AMLC Increases Anti-Money Laundering Measures with LBC Express Partnership
LBC, being one of the country’s market leaders in international and domestic remittance transactions operates across a network of 6,400 branches, partners, and agents worldwide. Despite its breadth, the company is known for its stringent monitoring and tracking, in compliance with the guidelines of the Anti-Money Laundering Act (AMLA), but welcomes the opportunity to improve processes in the interest of protecting the country. “Dubbed the Information Sharing Protocol, this groundbreaking public-private partnership (PPP) highlights a renewed focus on information exchange and capacity building programs between stakeholders, to ensure that the country will not be used as a money laundering haven. Our efforts will ultimately be a step towards protecting the country from terrorism and other unlawful activity, while simultaneously ensuring the safety and integrity of our kababayans padala,” explains Irene I. Torres, LBC Express, Inc. Vice-President for Compliance. Veering away from the more traditional and rigid rule-based approach to compliance, AMLC—for their part--commits to generate a culture of trust, partnership and cooperation with LBC.