LogicaCMG and NetEconomy have been selected as the preferred suppliers to develop and implement a national anti-money laundering system for use by commercial banks across the Philippines.
The shared system is part of an initiative launched by the Bankers Association of the Philippines (BAP) - which comprises all commercial banks in the country - and the Association of Bank Compliance Officers of the Philippines(ABCOMP) to improve the country's AML activities.
Based on NetEconomy's Erase Compliance Manager software, the platform will provide participating financial institutions with money laundering detection, investigation, case tracking and automated reporting tools. Hardware and outsourcing services will be provided by LogicaCMG.
Leonilo Coronel, executive director of BAP, comments: "We are determined to make our banking system as protected as possible against criminal activity. This will also assure some eight million Filipino Overseas Contract Workers (OCWs) that their remittance, approximately USD$8 billion annually, are handled in the most secure manner."
John Evans, financial crime solutions director, LogicaCMG adds: "Money laundering has become a major concern to the international banking community with some estimates suggesting $1500 billion a year passes illegally through the global system.
"The Phillipines new national AML system will help combat this problem as it enables each bank that joins to electronically monitor and investigate suspicious behaviour related to money laundering in a timely and cost-effective manner."