“MONEY laundering is defined as a crime whereby the proceeds of an unlawful activity are transacted thereby making them appear to have originated from legitimate sources.”
The covered persons are banks, insurance companies, lawyers, accountants, jewelers and casinos among others. This makes costumer information, transaction reporting and record keeping crucial.
The workshop was held last April 26 at the Health100 Ecolodge.
The resource speaker was lawyer Froilan Cabarios, bank officer IV of the Compliance and Supervision Group, Detection and Prevention Department Officers and personnel of rural banks from the CAR, Pangasinan and La Union, and from the cooperatives and real estate sector as well as certified public accountants were in attendance.
Heading the Federation of the Baguio, Benguet, Mountain Province Rural and Cooperative Banks was Menandro Occidental.