Money “mules” generated 732,392 suspicious-transaction reports (STRs) in 2021, up 1,277.09%, the Anti-Money Laundering Council (AMLC) reported. READ:
MONEY “mules” generated 732,392 suspicious-transaction reports in 2021, up 1,277.09%, the Anti-Money Laundering Council reported.
PESONet and InstaPay are automated clearing houses launched in December 2015 under the central bank’s National Retail Payment System. “The annual values of STRs related to money mules likewise spiked in 2021, reaching P505.99 billion or 99.18% of the total value of the captured STRs,” the AMLC said. “Using the available addresses of the reporting branches as proxy for the location of the cash-out facilities used by suspected money mules, it was observed that 54.91% of the withdrawal transactions were performed in Metro Manila. This was followed by Cavite , Negros Occidental , Laguna , Pampanga , and Tarlac ,” according to the report.
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