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BSP watches over PEPs EDITORIAL 02/28/2012

Tuesday, February 28, 2012

BSP watches over PEPs

EDITORIAL
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02/28/2012
The hearing yesterday of the Senate committee on banks, financial institutions and currencies seeking to establish the source of the possible leaked Philippine Savings Bank (PSBank) documents of Chief Justice Renato Corona revealed the disturbing fact that the Bangko Sentral ng Pilipinas (BSP) is in the habit of peeking into bank accounts of certain citizens even without court orders.

For PSBank alone, it was established that 112 bank accounts were looked into by the BSP, not the Anti-Money Laundering Council (AMLC) that the law authorizes to probe into suspicious bank accounts, but a so-called BSP anti-money laundering specialist that appears to have been done to skirt the Anti-Money Laundering Law (AMLA) that required the AMLC to secure a court order or the authorization from the account holder before a bank account can be opened.

The BSP undertakes the surreptitious examinations of accounts in the guise of an audit and majority of the targets are so-called politically exposed personalities (PEP) who are generally government officials and politicians or institutions that have a certain association with a PEP..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20120228com1.html

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