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Philippine central bank orders tighter controls for remittance firms, money changers

( August 10, 2017, 04:41 GMT | Official Statement) -- MLex Summary: The Philippine central bank has ordered all non-bank remittance firms, money changers and foreign exchange dealers to tighten record keeping and internal controls. Under the new guidelines, all transaction records must be up-to-date, stored for at least five years, backed-up regularly and made available to regulators upon request. Internal controls, at a minimum, should ensure that cash handling, record keeping and other duties should be segregated among employees to prevent opportunities for fraud; that no individual has complete authority and responsibility for all phases of any transaction; and that all transactions should be made only in the company's registered branches.The regulator's full statement is attached....

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