Philippines Wealth Management Forum 2019 - Exclusive Insights - Maria Paz A. Garcia

Maria Paz A. Garcia

Chief Risk & Compliance Officer, Risk Management & Compliance

BPI Asset Management & Trust

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  • 1. How has AML changed the Onboarding Process in the Philippines?

    The AML onboarding process has been very difficult because of our compliance with the FATF rules (the Financial Action Task Force rules). Because of a lot of requirements, many institutions are failing on that front. But, as I've said, there are also efforts on the part of the industry, talking to the regulators, to be able to reduce all the onboarding requirements that are being asked of our client.