{"id":148158,"date":"2018-01-22T22:49:19","date_gmt":"2018-01-23T03:49:19","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=148158"},"modified":"2018-01-22T22:49:19","modified_gmt":"2018-01-23T03:49:19","slug":"bsp-reminds-banks-on-measures-vs-clients-engaged-in-gaming-biz","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/01\/22\/bsp-reminds-banks-on-measures-vs-clients-engaged-in-gaming-biz\/","title":{"rendered":"BSP reminds banks on measures vs. clients engaged in gaming biz"},"content":{"rendered":"<figure id=\"attachment_135062\" aria-describedby=\"caption-attachment-135062\" style=\"width: 960px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/11\/BSP.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-135062\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/11\/BSP.jpg\" alt=\"FILE:  BSP Deputy Governor Chuchi Fonacier, in Memorandum No. M-\u200e2018-002, said banks now have greater exposures to gaming-related clients, thus, the need to \u201censure the soundness of their risk management policies and practices to manage risk exposures arising from the transactions of these customers.\u201d (Photo: Bangko Sentral ng Pilipinas\/Facebook)\" width=\"960\" height=\"638\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/11\/BSP.jpg 960w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/11\/BSP-300x199.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/11\/BSP-768x510.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><figcaption id=\"caption-attachment-135062\" class=\"wp-caption-text\">FILE:<br \/>BSP Deputy Governor Chuchi Fonacier, in Memorandum No. M-\u200e2018-002, said banks now have greater exposures to gaming-related clients, thus, the need to \u201censure the soundness of their risk management policies and practices to manage risk exposures arising from the transactions of these customers.\u201d (Photo: Bangko Sentral ng Pilipinas\/Facebook)<\/figcaption><\/figure>\n<p>MANILA \u2014 The Bangko Sentral ng Pilipinas (BSP) has called on banks to follow stricter measures on the rising number of clients engaged in gambling and or online gaming business.<\/p>\n<p>BSP Deputy Governor Chuchi Fonacier, in Memorandum No. M-\u200e2018-002, said banks now have greater exposures to gaming-related clients, thus, the need to \u201censure the soundness of their risk management policies and practices to manage risk exposures arising from the transactions of these customers.\u201d<\/p>\n<p>First of these rules is for the banks\u2019 Board of Directors (BOD) to set the financial institutions\u2019 risk appetite and to require an adequate reporting mechanism to update the Board on risk exposure for it to \u201cmake informed decisions and issue appropriate directives.\u201d<\/p>\n<p>Banks need to also conduct necessary due diligence on the customers \u201cto ensure that they will not be used as channel for money laundering (ML)\/terrorist financing (TF) activities.\u201d<\/p>\n<p>These measures include really understanding their customers\u2019 business model to foresee any suspicious activities, transacting only to authorized or licensed gaming business, and verifying the identity of the businesses\u2019 owners.<\/p>\n<p>Banks are also required to have customer risk assessment that focuses on their client\u2019s business operations and products, types of customers, the business distribution channel and jurisdictions where the gaming business operates.<\/p>\n<p>Continued account and transaction monitoring are also required from the banks, the Memorandum said, as it pointed out that banks are expected to have their Money Laundering and Terrorist Financing Prevention Program. (PNA)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA \u2014 The Bangko Sentral ng Pilipinas (BSP) has called on banks to follow stricter measures on the rising number &hellip;<\/p>\n","protected":false},"author":33,"featured_media":135062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[20472,44365,44363,44364,6932],"class_list":["post-148158","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bangko-sentral-ng-pilipinas-bsp","tag-bsp-deputy-governor-chuchi-fonacier","tag-clients","tag-gaming-biz","tag-measures","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/148158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=148158"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/148158\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/135062"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=148158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=148158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=148158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}