The Bangko Sentral ng Pilipinas (BSP) said its latest assessment showed that the banking sector has a “medium” risk exposure to money laundering, terrorist financing, and proliferation financing (ML/TF/PF).
In a statement on Saturday, the central bank said while the sector has medium risk exposure, pawning operations have “low risk.” Financial inclusion products also have “low risk” except for e-money and remittance services of pawnshops that were assessed as “medium risk.”
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