Aboitiz-owned power utility along Ponciano Reyes St. -- some 500 meters from the Inquirer Mindanao Bureau office -- around8:52 a.m. The data center was on a separate building and located at the back of the main building -- where DLPC officials hold office and where the company conducts its business transactions. The main building was unscathed by the fire. Quoting a report from the Bureau of Fire Protection,...Keep on reading: Fire hits Aboitiz power utility in Davao City.....»»

Category: newsSource:  inquirerRelated NewsJan 7th, 2018

Admin’s hiding draft charter is suspicious

THE DUTERTE administration wants this nation of 105 million to make a quick shift to a federal system before the 2019 elections – but continues to hide its w.....»»

Category: newsSource:  philstarRelated NewsJan 7th, 2018

Member of sexy all-made dance group nabbed for alleged drug possession

A member of the all-male entertainment group ‘Masculados’ was arrested in Taguig for allegedly possession of illegal drugs. On 1:30AM, Dec. 5, elements of the Taguig Police spotted suspicious menThe post Member of sexy all-made dance group nabbed for alleged drug possession appeared first on DZRH News......»»

Category: newsSource:  dzrhnewsRelated NewsJan 5th, 2018

Tighter anti-money laundering monitoring now in force

TIGHTER RULES on report submission on potential dirty money transactions take effect today, under new guidelines which also require financial firms to upload customer data to the online portal of the Anti-Money Laundering Council (AMLC). In December, the financial intelligence unit announced the adoption of comprehensive AMLC registration and reporting guidelines (ARRG) for financial institutions, […] The post Tighter anti-money laundering monitoring now in force appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJan 3rd, 2018