Ten Banks in the Philippines are undergoing probes for allegations that they received illegal money that passed through Ayala-led banks of the Philippine Islands (BPI), through its partnership with Westpac Corporation’s remittance arm. BPI has withdrawn its use of LitePay facility on the ground that Westpac violated Australia’s money-laundering law 23 million times.
In an interview with the Deputy Governor of BSP, Chuchi Fonacier, she stated that the fund reportedly entered the Philippine economy through the local banks and the amount involved has been shared but she did not disclose it. She added that the organization are still busy with investigations, and the Anti-Money Laundering Council (AMLC) was not informed because the money entered in a small amount.
Fonacier said that they will be contacted with the Australian Monetary officials, and the investigations will be completed by January as December is almost over.
