quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

SEC Cautions Citizens Regarding Digital Investment Scams in the Philippines

n-img-sec

The Securities and Exchange Commission (SEC)  has warned the public to pay caution while making digital assets and cryptocurrencies investments, highlighting the presence of investment fraud schemes circulating in the Philippines.

At a webinar organized by the Philippine Stock Exchange on Sunday, Vicente Graciano P. Felizmenio, Jr., director of the Markets and Securities Regulation Department at the Securities and Exchange Commission (SEC) said that the regulator “is not against DLT (distributed ledger technology), it’s not against blockchain, and definitely, we even encourage the use of it in the market, and we favor innovation.”

However, Vicente Graciano P. Felizmenio precautioned that cybercriminals are exploiting cryptocurrency and are coming up with fraudulent schemes to scam individuals, mentioning SEC guidelines against scams by illegal businesses that tricked investors to invest money in cryptocurrencies and virtual assets. The individuals that were flagged by the financial watchdog via its advisories defraud investors by claiming they invest in digital currencies. However, under the Bangko Sentral ng Pilipinas (BSP) Circular No. 1108 and guidelines for the Virtual Asset Service Providers, the entities that are indulged in cryptocurrencies operations are required to get a license from the BSP.

BSP Technology Risk and Innovation Supervision Department Director Melchor T. Plabasan said central banks are “veering away from calling these cryptocurrencies currency or money. There’s really a technical and legal definition for currency or money,” Mr. Plabasan said. “It should be backed by the  central bank or by a monetary authority; it should be stable.”

Mr. Plabasan said according to current regulations on virtual asset service providers, “We really conduct thorough evaluation, on-site and off-site supervision; we do… technical review before these products and services are offered to the public and when you secure your license as a virtual asset service provider, then you are now required to comply with the BSP’s regulations,” which include rules on Anti-Money Laundering (AML), consumer protection, and cybersecurity.

Thus, to prevent suspicious activities in the country, BSP keeps a record of all licensed VAPs to ensure that investors can call for regulatory support in case of getting scammed.

“If you want to experience how it is to trade in retail for crypto, train in bonds.ph,” Union Bank of the Philippines Senior Executive Vice-President and Chief Technology and Operations Officer Henry Rhoel R. Aguda said.

He said bonds.ph is “a normal retail bond,” with bond investment for as little as P5,000. He said the platform uses blockchain.

“The bonds are not yet tokenized, (but) the mechanism and technology to buy and sell Philippine retail bonds is already in blockchain,” Mr. Aguda said. “That’s gone through regulatory approval, that’s in the partnership with the Bureau of the Treasury, and who knows in the future, that same experience of buying and selling retail bonds can be applied safely and securely on cryptocurrencies.” 

Suggested read: IRS Highlights Potential Risk of Fraud in NFTs and Cryptocurrencies

Related Posts

News

Philippines’ Anti-Money Laundering Counsel Increases AML Measures for Casino Junkets

The Philippines’ Anti-Money Laundering Counsel (AMLC) has stated that it is currently impro...

Philippines’ Anti-Money Laundering Counsel Increases AML Measures for Casino Junkets Explore More

News

Online Gambling Operator Penalized Over Failure to Meet Anti-Money Laundering Regulations

Boylesports, an online gambling operation is facing £ 2.8 million in fines for violating the regu...

Online Gambling Operator Penalized Over Failure to Meet Anti-Money Laundering Regulations Explore More

News

EU to add Panama, Bahamas, and others to money-laundering blacklist

The European Commission has included Mauritius, Panama, and ten other states to its list of count...

EU to add Panama, Bahamas, and others to money-laundering blacklist Explore More

News

“Cybercriminals are Tampering with QR Codes to Redirect Victims”, FBI Warns

The Federal Bureau of Investigation (FBI) has issued a warning regarding Malicious QR codes that ...

“Cybercriminals are Tampering with QR Codes to Redirect Victims”, FBI Warns Explore More

News

UK Government Aims to Recover £1 Billion Lost Funds Over the Next Decade

The UK Government has put technology as the front and centre force to fight crimes and reinforce ...

UK Government Aims to Recover £1 Billion Lost Funds Over the Next Decade Explore More

News

UK Convicts 11 Couriers for Conspiring to Launder $124 Million in Cash to Dubai

An investigation conducted by the UK’s National Crime Agency led to the conviction of 11 co...

UK Convicts 11 Couriers for Conspiring to Launder $124 Million in Cash to Dubai Explore More

News

Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure

The gambling operator, Resorts World Sentosa (RWS), was fined by Singapore’s Gambling Regulatory ...

Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure Explore More

News

Internet fraud complaints went up by 30% last year

As per Economic Affairs Minister Nathalie Muylle, Belgium’s Economic Inspection Unit received 29%...

Internet fraud complaints went up by 30% last year Explore More

News

Dubai Court Sentences Gang of 18 for Charges of Money Laundering

The Dubai Criminal Court has convicted a gang of 18 individuals belonging to different countries ...

Dubai Court Sentences Gang of 18 for Charges of Money Laundering Explore More

News

FinCEN Proposes the Designation of Eligible Customers as Exempt Person

As a part of the Paperwork Reduction Act of 1995, the Financial Crime Enforcement Network (FinCEN...

FinCEN Proposes the Designation of Eligible Customers as Exempt Person Explore More

News

AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance

AUSTRAC has called for the audit of three entities under the Bell Financial Group, including Bell...

AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance Explore More

News

Central Bank of Nigeria (CBN) Raises Concerns Over KYC and AML Protocols

The Central Bank of Nigeria (CBN) has intensified pressure on financial institutions (FIs) to imp...

Central Bank of Nigeria (CBN) Raises Concerns Over KYC and AML Protocols Explore More

News

The Chinese central bank confirms digital Yuan mobile app trials

According to a statement, the People’s Bank of China (PBoC) conducts internal tests for the natio...

The Chinese central bank confirms digital Yuan mobile app trials Explore More

News

Fake NFT Sold for £244k from Artist “Banksy’s” Website

A fake link directed bidders to an online auction for Banksy’s NFT, which was posted on the now-d...

Fake NFT Sold for £244k from Artist “Banksy’s” Website Explore More

News

Hong Kong Police Arrests 19 Criminals and Halts a US $40.5M Money-Laundering Operation

Hong Kong Police arrested 19 syndicate members pertaining to money laundering operations, involve...

Hong Kong Police Arrests 19 Criminals and Halts a US $40.5M Money-Laundering Operation Explore More

News

BSA-AML Compliance Group Disclose Names of Annual Gaming Conference Speakers

The BSA-AML Compliance group has revealed the names of the speakers attending the annual gaming c...

BSA-AML Compliance Group Disclose Names of Annual Gaming Conference Speakers Explore More

News

CBN Issues AML/CFT/CPF Guidelines for Licencing Banks and other Financial Institutions

The Central Bank of Nigeria (CBN) has issued guidelines to assist promoters of banks and other fi...

CBN Issues AML/CFT/CPF Guidelines for Licencing Banks and other Financial Institutions Explore More

News

South Africa Anticipates Removal from FATF Gray List in 2025

The South African government is anticipating that they will address all the FATF international st...

South Africa Anticipates Removal from FATF Gray List in 2025 Explore More

News

SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals

COVID-19 pandemic has paved the way for cybercriminals to target South Africa’s healthcare organi...

SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals Explore More

News

U.S States Open up to the Idea of Digital IDs in Post Pandemic World

The ID cards that were used by millions of people as proof of their identity may soon become a th...

U.S States Open up to the Idea of Digital IDs in Post Pandemic World Explore More

News

Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts

The government in Thailand plans to eliminate anonymity in the new crypto account creation by enf...

Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts Explore More

News

SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine

Australian gaming company, SkyCity Entertainment, has provisioned $29m in anticipation of a civil...

SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine Explore More

News

US Targets More Russian Yachts Linked to Putin as Part of Extended Sanctions

The Treasury Department has expanded its Russian sanctions to target Moscow’s access to yachts as...

US Targets More Russian Yachts Linked to Putin as Part of Extended Sanctions Explore More

News

UK Government to Introduce Age Verification Laws For Adult Websites

To restrict minors’ access to adult-oriented content, the UK government is working on impos...

UK Government to Introduce Age Verification Laws For Adult Websites Explore More

News

UK Launches New Crypto Asset Promotion Rules

The UK’s latest obligations on the promotions of the crypto service providers came into force thi...

UK Launches New Crypto Asset Promotion Rules Explore More

News

UK Government Issues New Guidance On Data Collection Related To Self Custody Crypto Wallets

The government of the United Kingdom is issuing new rules on the collection of data for the crypt...

UK Government Issues New Guidance On Data Collection Related To Self Custody Crypto Wallets Explore More

News

UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure

Buzz Bingo has been fined £780,000 by the UK Gambling Commission (UKGC) for social responsibility...

UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure Explore More

News

Revised Financial Regulations in South Korea Now Covers Crypto Investors

The financial regulators in South Korea announced that domestic crypto investors would be covered...

Revised Financial Regulations in South Korea Now Covers Crypto Investors Explore More

News

DC lawyers can now accept crypto for legal fees

According to a report by Bloomberg Law, cryptocurrency can now be used to pay for legal services ...

DC lawyers can now accept crypto for legal fees Explore More

News

UAE Charges Six Companies with Dh3.2 Million for AML/CTF Violations

The UAE has fined six companies Dh3.2 million for failing to comply with Anti-Money Laundering an...

UAE Charges Six Companies with Dh3.2 Million for AML/CTF Violations Explore More

News

Fraudsters Target UK’s £400 Energy Bill Support Scheme through Scam Texts

Fraudsters are taking advantage of the support program initiated for people to lessen the burden ...

Fraudsters Target UK’s £400 Energy Bill Support Scheme through Scam Texts Explore More

News

UK Finance Sector and Police Stopped £32m Fraud in First Half of 2021

The ‘Banking Protocol’ introduced in 2016 has now helped prevent financial fraud worth £174...

UK Finance Sector and Police Stopped £32m Fraud in First Half of 2021 Explore More

News

Ireland embraces the EU’s Anti-Money Laundering (AML) directive

EU’s anti-money laundering directive has been actively embraced by countries all across the globe...

Ireland embraces the EU’s Anti-Money Laundering (AML) directive Explore More

News

Cyprus Makes Strides in Restoring its Reputation by Dealing with AML Concerns

According to the US Ambassador to Cyprus Judith Garber, Cyprus has shown progress in dealing with...

Cyprus Makes Strides in Restoring its Reputation by Dealing with AML Concerns Explore More

News

Vietnam’s Ministry Concerned About the Risks Attached to Crypto Trading

The Finance Ministry in Vietnam has declared that cryptocurrencies have no legal framework in the...

Vietnam’s Ministry Concerned About the Risks Attached to Crypto Trading Explore More

News

ABA House of Delegates Amends the AML Model Rule to Curb Financial Crimes

The House of Delegates amended the ABA Model Rule of Professional Conduct 1.16, which covers decl...

ABA House of Delegates Amends the AML Model Rule to Curb Financial Crimes Explore More

News

COJ Organizes Anti-Money Laundering Unit to Meet FATF Standards

The Companies Office of Jamaica (COJ) has established an AML and CFT unit to comply with FATF req...

COJ Organizes Anti-Money Laundering Unit to Meet FATF Standards Explore More

News

Malta Should Remain Vigilant Against Money Laundering, Says FATF President

FATF President Marcus Pleyer says that Malta must prioritise its fight against  illicit financial...

Malta Should Remain Vigilant Against Money Laundering, Says FATF President Explore More

News

Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog

The new report of MONEYVAL offers a diminishing rebuke across European governments that are unabl...

Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog Explore More

News

Bahrain sentences three money-laundering suspects to prison

Bahrain fined three suspects of $9 million and sentenced them to prison in the Future Bank case. ...

Bahrain sentences three money-laundering suspects to prison Explore More

News

Money Remittance in Singapore at the Highest Risk of TF

The money remittance sector and banking sector in Singapore has become the highest target for cri...

Money Remittance in Singapore at the Highest Risk of TF Explore More

News

Gamers Must Be Aware of long-Scale Click Fraud Campaign- Says Microsoft

Microsoft alerted gamers regarding wide-spreading click fraud. Cybersecurity personals said that ...

Gamers Must Be Aware of long-Scale  Click Fraud Campaign- Says Microsoft Explore More

News

Japan’s Self-Regulatory Crypto System Gets Warned of Delays in AML Rules

Japan’s JVCEA has been warned by the Financial Services Agency of the delays in the introduction ...

Japan’s Self-Regulatory Crypto System Gets Warned of Delays in AML Rules Explore More

News

UAE’s Economic Integration Committee Highlights Files of Mutual Investigation with FATF

In the latest Economic Integration Committee meeting, the UAE’s financial regulatory authorities ...

UAE’s Economic Integration Committee Highlights Files of Mutual Investigation with FATF Explore More

News

U.K. Parliament Introduces New Online Safety Bill to Curb Push Payment Fraud

The UK Parliament introduces a new Online Safety Bill, to mitigate push payment fraud and increas...

U.K. Parliament Introduces New Online Safety Bill  to Curb Push Payment Fraud Explore More

News

Bank of Thailand Issues Warning Against Digital Fraud

The central bank advised individuals not to accept information that appears fake, nor to perform ...

Bank of Thailand Issues Warning Against Digital Fraud Explore More

News

Japan to Form Specialized AML/CFT Team in Response to FATF Review

Japan has been advised by the FATF to enhance cross-agency coordination and overcome barriers of ...

Japan to Form Specialized AML/CFT Team in Response to FATF Review Explore More

News

Non-compliant Crypto Accounts will Face Immediate Closure from Banks – Says CBN

Nigerian banks are ordered to track and freeze non-compliant crypto accounts, while banks that fa...

Non-compliant Crypto Accounts will Face Immediate Closure from Banks – Says CBN Explore More

News

“Student” Occupation Flagged for Money Laundering in Canadian Real Estate

Son of “wanted for defrauding 60,000 investors” Chinese parents laundered millions of dollars int...

“Student” Occupation Flagged for Money Laundering in Canadian Real Estate Explore More

News

FinCEN May Release a YouTube Video to Outreach Latest BOI Rules

The Financial Crimes Enforcement Network (FinCEN) director stated they are creating awareness cam...

FinCEN May Release a YouTube Video to Outreach Latest BOI Rules Explore More

News

Vietnam Enhances Anti-Money Laundering Laws to Prevent Financial Crimes

Vietnam regulatory departments are redefining their AML compliance measures to supervise cryptocu...

Vietnam Enhances Anti-Money Laundering Laws to Prevent Financial Crimes Explore More

News

Brexit Deal Decides the Future of Financial Service in the UK and the EU

Marketers have finally realized the full text of the deal between the UK and Brussels regarding t...

Brexit Deal Decides the Future of Financial Service in the UK and the EU Explore More

News

Ex-Microsoft engineer accused of digital currency scam

Ukrainian citizen, Volodymyr Kvashuk, has been accused of six counts of money laundering, five of...

Ex-Microsoft engineer accused of digital currency scam Explore More

News

EU’s decision to ban Facial Recognition for five years divides the tech giants

Facial recognition is emerging as a conflicting technology causing key disagreement among the wor...

EU’s decision to ban Facial Recognition for five years divides the tech giants Explore More

News

Actor Behind $650M Ponzi Scheme Set to Face 20-Year Jail Time

The actor was arrested on account of wire fraud, identity theft, securities fraud, and executing ...

Actor Behind $650M Ponzi Scheme Set to Face 20-Year Jail Time Explore More

News

NGOs Advised on Due Diligence to Tackle Terrorism Financing

The Financial Crimes Commission’s SCUML has advised Non-Governmental Organizations (NGOs) to cond...

NGOs Advised on Due Diligence to Tackle Terrorism Financing Explore More

News

Facebook Launches a New Payment System Following Libra

Facebook Pay is a new payment system launched by Facebook for all the apps under the Facebook umb...

Facebook Launches a New Payment System Following Libra Explore More

News

Ontario Labeled ‘Highly Vulnerable’ to Money Laundering Activities in Cullen Report

The Canadian gambling sector is on its toes after Commissioner Austin Cullen’s report revealed in...

Ontario Labeled ‘Highly Vulnerable’ to Money Laundering Activities in Cullen Report Explore More

News

WHO launches blockchain platform to fight COVID-19

On March 28 the World Health Organization (WHO) collaborated with major blockchain and technology...

WHO launches blockchain platform to fight COVID-19 Explore More

News

National Audit Office Plans to Review FCA’s Responsibilities

The National Audit Office (NAO) plans to assess the Financial Conduct Authority (FCA)’s growing r...

National Audit Office Plans to Review FCA’s Responsibilities Explore More

News

European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms

The European Commission has issued a new warning on breaching global trade laws as the EU bans ta...

European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms Explore More

News

Arizona Bank Used to Funnel 11 Million USD in a Money Laundering Scheme

According to Federal prosecutors, a money-laundering scheme has been successful in funneling $11 ...

Arizona Bank Used to Funnel 11 Million USD in a Money Laundering Scheme Explore More

News

SriLankan Government to Enforce Money Laundering Law to Restrict Illicit Flow of Money

The current scenario of the Sri Lankan currency’s downfall has become a reason for money la...

SriLankan Government to Enforce Money Laundering Law to Restrict Illicit Flow of Money Explore More

News

FCA Issues Warning About 100+ Unregistered Crypto-asset Firms

111 unregistered crypto-asset firms are operating from the UK. FCA warns consumers, banks, and pa...

FCA Issues Warning About 100+ Unregistered Crypto-asset Firms Explore More

News

Crypto firms Halt Business in China After an Intense Government Crackdown

Cryptocurrency businesses have stopped their operations after the government led an intense inves...

Crypto firms Halt Business in China After an Intense Government Crackdown Explore More

News

Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection

It has been three weeks since Dallas’ operations were affected by a municipal network outage. Som...

Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection Explore More

News

South Korea’s Largest Crypto Exchange Upbit Registers with KoFIU for AML

Upbit is reportedly the first South Korean crypto exchange to register the Korean Financial Intel...

South Korea’s Largest Crypto Exchange Upbit Registers with KoFIU for AML Explore More

News

FCA Raises Major Concerns about Investing in Non-Fungible Tokens (NFTs)

The FCA highlighted the significant risk associated with the Non-Fungible Tokens (NFTS) which may...

FCA Raises Major Concerns about Investing in Non-Fungible Tokens (NFTs) Explore More

News

UK Approves New Age Verification Laws to Protect Children

The UK government approved the “Online Safety Bill,” which contains measures to protect children ...

UK Approves New Age Verification Laws to Protect Children Explore More

News

Black Friday Shoppers Alert: Digital Scam Victims Lose an Average of £1,000 Each

Black Friday shoppers have been advised to strengthen their cybersecurity as NFIB revealed that v...

Black Friday Shoppers Alert: Digital Scam Victims Lose an Average of £1,000 Each Explore More

News

Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures

Moneyval has published a report backing Liechtenstein’s authorities on the measures it took again...

Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures Explore More

News

Bank of Ghana to Introduce Digital Currency in ‘Near Future’

The Governor of the West African nation’s central bank, Ernest Addison, announced the news of Gha...

Bank of Ghana to Introduce Digital Currency in ‘Near Future’ Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started