Philippines
March 29, 2016
The half day hearing of the Senate on RCBC money laundering gave us lot of education on laws, management and internal controls, casino, the minds of criminals, scam, how to iwas pusoy (put blame on others) and insight on how the senior officer of the country think.
1. Sen. Serg Osmena's questioning of RCBC prexy.
The RCBC prexy said it is a correct balance of speed of transaction/ and control that must be managed in a bank to serve the millions of transaction that take place every second. The good senator that despite the size of the transaction, the RCBC prexy seemed not to have known that something was happening that he should taken action on. Mr. Tan, passed on the responsibility to sub alterns and the system which failed.
Comment:
Iwas pusoy ang sagot. He can not escape that responsibility. Perhaps the IT computer system, or the reporting system in their bank has gaps to comply with the AMLA law. I would like to think that the failure on the part of the bank to implement the stop order or comply with request of CB of Bangladesh to verify the beneficiary of the transfers make RCBC liable civilly for the $81 million dollars return to Bangladesh.
2. Revelation of Kam Sin Wong, a junket operator other wise known as Kim Wong
