Metrobank conducts extra scrutiny on high-profile client transactions

Metropolitan Bank and Trust Co. implements an additional layer of review for transactions involving customers who have been the subject of negative media coverage, the bank's Anti-Money Laundering Division head said.

Lawyer Niña Aguilar, who heads the division, explained that the bank conducts further examination of such transactions before submitting compliance reports to the Anti-Money Laundering Council (AMLC), the country's financial intelligence unit.

The review process reflects heightened due diligence standards applied to customers whose activities have drawn public scrutiny or critical reporting. Metrobank's approach aims to ensure thorough compliance with anti-money laundering regulations and reporting requirements.

The AMLC is responsible for investigating suspicious financial transactions and combating money laundering and terrorism financing in the Philippines. Banks are required to submit Suspicious Transaction Reports (STRs) to the council when they detect activities that may be connected to illegal activities.