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Correspondent banks urged to use blockchain

Correspondent banks should capitalize on blockchain technology amid stiff competition, the chief of the Bangko Sentral ng Pilipinas (BSP) said. Central bank Governor Nestor Espenilla Jr. said this in a keynote address during the recent annual meeting of the Association of Philippine Correspondent Bank (APCB) Officers. “One recent development with significant impact to correspondent banking [...] The post Correspondent banks urged to use blockchain appeared first on The Manila Times Online......»»

Category: newsSource: manilatimes_net manilatimes_netJul 12th, 2018

Garnett sues accountant over $77M lost to wealth manager

MINNEAPOLIS (AP) — Kevin Garnett is suing an accountant and his firm, alleging they helped a wealth manager steal $77 million from the retired Minnesota Timberwolves and Boston Celtics star. The federal malpractice lawsuit alleges Kentucky-based accountant Michael Wertheim and Welenken CPAs enabled Charles Banks IV of Atlanta to defraud Garnett through businesses in which Garnett and Banks shared an interest. The lawsuit contends Wertheim "possessed actual knowledge that Banks was helping himself to millions of dollars of Garnett's money and did nothing about it." "Banks intentionally ... looted Garnett of his earnings and assets for many years, including the many years that Welenken and Wertheim provided accounting services to Garnett and his business interests," according to the lawsuit, which was initially filed in Hennepin County District Court and moved Wednesday to U.S. District Court in Minneapolis. Defense attorney Greg Simpson told the Star Tribune his clients deny the allegations and will "vigorously" fight the suit. Banks was not named as a defendant. Banks was sentenced last year to four years in federal prison for defrauding another former NBA star, retired San Antonio Spurs player Tim Duncan, of millions of dollars. In one of Duncan's deals with Banks, Duncan said he was told Garnett would be a partner. Garnett's attorney, Mark Gaughan, declined to say why Banks was not named as a defendant. Gaughan said that "based upon the facts, we are confident this matter ultimately will be resolved in Mr. Garnett's favor." The lawsuit claims Wertheim "took direction from Banks and for some reason chose to have virtually no contact with Garnett." According to the lawsuit, Wertheim prepared financial statements, was a registered agent for companies in which Garnett held a financial interest, and added his name to bank accounts holding Garnett's money. Wertheim also "worked in concert" with Banks to put Garnett on an allowance and set budgets that the 15-time NBA all-star was urged to follow, the suit read. Garnett retired with the Timberwolves in 2016......»»

Category: sportsSource:  abscbnRelated NewsSep 7th, 2018

Solon urges NAIA to use P3.7B income for modernization program

A HOUSE leader yesterday urged the management of the Ninoy Aquino International Airport (NAIA) to use their P3.7-billion income for its modernization program following the Xiamen plane mishap controversy. Eastern Samar Rep. Ben Evardone, House committee on banks and financial intermediaries chair, underscored the need to allocate funds for the… Source link link: Solon urges NAIA to use P3.7B income for modernization program.....»»

Category: newsSource:  manilainformerRelated NewsAug 25th, 2018

Solon urges NAIA to use P3.7B income for modernization program

A HOUSE leader yesterday urged the management of the Ninoy Aquino International Airport (NAIA) to use their P3.7-billion income for its modernization program following the Xiamen plane mishap controversy. Eastern Samar Rep. Ben Evardone, House committee on banks and financial intermediaries chair, underscored the need to allocate funds for the….....»»

Category: newsSource:  journalRelated NewsAug 24th, 2018

Philippine banking industry explores blockchain use

THE BANGKO SENTRAL ng Pilipinas (BSP) and commercial banks are exploring ways to use blockchain technology to fast-track payment and remittance services. BSP Governor Nestor A. Espenilla, Jr. said the central bank has been studying how to tap the platform used by bitcoin and other digital currencies — called the distributed ledger technology (DLT) —… link: Philippine banking industry explores blockchain use.....»»

Category: newsSource:  manilainformerRelated NewsJul 13th, 2018

Philippine banking industry explores blockchain use

THE BANGKO SENTRAL ng Pilipinas (BSP) and commercial banks are exploring ways to use blockchain technology to fast-track payment and remittance services......»»

Category: financeSource:  bworldonlineRelated NewsJul 13th, 2018

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

Lawmakers urge banks to cut remittance fees

Two congressmen yesterday urged the Bangko Sentral ng Pilipinas (BSP) and banks to reduce remittance fees being collected from millions of overseas Filipino workers (OFWs) for the billions of dollars they send to their families here......»»

Category: newsSource:  philstarRelated NewsJun 9th, 2018

Unionbank, Tech Leaders See Bright Future for Blockchain Tech in PH

One of the country's top banks and several technology organizations see a bright future in the Philippines for the emerging blockchain technology. In fact, Union Bank of the Philippines (Union.....»»

Category: newsSource:  manilanewsRelated NewsMay 23rd, 2018

Blockchain tech may transform rural banking in PH

DAVAO CITY, May 23 (PIA) -- The Union Bank of the Philippines is utilizing the so-called blockchain technology in helping rural banks better serve their communities. Blockchain is an incorruptible le.....»»

Category: newsSource:  manilanewsRelated NewsMay 23rd, 2018

Blockchain tech may transform rural banking in PH

DAVAO CITY, May 23 (PIA) -- The Union Bank of the Philippines is utilizing the so-called blockchain technology in helping rural banks better serve their communities. Blockchain is an incorruptible le.....»»

Category: newsSource:  philippinetimesRelated NewsMay 23rd, 2018

Banks urged to step up defense vs cyberattacks

The Bangko Sentral ng Pilipinas has reiterated the need for banks to step up their cyberdefenses and capabilities as more than $600 billion globally are lost to cybercrime annually......»»

Category: financeSource:  philstarRelated NewsMay 16th, 2018

UnionBank to use blockchain technology to help rural banks

By Karl Angelo N. Vidal, Reporter UNIONBANK of the Philippines is embracing the blockchain technology as the lender plans to use the “disruptive” system to connect rural banks and increase the efficiency of its internal processes. During its Tech Up Expo in Taguig City on Thursday, UnionBank said it will be working with rural banks […] The post UnionBank to use blockchain technology to help rural banks appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsApr 27th, 2018

Central banks urged to study digital currencies

DIGITAL CURRENCIES are a revolutionary tool that central banks should consider, but they remain far too risky to be used as legal tender any time soon, according to the Bank for International Settlements (BIS). The BIS — the club of the world’s largest central banks — said in a report on Monday that the new […] The post Central banks urged to study digital currencies appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMar 13th, 2018

Blockchain poised to change way of doing business

By Krista A.M. Montealegre National Correspondent TOKYO — Bitcoin has hogged the headlines for its price volatility and cyberheists, but the promise of the emerging digital currency lies in blockchain, the disruptive technology behind the cryptocurrency. “Bitcoin is not an investment scheme. It is a new kind of technology,” Miguel Antonio C. Cuneta, co-founder of […] The post Blockchain poised to change way of doing business appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMar 4th, 2018

Banks urged to finance climate-friendly projects

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) and the World Bank’s International Finance Corp......»»

Category: financeSource:  philstarRelated NewsFeb 15th, 2018

Banks urged to do more for MSMEs

HOW do banks become better providers to micro, small, and medium enterprises? For Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr., one way for banks to better serve entrepren.....»»

Category: newsSource:  philippinetimesRelated NewsOct 19th, 2017

Banks urged to do more for MSMEs

HOW do banks become better providers to micro, small, and medium enterprises? For Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr., one way for banks to better serve entrepren.....»»

Category: newsSource:  philippinetimesRelated NewsOct 19th, 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

Banks urged to manage social media exposure

MANILA, Philippines -  The Bangko Sentral ng Pilipinas (BSP) has directed banks and financial institutions to manage social media risks as the Philippines is.....»»

Category: financeSource:  philstarRelated NewsMar 16th, 2017

Thrift banks urged to brace for competition

Thrift banks urged to brace for competition.....»»

Category: newsSource:  manilatimes_netRelated NewsMar 14th, 2017