Philippine Banking Association Selects Logica CMG And NetEconomy To Provide Financial Fraud Software

The Association of Bank Compliance Officers of the Philippines has selected LogicaCMG and NetEconomy as the to supply the first national anti money laundering (AML) system in the Philippines, in an effort to comply with Financial Actions Task Force's anti

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The Association of Bank Compliance Officers of the Philippines has selected LogicaCMG and NetEconomy as the to supply the first national anti-money laundering (AML) system in the Philippines, in an effort to comply with Financial Actions Task Force’s anti-money laundering guidelines.

“The fight against international money laundering not only provides customers within our country with a safer banking environment, but it is also a key structure in the fight against terrorism,” said Leonilo Coronel, executive director of the banker’s association. “We are determined to make our banking system as protected as possible against criminal activity.”

BAP comprises all commercial banks in the Philippines. “Money laundering has become a major concern to the international banking community with some estimates suggesting $1,500bn a year passes illegally through the global system,” said John Evans, financial crime solutions director at LogicaCMG.

Evans predicts that Philippines’ AML system will help combat these crimes by enabling each bank that joins to electronically monitor and investigate suspicious behavior related to money laundering in a timely and cost-effective manner.

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