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Philippines RCBC fine-tunes internal controls in wake of money-laundering scandal

( April 4, 2016, 03:04 GMT | Insight) -- Rizal Commercial Banking Corporation has begun fine-tuning its system of internal controls to prevent a repeat of the $81-million money-laundering scandal at one of its branches, Manila Bulletin reports.  Rizal Commercial Banking Corporation has begun fine-tuning its system of internal controls to prevent a repeat of the $81-million money-laundering scandal at one of its branches, Manila Bulletin reports. RCBC President Lorenzo Tan, currently on leave pending the conclusion of an internal investigation, assured Congress that the bank has made changes to its system to prevent the same from happening again. Tan also said he has proposed that the Bankers Association of the Philippines immediately create an anti-financial crime committee, which would be in charge of looking into financial-crime compliance, anti-money laundering, counter-terrorist financing and sanctions screening....

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