Banks are warned against what the central bank referred to as organized crime groups’ (OCG) modus operandi using auto loan products to sell carnapped vehicles to unsuspecting buyers or bank borrowers.

In a memo released over the weekend, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said all BSP supervised financial institutions (BSFIs) are “cautioned to strictly observe and strengthen” the implementation of Anti-Money Laundering (AML) Regulations “particularly on customer identification and verification procedures, ongoing monitoring of customers and their transactions,vsuspicious transaction reporting, and continuing AML training program, including controls relating to partner/accredited car dealers.”

BSP Deputy Governor Chuchi G. Fonacier

BSP Memorandum No. M-2021-047 advised BSFIs of the public warnings issued by the Philippine National Police-Highway Patrol Group (PNP-HPG) on the modus operandi…

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