Thus, he facilitated the commission of money laundering,” the AMLC said. Pineda failed to comply with RCBC’s “know-your-customer” policies and conduct enhanced due diligence on the accounts, the AMLC said. Agarrado allowed fictitious accounts to be maintained at the RCBC Jupiter Business Center, disregarding bank policies and procedures, it said. “We welcome the charges as an opportunity to conclusively prove that our executives acted properly and had no knowledge or participation in any money laundering. Days after, RCBC paid the first tranche of the P1-billion fine that was supposed to be paid in two tranches.

Source: Manila Times November 22, 2016 16:35 UTC