Philippines Tightens Know-Your-Employee Rules for Banks
15 Apr 2021

The Philippine central bank has approved rules that will strengthen banks’ know-your-employee procedures as financial frauds surge during the pandemic.

Banks and financial institutions must adopt a risk-focused screening which considers sensitivities of positions that may require stringent procedures, the Bangko Sentral ng Pilipinas said in a statement. There must be adequate understanding of a candidate’s background and character, conflict of interest and “propensity to commit fraud or irregularity,” it said, adding central bank records should be used in the screening process.

The Philippines in November said it had seen a surge in financial scams as digital platforms became widely used during the coronavirus pandemic.

By Ditas B Lopez, Bloomberg, 14 April 2021

Read more at Bloomberg

Photo (cropped and edited): patrickroque01 [CC BY-SA 4.0] via Wikimedia Commons

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