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45 crore Jan Dhan accounts have accumulated Rs 2.1 lakh crore: Anurag Thakur
New Delhi [India], February 17 (ANI): Union Minister Anurag Thakur on Friday inaugurated the 2024 Annual Government and Institutional Business Meet of the Federal Bank and asserted that under the Jan Dhan scheme around 45 crore bank accounts have been opened. Addressing an audience of the officials and employees of the bank, the Minister at the very outset, congratulated Federal Bank for an all-time high share price. Reca.....»»
Maharlika and ill-gotten wealth
Much of the public’s concerns against the much touted Maharlika Investment Fund the country’s first ever sovereign wealth fund, have to do with billions in ill-gotten wealth supposedly stashed in secret bank accounts abroad. .....»»
65% of Pinoy households now have bank accounts
The number of Filipino households with formal bank accounts further increased to 65 percent last year after almost doubling to 56 percent in 2021 from 29 percent in 2019......»»
Crypto crackdown intensifies on Hamas finance
Cryptocurrency has become the latest front in the conflict between Israel and Hamas, analysts say. Israeli and US authorities have intensified their financial hunt into Hamas in recent days as they track illicit funds via digital currencies. Ari Redbord, global policy head at crypto tracking specialist TRM Labs, said there is now less crypto transfer activity on pro-Hamas support networks as a result. "We are seeing a lot less activity in some respects since the war began," Redbord told AFP. This is "primarily because Israel has been very aggressive and successful in taking down these fundraising efforts", he added. Israel has bombed Gaza in response to an unprecedented cross-border attack by Hamas militants who, while firing a massive rocket barrage, killed more than 1,400 people and took 222 hostages on 7 October, according to Israeli authorities. Israeli strikes have now killed more than 6,500 people in Gaza, according to the Hamas-run health ministry. Shadowy world Cryptocurrency is regarded as a speedy way to move cash that is unregulated by any central bank and is less traceable than a traditional bank transfer. The shadowy world of digital units, based on decentralized blockchain technology, has gained notoriety for illicit transactions due to its under-the-radar appeal. Two weeks ago, Israeli police revealed they had located and frozen accounts linked to Hamas that sought "to solicit donations on social networks" via Binance, the world's biggest cryptocurrency exchange. A Binance spokeswoman said it "follows internationally recognized sanctions rules, blocking the small number of accounts linked to illicit funds". Redbord, formerly a senior US government adviser, said Hamas had adopted crypto from 2019 at the latest, to seek funding via the Telegram messaging network and even on its own website. Hamas decided in April that it would no longer accept cash via Bitcoin due to increased global surveillance of the world's biggest digital unit. Crypto fundraising is now operated via a network of Hamas-linked support groups. TRM Labs has closely monitored virtual crypto wallets linked to such support groups since the start of the war. And it has concluded that much smaller amounts of cash than usual are being moved. Two weeks after the attacks, support group Gaza Now received less than $6,000 in one of its crypto wallets, Redbord noted. That compared with $800,000 in total since the wallet's creation in August 2021. Meanwhile, authorities are well aware that digital assets are a minor part of a complex funding picture. The US State Department estimates that Iran funnels $100 million per year to Palestinian groups including Hamas. 'Small piece of puzzle' "Cryptocurrency is a very small piece of a larger financing puzzle for Hamas," said Redbord. "They are looking to Iran; they're... imposing taxes on the Palestinians; they have a network of charities and a diaspora of supporters who are sending donations not in cryptocurrencies." "But crypto does play a role," he said. Digital currencies still represent a significant revenue stream for Hamas and other allied groups. Crypto addresses identified by Israel as being linked to Hamas received about $41 million between August 2020 and July 2023, according to Israeli analytics and software firm BitOK. Other crypto addresses linked to Islamic Jihad received in excess of $154 million between October 2022 and September 2023, with some still active, it adds. Some players in the sector simply turn a blind eye. "Some cryptoasset businesses are intentionally or unwittingly allowing misuse of the crypto ecosystem," said Joby Carpenter, an expert on the industry. "This trend is magnified where exchanges are based in lightly or unregulated jurisdictions," he told AFP. The post Crypto crackdown intensifies on Hamas finance appeared first on Daily Tribune......»»
Belarusian exiles lose hope
When police in Belarus began knocking on doors and interrogating citizens suspected to have taken part in pro-democracy rallies three years ago, Maxim Isayev knew he could never go back. Like thousands of others, the 32-year-old engineer and father of two peacefully protested against the disputed re-election of strongman leader Alexander Lukashenko in 2020 and is currently wanted by the country’s authorities. “I know that they came to my address in Belarus and searched for me,” Maxim told AFP in Warsaw, where he now lives with his wife and children. More than 100,000 people are thought to have left Belarus since security forces began violently cracking down on dissidents, many of whom fled to neighboring Poland and the Baltic states. Lukashenko now wants to shut them out for good. In January, he signed a law allowing courts to strip “extremist” dissidents living abroad of their citizenship, and in September he blocked Belarusian embassies from issuing passports. The decision effectively deprives thousands of Belarusian dissidents of the ability to renew their passports unless they return, making it difficult for them to travel internationally, access public services, open bank accounts or obtain employment. “If people are forced to return to Belarus, many of them will be exposed to rights violations, like arbitrary arrest, and torture,” UN rights expert Anais Marin told AFP after the decision. Describing Lukashenko’s decree as “outrageous,” she called on all governments to refrain from sending Belarusians back to their country over invalidated or expired passports. For Maxim, who fears he faces multiple criminal charges including terrorism, returning is not an option. “I took part in the protests. Rallies, marches, calls for sanctions,” he said. “There are more than ten counts I could be charged with.” Since 1994, Lukashenko has ruled Belarus with an iron fist, in what critics have called Europe’s last dictatorship. Elections held in August 2020 resulted in another landslide victory for the long-time leader, a result which the opposition decried as blatantly falsified. The fallout from the vote led to the biggest protests in Belarus’ modern history, which were soon followed by a record number of arrests. “There are situations where people were travelling to the funeral of their relatives. They were detained and put in jail,” said Helena Niedzwiecka, founder of the Belarusian Solidarity Center that supports exiles in Poland. “You can be imprisoned for liking a post in 2020.” Maxim, whose families’ passports expire in 2024, debated with his wife whether it was safe for her to go back, given she had made fewer political posts. “I said okay, if you want to go, you are an adult... Take one of the children.” “You will get a few years for your political views,” Maxim said. “And they will put the child into an orphanage.” They decided against the idea. Lukashenko has criticized those who have sought refuge abroad as disloyal, casting them as “criminals” who do not deserve citizenship. “Are these people worthy to remain citizens of Belarus if they have fled their native country and actually severed ties with it?” he asked at a government meeting last year. Most dissidents say it is the state that severed ties with them. “My contract with my country was terminated in 2020,” said Inga Okava, a 49-year-old former volunteer who was jailed for trying to independently monitor the 2020 elections. “They falsified everything that everybody wanted,” she sighed. WITH AFP The post Belarusian exiles lose hope appeared first on Daily Tribune......»»
LandBank named best for financial inclusion
The Land Bank of the Philippines, or LandBank, was recognized by Kantar Philippines as one of 2023’s Best Philippine Brands under the “Banking” category for providing convenient, accessible and innovative banking services to unbanked and underserved Filipinos nationwide. Kantar conferred the award to LandBank for its strong brand of service, decades of empowering the underserved, and for advancing financial inclusion in the country through the accessibility of its integrated physical and digital banking services. The market research firm also highlighted the Bank’s efficient delivery of cash grants to beneficiaries of the National Government’s social amelioration programs, particularly the digital disbursement of financial assistance under the Conditional Cash Transfer Program. “This recognition is a testament to LandBank’s unwavering pursuit to reach and serve more Filipinos nationwide. We are continuously working towards the strategic expansion of our physical touchpoints and the enhancement of our digital channels to deliver exceptional and accessible banking service,” said president and CEO Lynette V. Ortiz. In support of the National Government’s financial inclusion drive, LandBank has also onboarded 8.35 million Philippine Identification System, or PhilSys, registrants for their own transaction accounts, under the Bank’s co-location strategy with the Philippine Statistics Authority. The partnership aims to bank previously unbanked PhilSys registrants and grant them formal access to basic banking and other financial services. LandBank likewise has 1,111 agent banking partners, or ABPs, nationwide offering services such as cash out, cash in, fund transfer, bills payment, and opening and issuance of LandBank Agent Banking Cards in unbanked and underserved communities. The bank also offers individuals who have no capacity for operationalizing a regular deposit savings account to open a LandBank “Perang Inimpok Savings Option” or PISO account with only P1 as minimum initial deposit and up to a maximum of P50,000 account balance. As of end-August 2023, LandBank has opened 52,406 PISO accounts for unbanked and underserved Filipinos including students, public utility vehicle drivers, vendors, farmers and fishers. Kantar BrandZ report LandBank was recognized for its strong brand image in the Kantar BrandZ Philippine Report, which was based on a comprehensive survey conducted in 2022 covering 44 local brands across four categories — banks, communication providers, general retailers and beverages. Kantar is a global marketing and data analytics company that specializes in analyzing, understanding, and interpreting consumer behavior and trends. The 2023 Philippines Brand Awards is the first edition held by Kantar Philippines in the country to honor the top brands that bring value to the lives of Filipino consumers. The post LandBank named best for financial inclusion appeared first on Daily Tribune......»»
India using anti-money laundering rules to ‘silence critics’ — Amnesty Int’l
India is exploiting recommendations by a global money-laundering watchdog as a "draconian" tool to shutter civil society groups and suppress activists and critics, Amnesty International said Wednesday. Government critics within civil society organizations and the media have long complained of harassment in the world's biggest democracy under Prime Minister Narendra Modi's Hindu-nationalist administration, a charge it strenuously denies. Amnesty said the recommendations of the Paris-based Financial Action Task Force (FATF) were being abused to bring in "draconian laws to stifle the non-profit sector" and block organizations from funding. The 39-nation FATF, of which India has been a member since 2010, is mandated to tackle global money laundering and terrorist financing. Critics say Modi's government has sought to pressure rights groups by heavily scrutinizing their finances and clamping down on foreign funding. "Under the guise of combatting terrorism, the Indian government has leveraged the Financial Action Task Force's recommendations to tighten its arsenal of financial and counter-terrorism laws which are routinely misused to target and silence critics," Amnesty International India chair Aakar Patel said in a statement. In the last 10 years, India has canceled the licenses of more than 20,600 non-governmental organizations, with nearly 6,000 of these taking place since 2022, the report said. In 2020, Amnesty International had to suspend its Indian operations after its bank accounts were frozen. The Indian government defended its move, accusing Amnesty of "illegal practices" involving the transfer of "large amounts of money" from Amnesty UK to India. Journalists critical of the government also complain of increased harassment, both on social media -- where Modi's ruling party has a powerful presence -- and in the real world. The post India using anti-money laundering rules to ‘silence critics’ — Amnesty Int’l appeared first on Daily Tribune......»»
JPMorgan Chase to pay $75 mn to settle Epstein-linked sex trafficking suit
JPMorgan Chase announced Tuesday that it will pay $75 million to settle a US Virgin Islands' (USVI) lawsuit that accused the bank of facilitating Jeffrey Epstein's sex trafficking ring. The big US bank, which previously reached a $290 million settlement with Epstein's victims, also announced an agreement with former JPMorgan executive Jes Staley for an undisclosed sum. These cases together resolve the bank's remaining litigation over its embarrassing long-running association with the late Epstein. The agreement with the USVI came a few weeks ahead of a scheduled trial in New York that likely would have bruised both sides. While the USVI accused JPMorgan of turning a "blind eye" to Epstein's conduct due to profit concerns, the bank levied essentially the same charge against USVI, saying the government helped Epstein obtain visas that allowed him to bring victims to the island. The settlement, which must be approved by a US court, includes $30 million to support USVI charitable organizations, $25 million to enhance USVI law enforcement to combat human trafficking and $20 million in attorneys' fees. JPMorgan did not admit liability as part of the settlement, but the "firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes," the bank said in a statement. "JPMorgan believes this settlement is in the best interest of all parties," the bank said. The USVI had originally sought $190 million in damages for the bank's role in enabling Epstein's sex crimes, including in the Virgin Islands, where he had a residence. The USVI said JPMorgan "knowingly, negligently, and unlawfully provided and pulled the levers through which recruiters and victims were paid and was indispensable to the operation and concealment of the Epstein trafficking enterprise," according the original complaint. Bank hits back The bank hit back forcefully, saying in a May legal filing that the USVI government was "complicit in the crimes of Jeffrey Epstein." Under a "quid pro quo" relationship with top USVI officials, Epstein "gave them advice, influence, and favors," JPMorgan said in the filing. "In exchange, they shielded and even rewarded him... looking the other way when he walked through USVI airports accompanied by girls and young women." US Virgin Islands Attorney General Ariel Smith said Tuesday the agreement would prevent human trafficking in the future. "This settlement is an historic victory for survivors and for state enforcement, and it should sound the alarm on Wall Street about banks' responsibilities under the law to detect and prevent human trafficking," Smith said. "We are proud to have stood alongside the survivors throughout this litigation, and this settlement reflects our continued commitment to them," Smith said. The USVI press release listed a number of "substantial commitments" by JPMorgan to combat human trafficking, including informing law enforcement of perpetrators and terminating customers' accounts if there is credible evidence of wrongdoing. But a JPMorgan spokesperson said the bank has not changed or fortified its policies due to the accord. "There are no new commitments. Our controls, compliance, risk, and other functions are always improving, and we are continually investing to become even better," said JPMorgan's Trish Wexler. "We have always worked closely with law enforcement to help combat human trafficking, and we will continue to look for ways to invest in advancing this important mission." The post JPMorgan Chase to pay $75 mn to settle Epstein-linked sex trafficking suit appeared first on Daily Tribune......»»
Fools in suits
When a ranking Department of Agriculture official was asked in a recent Congress hearing what steps the agency had taken to break the rice cartel, he replied that he did not believe that a “mafia” existed. Coming from a high DA official, the statement revealed that nothing was being done to stop the syndicate that everyone in the industry knows about since, to the authorities, it does not exist. In the reenacted Anti-Agricultural Smuggling Act of 2016, smuggling, hoarding, profiteering, and forming cartels for agricultural and fishery products are considered economic sabotage and are non-bailable offenses for which a long jail term could be meted out. The strengthened law, however, lacks strong teeth against government officials who are in cahoots or protect the syndicates. Contained in the proposed bill is a provision indicating that any government officer or employee found to be an accomplice in the commission of the crime will “suffer the additional penalties of perpetual disqualification from holding public office, exercising the right to vote, from participating in any public election, and forfeiture of employment monetary and financial benefits.” The bill is pending in both houses of Congress. With the slow grind of justice in the country, a public official looking for a fast buck will not hesitate to risk his job in exchange for a huge payback. The recent series of events showed the markets are being manipulated by the big players in the sugar, vegetable and rice businesses. These syndicates are known to be deeply entrenched due to their connections with government bigwigs who facilitate their domination of the markets either through edicts or the use of public resources. In the most ridiculous situation, the recent spike in onion prices was found to be artificial since farmers were even throwing away their harvests because of low farmgate prices, thus there was no reason for prices to surge. Later, it was exposed in a congressional hearing that a cartel had succeeded in manipulating the onion market to create a condition that would require its importation, from which its members would make a killing. The warehouse and storage facilities are controlled by the mafia which makes it easy to create artificial conditions to which the market reacts by raising retail prices. The ultimate goal is to coax the government to allow importation from suppliers in overseas markets that are also flooded with the commodity, The cartel rakes in profits from both the high markup and the kickbacks from the overseas suppliers desperate to sell their surplus. The woeful victims are the Filipino farmers whom the cartel boxes out of the market. In extreme cases, these farmers just throw away their harvest since they cannot afford to transport their products without the middlemen who are also in the pocket of the cartel. The same goes for the rice industry, where the market was manipulated for a different reason, which was to kill the rice tariffication law that kicked the National Food Authority out of the import business. Rice prices then surged to as high as P56 a kilo, which pushed President Ferdinand Marcos Jr. to impose price ceilings. The NFA used to have a monopoly on importation, but that resulted in acrimonious confrontations at the apex of government. The tariffication law, in turn, opened importation to all grain traders and relegated the NFA to buying rice from local farmers. Under the new anti-smuggling bill which has the endorsement of Mr. Marcos, an Anti-Agricultural Economic Sabotage Council headed by the President or his designated permanent representative will be formed. The proposed body will have the power to investigate and file charges, as well as freeze violators’ funds, properties, bank deposits, placements, trust accounts, assets and records. The creation of the body looks good on paper but in the real world, it might just add another layer of bureaucracy and source of corruption unless the cartel, which DA officials claim does not exist, is dismantled. Chief Presidential Legal Counsel Juan Ponce Enrile has a simple solution for breaking the cartel, which is for the government to confiscate all the rice overstock and let the owners of the warehouses prove that their huge inventory is legitimate. Such a move would prompt the traders to release more rice into the market to avoid confiscation. The imposition of the price cap on rice indicated that the prices are artificial since the markets are now selling at lower than the manipulated prices despite conditions being constant. An expected bumper harvest is also prompting the prices to go back to normal, after the attempt of the cartel to create a price shock to support their effort to return to the old ways. To know the real situation, President Marcos goes out of his way to see what is on the ground. His underlings, particularly at the Department of Agriculture, should do better. The post Fools in suits appeared first on Daily Tribune......»»
P75-M PAGCOR mess: CIDG launches manhunt vs. suspect
The Philippine National Police - Criminal Investigation and Detection Group (PNP-CIDG) has launched a nationwide manhunt for the primary suspect in the P75-million controversy in the Philippine Amusement and Gaming Corporation (PAGCOR) after he and four others were able to elude arrest during a recent raid in their lair in Loac, Pangasinan. The PNP-CIDG director, Major General Romeo Caramat, identified the primary suspect as Jewel Castro. He and certain Ethan Eleazar, Norbert Escalante, Enrico San Miguel, and Rebecca Ferolina managed to escape even before the operatives swooped down a secluded illegal online sabong operation in Loac. Castro and his cohorts in PAGCOR are the subject of a top-to-bottom investigation ordered by PAGCOR Chairman Alejandro Tengco in connection with the missing P75-million cash performance bond exposed by an investor and officer of a corporation, an erstwhile franchisee of the disbanded e-sabong operation. The raid conducted by CIDG coincided with the lodging of a graft complaint with the Office of the Ombudsman by one Joaquin Sy, against a former and two top officials of PAGCOR and three private individuals headed by Jewel Castro. Sy, who is the treasurer and the chairman of the board of Kamura Highlands Gaming and Holdings Inc., in his complaint said that on 4 April 2022, he personally posted cash for the performance bond at PAGCOR's office in Malate, Manila on behalf of their corporation. He provided two manager’s checks payable to PAGCOR and drawn against his personal bank accounts. In return, PAGCOR issued official receipts and other documents proving the posting of a bond by the corporation. Under PAGCOR’s guidelines, only a corporation can apply to be a franchisee of e-sabong operation. Sy, however, said that when then-president Rodrigo Duterte disbanded the e-sabong on May 2022, he requested PAGCOR in writing of the intention of his corporation to withdraw the cash performance bond but to no avail. He added that later on, he was told by PAGCOR's Assistant Vice President for Finance Lolita Gonzales that a P75-million Land Bank check was already issued to one Jewel Castro sometime in July 2022. Meanwhile, in a press statement, the newly-appointed PAGCOR chair said, “We have launched an internal investigation and we are trying to re-create the sequence of events since the department allegedly involved, the E-Sabong Department, has already been disbanded.” Tengco hinted that the release of a check in the name of an individual not to the corporation that posted it, could not be possible without the connivance of personnel within PAGCOR. “We will bring the perpetrators to justice if indeed there was any anomaly,” he stressed. On the other hand, a confidant of Castro in his clandestine e-sabong operation who refused to be identified said that Castro expressed his intention to cooperate with PAGCOR’s ongoing investigation but fears for his safety, considering the persons and the amount of money involved in the anomaly. Castro is considered the key figure to unlock the mystery of the missing P75-million cash performance bond. The post P75-M PAGCOR mess: CIDG launches manhunt vs. suspect appeared first on Daily Tribune......»»
US, Iran release prisoners in $6 billion swap deal
The United States and Iran on Monday swapped five prisoners each in one of the arch-foes' first deals in years as Tehran gained access to $6 billion in frozen funds. The five Americans freed by Iran, including one held for eight years, flew out of Tehran in a Qatari jet, hours after the unblocked funds were deposited in accounts also managed by Qatar. The White House said it was "pleased to confirm" the plane carrying the freed Americans had left Doha, Qatar for the United States, and that President Joe Biden had spoken with the families of the Americans in an "emotional call". The five had walked in the setting sun on the tarmac in Doha, three of them with arms around one another's shoulders. One of them praised Biden for ignoring the political backlash and taking the "incredibly difficult decisions" that freed them. "Thank you, President Biden, for ultimately putting the lives of American citizens above politics," Siamak Namazi, a businessman held since 2015, said in a statement. Secretary of State Antony Blinken, who spoke to the released Americans by telephone after they landed in Doha, insisted the Biden administration had "no higher priority" than freeing US citizens. "It's very good to be able to say that our fellow citizens are free," Blinken told reporters in New York, where he and Biden are taking part in UN meetings. Two of the Iranian detainees arrived in Qatar, Iranian media said. The other three released by the United States have opted to remain there or in a third country. After quiet discussions led in part by Qatar, the two countries completed the exchange after the transfer of $6 billion in funds, frozen by US ally South Korea. The Biden administration has rejected criticism at home that it is paying "ransom," insisting the money will be used only humanitarian purposes, with a threat to re-freeze the funds if not. But Iranian foreign ministry spokesman Nasser Kanani, speaking earlier in Tehran, said the clerical state will have "total access" to the assets. Political risks for Biden Biden's Republican rivals have roundly denounced the deal. Republican Senator Mitt Romney said it would lead to "kidnappings". "The idea of basically paying to release, in this effect, a hostage is a terrible idea," he said. Mindful of political risks, Biden in a statement said he would "continue to impose costs" on Iran and announced sanctions against former president Mahmoud Ahmadinejad and the country's intelligence ministry. The sanctions were imposed over alleged deceit in the disappearance of Bob Levinson, a former FBI agent who disappeared in Iran in mysterious circumstance and is presumed dead. Biden in his statement did not mention that he granted clemency to five Iranians. A US official said that all were convicted or changed with non-violent crimes, with one already set to be released soon. Iran had generated the revenue through oil sales. South Korea froze the funds after Biden's Republican predecessor Donald Trump withdrew from a landmark nuclear accord and imposed unilateral US sanctions on buying oil from Iran. Iran's central bank governor said Iran would seek damages from South Korea. "We're making a complaint on behalf of Iran against South Korea for not giving access to these funds and the reduction in value of these funds in order to receive damages," Mohammadreza Farzin said on state television. The five Americans of Iranian descent -- all considered Iranian nationals by Tehran, which rejects dual nationality -- were released to house arrest when the deal was agreed last month. Besides Namazi, they include wildlife conservationist Morad Tahbaz, venture capitalist Emad Sharqi and two others who wished to remain anonymous. All were accused of spying or other crimes that they strongly reject. Tahbaz also holds UK nationality. Prime Minister Rishi Sunak said Britain was not involved in the deal but that he was "extremely pleased" he was free. A US official said that two more US citizens flew out of Tehran -- Namazi's mother and Sharqi's wife, who were not in prison but had ont been allowed to leave. According to Tehran, the freed Iranians include Reza Sarhangpour and Kambiz Attar Kashani, both accused of violating US sanctions against Tehran. A third prisoner, Kaveh Lotfolah Afrasiabi, was detained at his home near Boston in 2021 and charged with being an Iranian government agent, according to US officials. The two others, Mehrdad Moein Ansari and Amin Hasanzadeh, were said to have links to Iranian security forces. Nudge on nuclear? The swap was the first deal sealed by Biden with Iran's clerical rulers, who toppled the pro-Western shah in 1979 and are deeply hostile to the United States. Biden took office with hopes of restoring the 2015 nuclear agreement, under which Iran promised to constrain its contested nuclear work in return for sanctions relief. But months of talks failed to produce a breakthrough. Prospects to restore the deal sank further after protests broke out almost exactly a year ago in Iran following the death in custody of Mahsa Amini, who had been arrested for allegedly violating the country's Islamic dress code for women. Blinken said that the release of the prisoners "doesn't speak to anything else in the relationship," with the nuclear issue "a different track." Biden is not expected to meet in New York with Iran's president, Ebrahim Raisi, who arrived Monday. The post US, Iran release prisoners in $6 billion swap deal appeared first on Daily Tribune......»»
Phl phishing attacks highest in SE Asia, linked to 2% loss in GDP
At least two percent of the global Gross Domestic Product was lost due to increasing cases of online fraud, phishing, and scams, Senator Mark Villar said Monday. Villar, presiding over the hearing by the Senate Committee on Banks, Financial and Institutions and Currencies, lamented that the proliferation of online scams threatened not only the potential of online banking but also the stability of the banking system and the hard-earned money of the Filipino people. “While digitalization and the widespread use of digital finance opened opportunities for the banking sector, it is also apparent that opportunists also devise new methods to take advantage of this emerging financial market,” Villar said. While there’s an increasing number of Filipinos using online payment platforms, Villar noted that crimes related to digital financial transactions are also growing. “A significant number of Filipinos have been targeted by digital fraud attempts and a portion of them eventually fall victim to it,” he said. The Bangko Sentral ng Pilipinas said it has received more complaints regarding online banking transactions compared to those related to using Automated Teller Machines and credit cards, among others. In fact, the Anti-Money Laundering Council reported a rise in suspicious transactions in 2020 comprising acts of phishing, skimming, and transactions related to money mules. The Security Exchange Commission likewise noted a significant rise in complaints related to online fraud committed by online lending platforms. Villar said as these scammers take advantage of their victims, they also rattle their victims' trust in the country’s banking and financial institutions. “Trust, being the currency of the banking system, must be well-earned. Given the proliferation of online fraudsters, it is imperative that we strengthen our efforts to keep scammers at bay,” he added. Among the existing laws aimed at fighting online bank fraud include Republic Act 11765 or Financial Products and Services Consumer Protection Act; the RA 11934 or Subscriber Identity Module (SIM) Registration Act; and RA 10175 or Cybercrime Prevention Act of 2012. Villa said as criminal elements adapt to legislation to perpetuate fraud, hence, “there is a need to legislate new laws to keep them off track” such as the proposed Anti-Financial Account Scamming Act. “This measure will reinforce and earn back the public’s trust in our financial institutions,” he said. The number of phishing attacks in the Philippines during the first half of 2022 already surpassed the number of attacks at over 1.8 million detected compared to 1.34 million attacks during the entire year of 2021. Villar described the spiking cases of online scams as “extremely concerning.” This, as data from Kaspersky Security Network revealed that cases of financial phishing attempts in the Philippines from February to April 2022 were highest in Southeast Asia. Villar emphasized that the Anti-Financial Account Scamming Act or AFASA will evidently deal with cases of online fraud and will provide a regulatory framework that penalizes scammers as well as entails safeguard measures to protect Filipinos and their financial accounts. “Because of the lack of a regulatory framework that penalizes these scammers, there are and there will be more victims in the foreseeable future,” he added. AMLC executive director, Matthew David, said they required banks and payment operators to maintain the 'Know Your Customer document' for their system and store a system that could verify the identity of the clients, including the bank account owners. “They are required to do some verification in order to make sure the true identity of the customers,” David added. The public committee hearing was followed by an Executive Session due to the confidentiality and sensitivity of the issues and information that will be discussed. Villar said the executive session was conducted to ensure that law enforcement measures being undertaken to apprehend and prosecute scammers will not be disrupted. The post Phl phishing attacks highest in SE Asia, linked to 2% loss in GDP appeared first on Daily Tribune......»»
Nat’l ID good for trade deals
Filipinos who want to open bank accounts may use their PhilID and ePhilID, the Philippine Statistics Authority said on Saturday, amid questions on the benefits of registering with the Philippine Identification System or PhilSys of the government. The PSA said 38 million PhilIDs were delivered and 41.6 million were printed and downloaded. PSA Undersecretary Claire Dennis Mapa, National Statistician and Civil Registrar General maintained that PhilSys’ colocation efforts with the Land Bank of the Philippines were recently cited by the Bangko Sentral ng Pilipinas. Financial inclusion tool “As more registered persons receive their PhilID and ePhilID, we encourage them to use it in their transactions with financial institutions to gain access to financial services and products that can open opportunities for them,” Mapa said. “One of the aims of the PhilSys is financial inclusion among Filipinos. The PSA will continue its efforts to realize the aim,” Mapa added. The PSA, in partnership with BSP and the Philippine Postal Corporation, continues to expedite the printing and delivery of PhilIDs to registered persons nationwide. Replacements of PhilIDs affected by the Manila Central Post Office fire last May 2023 were recently turned over to PHLPost for delivery, he said. In addition, PSA personnel are also actively issuing ePhilIDs through plaza-type and house-to-house distribution. The post Nat’l ID good for trade deals appeared first on Daily Tribune......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business appeared first on Daily Tribune......»»
BSP urges free service fee for small fund transfers
The Bangko Sentral ng Pilipinas plans to issue a payments framework aimed at removing transaction fees for small fund transfers. BSP Governor Eli Remolona Jr. on Thursday said central bank officials have also been talking with e-wallet firms and other digital financial services providers to create the framework which will require financial firms to offer free fund transfers for small amounts. He said only three major banks are offering such service so far amid the lack of formal guidelines and directive from the BSP. Shame major banks “We’re trying to shame other major banks into following the same service. We’re formalizing it through a payments framework, and we’re in touch with GCash, Maya and other digital financial services providers,” Remolona said Thursday during the Global Policy Forum on Financial Inclusion organized by the Alliance for Financial Inclusion at the Philippine International Convention Center in Pasay City. With zero fees for small fund transfers, Remolona said more Filipinos would be encouraged to avail of banking services like deposit accounts, build wealth, and promote equitable financial service. “In general, we want to make sure the poor do not subsidize the rich. If you have a credit card and a big spender, you can get rewards. Guess who pays for the rewards? It’s the poor guys who only use small amounts in their transactions and get charged,” the BSP governor said. As more Filipinos own deposit accounts even with small funds, Remolona added banks and other lenders can strengthen their capital capacities. “We’ve found that when deposits are small, they become sticky and depositors don’t run away at the first sign of trouble. If you can lend to the poor, you have a more diversified portfolio and so it’s safer for banks,” the BSP governor said. Manila Manifesto During the Global Policy Forum on Financial Inclusion attended by over 700 foreign bankers and other stakeholders, Remolona announced the Manila Manifesto. This is a commitment by the Philippines to collaborate with other state-members of the Alliance for Financial Inclusion or AFI on developing global standards for making financial products and services safe, accessible and affordable for all. AFI reported 1.4 billion people worldwide still cannot access financial services due to a range of factors, such as financial illiteracy and lack of Internet connection and digital banking platforms. “In the 15 years since AFI was created, with substantive support from the BSP, our members have brought over 840 million people into the financial system via enlightened national policies and strategies on financial inclusion,” Dr. Alfred Hannig, AFI executive director, said. The post BSP urges free service fee for small fund transfers appeared first on Daily Tribune......»»
UBS’s Credit Suisse takeover, ‘deal of the century’?
Did banking giant UBS make "the deal of the century" when it bought one of the world's biggest banks for a pittance as it teetered on the edge of the abyss? Switzerland's largest bank was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under. At the time, investors gasped at the risks UBS was taking on with the purchase. But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts. That must mean that Credit Suisse's situation was "much better than described in March", Thomas Aeschi, a member of parliament with the populist rightwing Swiss People's Party (SVP), wrote on X, formerly Twitter. UBS seemed to prove him right when it unveiled its second-quarter results on August 31. The bank posted a towering net profit of $29.2 billion for the three-month period, thanks to an exceptional gain due to the gulf between the amount paid for Credit Suisse and its book value. 'Godsend' "UBS has pulled off the deal of the century," Switzerland's Socialist Party said, maintaining the "rescue" was more of a "godsend", allowing it to snatch up a bank at a dramatically reduced rate. "If we had chosen another path, (like) a temporary or partial nationalization," said Samuel Bendahan, a Socialist MP and economics professor at the University of Lausanne, the Swiss state "would have taken on the risk, but those $29 billion would have gone to the population". Instead, the takeover has created "a monopolistic situation", he told AFP, warning that while this might strengthen UBS, it puts Switzerland in an extremely risky position if the new mega-bank were to one day face a crisis. Politicians are not the only ones taking issue with the takeover. Gisele Vlietstra, founder of the Swiss Investor Protection Association, told public broadcaster RTS that UBS's towering quarterly profit confirms that the "intrinsic value" of Credit Suisse was "far higher" than the purchase price. She said she hoped that the lawsuits brought by her association and others on behalf of thousands of Credit Suisse shareholders will help determine "the correct value" that they should be compensated. 'Nickel and dime' "UBS paid a nickel and dime" and "got rid of its main competitor" in one fell swoop, Carlo Lombardini, a lawyer and banking law professor at Lausanne University, told AFP. The coming restructuring will clearly carry risks, "but having paid just three billion, it can't go wrong", he said, slamming the option chosen by the Swiss authorities. Like UBS, Credit Suisse was listed among 30 international banks deemed too big to fail because of their importance in the global banking architecture. But the collapse of three US regional lenders in March left the firm looking like the next weakest link in the chain. The Swiss government feared Credit Suisse would have quickly defaulted and triggered a global crisis, shredding Switzerland's reputation for sound banking. But its chosen option for dealing with the issue was certainly a boon to UBS, which will now swell to manage $5 trillion of invested assets. Confidence 'evaporated' UBS chief Sergio Ermotti acknowledged in a recent interview with the SonntagsZeitung weekly that the bank had been "worried" about its competitor since 2016, and had among other things looked into the possibilities of buying it, for fear a foreign lender might snap it up. He acknowledged that Credit Suisse may have survived for a time if the central bank had injected more cash, "but it would not have been enough, since confidence had evaporated". Since the takeover announcement in March, UBS has seen its share price soar 31 percent. But the bank still faces significant challenges, Vontobel analyst Andreas Venditti told AFP. The $29 billion "is a huge one-off gain, but this is just accounting", he said, stressing that "the losses and costs will come later". The analyst, who a few months ago wondered in a note whether UBS had secured "the deal of the decade or a decade of headaches", stressed that "it's going to be a huge task". He said it would only become clear "whether it was worth it" after most of the restructuring is done three years down the line. Parts of the business are continuing to "produce huge losses", he said, warning "many things can still go wrong". Swissquote analyst Ipek Ozkardeskaya agreed, recalling that "UBS was forced" into the merger. Now it is up to the bank to "transform an 'obligation' to its advantage". The post UBS’s Credit Suisse takeover, ‘deal of the century’? appeared first on Daily Tribune......»»
Mga alituntunin sa joint bank accounts, ipinaliwanag ng ‘CIA with BA’
IPINALIWANAG ni Sen. Pia Cayetano, kasama ang kapatid na si Sen. Alan Peter at TV host na si Boy Abunda, ang mga alituntunin sa mga joint bank account. Sa segment na “Payong Kapatid” sa episode nitong September 3, dumulog ang ginang na si Erlinda Gomez sa programa upang humingi ng tulong tungkol sa joint bank The post Mga alituntunin sa joint bank accounts, ipinaliwanag ng ‘CIA with BA’ appeared first on Bandera......»»
How to Avoid Having Your Digital Bank Account Closed
In light of recent posts regarding sudden digital bank account closures doing rounds on the popular social news aggregation site Reddit, having awareness on how to keep your account (and your money) safe has now suddenly become a hot discussion, with multiple people asking how to avoid being the next one to have their accounts […].....»»
BSP: More Filipinos now with basic deposit accounts
The Bangko Sentral ng Pilipinas on Friday said more Filipinos now have bank accounts as the country’s number of basic deposit accounts or BDAs surged by 170 percent to 21.9 million in the first quarter of this year, higher than the 8.1 million in the same period last year. Deposits under BDAs climbed to P27 billion in the first quarter, or 432 percent higher than the P5.1 billion in the same period a year ago. BDAs allow clients to open interest-earning savings accounts with required initial deposit of just P100 or less and have no minimum maintaining balance and dormancy fees. Opening these accounts also only requires basic identification documents. “Introduced by the BSP in 2018, the BDA aims to meet the needs of the unbanked and low-income sector for affordable and easy-to-open bank accounts,” a statement from the BSP said. Conversion of registered accounts The Bank said BDA growth was partly a result of the conversion of registered accounts under the Philippine Identification System or PhilSys into BDAs. This process created 7.5 million BDAs. “An initiative of the Philippine Statistics Authority and the Land Bank of the Philippines, the co-location strategy aims to onboard unbanked PhilSys registrants into the formal financial system after their biometrics capture at registration centers,” BSP explained. Another 4.3 million accounts from five banks that also started offering BDAs were added from January to March this year. Based on the first-quarter data by the BSP, there are already 158 traditional and digital banks offering BDAs. The BSP aims to expand the population of adult Filipinos with bank accounts from 51 percent last year to 70 percent this year. The post BSP: More Filipinos now with basic deposit accounts appeared first on Daily Tribune......»»
Senate bill filed to address increasing money mules, financial scams
Senator Win Gatchalian on Wednesday filed a measure seeking to penalize individuals engaged in money muling, social engineering schemes, and other fraudulent financial scams. Gatchalian said the Senate Bill 2407 or an “Anti-Financial Account Scamming Act” targets to align policies on the administration’s commitment to expand digital transactions, safeguarding the public from scammers and abusive online lenders. “We need to protect the integrity of the country’s financial system and ensure that financial accounts and their owners are protected and are not exploited or lured by cybercriminals or criminal syndicates into the commission of an unlawful or fraudulent activity,” the senator said, highlighting the importance of the significance of cashless transactions and digital payments during the Covid-19 pandemic. Gatchalian lamented the rapid growth and popularity of digital financial services also prompted the rise of financial-related cybercrimes. “Cybercriminals started taking advantage of technologies to transfer illicit or stolen funds across digital financial services, stealing vital information about account holders and taking over their accounts, or enticing account holders with gifts and incentives with the goal of covertly committing financial crimes,” he said. Gatchalian stressed the pressing need to enact a measure that imposes penalties on individuals “who are willingly become conduits for illicit transactions, those who engage in manipulative social engineering tactics and other deceitful schemes” that compromise financial accounts. He added that such encompasses actions such as account takeover, recruiting or enlisting others to commit these acts, and perpetration of these acts on a significant scale comparable to economic sabotage that jeopardizes the security of Filipinos’ financial accounts and the integrity of the country’s financial system. “For the past 3 years, the unsuspecting public lost millions of their hard-earned money to these cybercriminals,” Gatchalian said. As an example, Gatchalian cited the “Mark Nagoyo” scam event wherein more than 700 BDO Unibank customers’ accounts were hacked in late 2021. These unauthorized bank transfers targeted government teachers with Landbank accounts in January last year in which the victims lost between P26,000 to P121,000 from the incident and the massive phishing incident involving GCash users in May this year. “Operations of cybercriminals grew on a large scale, taking advantage of the unemployed, those who are looking for easy money, those who are unaware, and those who are willing to help others, and thriving in jurisdictions with very weak enforcements and penalties like the Philippines,” he noted. In fact, Kaspersky Security Network’s 2022 Report showed that the Philippines ranked 2nd among countries most attacked by web threats in 2022 and the most preferred attack method which includes social engineering schemes. The post Senate bill filed to address increasing money mules, financial scams appeared first on Daily Tribune......»»