However there may be evidence

However there may be evidence that numerous bad factors are impacting on remittances,” he stated.

Biswas stated the derisking of relationships with the aid of correspondent banks with remittance corporations as part of threat control techniques is making it extra tough for Filipino employees overseas to remit budget home.

“This derisking manner has been underway properly before the RCBC case, so isn’t specially driven by that event, but displays a much wider worldwide trend among banks globally to tighten up their relationships with different monetary companies due to fears about potential cash laundering vulnerabilities,” he said.

RCBC is the Rizal Commercial Banking Corporation, which figure in the cash laundering scandal that involved $eighty one million of stolen finances from the Bagladesh Bank’s account with the Federal Reserve Bank of New York. RCBC changed into slapped a P1 billion pleasant via the BSP for ignoring anti-money laundering protocols, the largest regulatory high-quality inside the history of the Philippine banking industry.