‘Hindi base sa tsismis’: Bank exec says suspicious transactions reports undergo review

MANILA — The head of a major bank’s anti-money laundering unit said Wednesday suspicious transaction reports (STRs) undergo careful review before they are submitted to the government, agreeing with a senator-judge that such reports are not based solely on news articles or mere gossip.

Lawyer Niña Feren Aguilar, head of Metrobank’s anti-money laundering division, explained how suspicious transaction reports are handled while being questioned by senator-judges during Vice President Sara Duterte’s impeachment trial.

“For suspicious transaction reporting based on negative media [reports], we generally file a suspicious transaction report if we have identified our customer to be the subject of the negative media [report] and conduct further review on the transactions,” Aguilar explained.

She was responding to Sen. Risa Hontiveros, who asked whether banks consider other factors in filing an STR when an account holder is the subject of a negative news report.

“If it is warranted, we would file additional suspicious transaction reports after the review of the transactions,” Aguilar added.

At Metrobank, STRs must go through Aguilar’s division and receive her approval before they are filed with the Anti-Money Laundering Council, the government agency tasked with monitoring money laundering, the official explained.

Asked by Sen. Francis Pangilinan, Aguilar also confirmed that news reports alone do not serve as the basis for filing an STR, saying banks also follow guidelines that set out grounds for such reports.

“In other words, negative media is one consideration in filing suspicious transaction reports, of course, and you go through the guidelines?” Pangilinan asked, to which Aguilar answered in the affirmative.

“Maingat ang bangko bago ito mag-file ng suspicious transaction report. Binubusisi ninyo ito nang husto? Hindi base sa tsismis?” he asked again.

“Yes, Your Honor,” Aguilar responded.

Sen. Alan Peter Cayetano earlier compared the use of news reports as a basis for STRs without further investigation to spreading gossip.

AMLC Executive Director Ronel Buenaventura earlier presented STRs involving the accounts of Duterte and her husband, lawyer Manases Carpio, before the impeachment court. The reports were filed based on news articles mentioning the Department of Public Works and Highways flood control controversy and shabu importation.

But Buenaventura also clarified that STRs alone do not establish that the transactions involved illegal activity.

The impeachment court is currently examining the bank accounts of Duterte and her husband in relation to allegations that the country’s second-highest official amassed unexplained wealth, failed to fully disclose her assets and failed to divest her business interests while serving as vice president.