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<strong>After being added on the Financial Action Task Force grey list, Philippine&rsquo;s central bank &ndash; Bangko Sentral ng Pilipinas (BSP) has nudged its banks to take all necessary measures to combat terror financing. The country, which was removed from the terror financing watchdog&rsquo;s blacklist in 2005, has now been put on the grey list last year.</strong></p>
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A report by <a href="https://www.bworldonline.com/bsp-tells-banks-to-tighten-guard-vs-terrorism-financing/">Business World</a> said that the banks have been asked to &ldquo;implement targeted financial sanctions (TFS) like asset freezing&rdquo; to address the issue along with proliferation of weapons of mass destruction.</p>
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According to the report, Deputy Governor of the central bank Chuchi G. Fonacier through Memorandum No. M-2022-007 told its supervised financial institutions to implement TFS-related policies that are consistent and proportionate to their risk profile.</p>
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<strong>Also read: <a href="https://www.indianarrative.com/world-news/terror-outfits-benefited-during-covid-pandemic-as-people-spent-more-time-online-121477.html">Terror outfits benefited during Covid 19 pandemic as people spent more time online</a></strong></p>
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&ldquo;The methodology should be tailored fit according to the risk and context of the BSP-supervised financial institutions. The simpler the products, services and operations of the institution, the simpler the approach that can be used,&rdquo; the central bank said.</p>
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It has also asked banks to regularly conduct screening of their customers &ldquo;whenever there are changes to the sanctions list and designated persons.&rdquo; Besides, the lenders have also been mandated to rigorously verify the names of the account holders and their country of residence.</p>
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Meanwhile, FATF also said that since 2020, both ISIL and Al Qaeda have increasingly turned to new payment technologies to raise, move and deploy funds. &ldquo;As a result, the use of virtual assets by terrorists remains a risk. In addition, the risk emanating from expansion of affiliates of ISIL and Al Qaeda has been increasing over the past years,&rdquo; the terror financing watchdog said.</p>
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