Foreign banks’ fears brought

Foreign banks’ fears brought on through anti-money laundering, terrorism issues
THE derisking approach of foreign banks is using the cost of sending cash to the Philippine higher, inflicting a decline in remittances by foreign places Filipinos, a central financial institution legit advised The Manila Times over the weekend.

“We are seeing the continuing narrative of derisking, frightening the otherwise ordinary drift of remittances,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said.

The approach is especially pushed with the aid of the commercial enterprise decisions of overseas correspondent banks in weighing the dangers and advantages of handling remittance groups, and in the method remaining the debts of numerous money transfer operators (MTOs), to limit their publicity to feasible cash laundering channels and other financial crimes.