Revision of AMLA, bank secrecy law sought

The Bangko Sentral has a new governor in the person of Nestor Espenilla, Jr.

During Monday’s turn over ceremony, Espenilla said he wants to strengthen the Anti-Money Laundering Act to prevent funding for terrorism.

As the new leader of the macroeconomic regulator in the country, he also wants to prioritize amendments to the Bank Secrecy Law.

This law is commonly used by some personalities during congressional inquiry especially to avoid interrogations regarding questionable wealth.

Under the law, financial institutions are prohibited from disclosing information about bank deposits of any person.
“Perhaps the original deposit secrecy laws is now too much already relative to the requirements of the economy so that has to be reviewed,” new BSP Governor Nestor Espenilla Jr. said.
BSP also wants to review policies to strengthen securities of banks against incidents of hacking.
“That is why we created regulatory framework to manage social media risks, and cyber-security issues, so we’re looking at it with a very clear perspective of the opportunities as well as the threat so that we will get most out of it,” Espenilla added.
Espenilla replaced Amado Tetangco Junior who served the institution under the two previous administrations.
Espenilla served for almost 3 decades in the BSP.
He also served as a former Deputy Governor before being appointed as the new BSP chief and chairman of the monetary board.