Inspections are used to verify the correctness of the reporting process established by intermediaries subject to the reporting requirement and their compliance with the obligation to identify, record and report suspicious transactions and to submit the aggregate data prescribed by anti-money-laundering legislation. 4.
At this point, I will share a number of our initiatives at the Bangko Sentral. Over the years, we at the Bangko Sentral have been working on strengthening governance standards in banks. Among others, proposed directors of banks are subject to the confirmation requirements of the BSP.