Wirecard Fraud Scam


In response to the Wirecard fraud, all relevant institutions in the Philippines have mobilized to investigate, announce relevant findings, and ensure that clear and credible information is made available to the public.

The BSP and the AMLC swiftly launched a multi-pronged investigation into the matter to determine if illicit funds entered the country.

Investigation by the BSP’s Financial Supervision Sector (FSS), which focuses on determining whether any banking regulations were breached, is well underway.
The Anti-Money Laundering Council (AMLC), the Philippines’ financial intelligence unit that is chaired by the BSP Governor, conducted a financial investigation into the matter to determine any violations of the Anti-Money Laundering Act of 2001 (AMLA), as amended.

As has been previously stated, current available evidence shows that the money did not enter the Philippine banking system. We have systems in place that send us red flags in case of huge/suspicious transactions.

Strong financial oversight has always been one of the hallmarks of the Philippines’ economic success.

Over the years, the BSP has instituted reforms that have promoted good corporate governance and effective risk management systems.

These include strict regulations on the disqualification and watch-listing of erring bank officers. These regulations prevent individuals found as unfit from becoming officers in all BSP-supervised entities.


These measures will be used with their full force against any individual found culpable of wrongdoing.

The AMLC has also issued regulations in relation to the identification of the beneficial owner of accounts, as well as guidelines for designated non-financial businesses and professions, which cover the so-called gatekeepers, such as lawyers and accountants, requiring them to comply with their obligations under the AMLA, as amended, on know-your-customer requirements, recordkeeping, and transaction-reporting.

We continue to emphasize the importance of well-established risk culture in supervised entities.

It is because of a sound regulatory environment and proactive industry response that the Philippine banking system has remained strong and stable, playing a significant role in fueling economic growth over the years.

The BSP and the AMLC are working closely with the National Bureau of Investigation on the matter and is open to coordination with concerned international authorities to hold unscrupulous individuals accountable.

Committed to full transparency on the matter, the BSP and the AMLC will be sharing updates on the issue as investigations progress.