THE Bangko Sentral ng Pilipinas (BSP) has reminded banks to ensure the soundness and adequacy of their risk management policies and practices in dealing with foreign exchange dealers (FXDs)/money changers (MCs) and remittance and transfer companies (RTCs).
In a memorandum dated December 12, Bangko Sentral Deputy Governor Chuchi Fonacier said BSP-supervised financial institutions (BSFIs) should only deal with FXDs/MCs and RTCs registered with the central bank and the Anti-Money Laundering Council (AMLC).
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