trending Market Intelligence /marketintelligence/en/news-insights/trending/FGdtlKhfRWQioM3pH-DKaw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Philippine authorities probe alleged Westpac child exploitation scandal

Street Talk Episode 61 - Investors debate if U.S. banks have enough capital in post COVID world

You Down With PPP? Consider The Risks

Street Talk Episode 60 - You Down With PPP? Consider The Risks

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive


Philippine authorities probe alleged Westpac child exploitation scandal

Philippines' regulators and government agencies are investigating allegations that payments linked to child exploitation were sent to the Southeast Asian country through Westpac Banking Corp.'s LitePay payments channel, The Australian reported.

The Philippines' Anti-Money Laundering Council declined to disclose details of its probe but said it was working "closely with regional financial intelligence units, law enforcement agencies, and other partners to deal with serious issues." Further, Philippines Justice Secretary Menardo Guevarra said the country's interagency council against trafficking was working closely with the AMLC and the Australian Transaction Reports and Analysis Centre, or AUSTRAC, to investigate the matter further.

In its lawsuit against Westpac, AUSTRAC had claimed the bank ought to have been aware that A$500,000 worth of funds transferred by 12 individuals through its LitePay service to individuals in the Philippines were probably linked to child exploitation.

Once sufficient evidence is gathered, a case could be referred to the Philippines' National Bureau of Investigation, said Guevarra.

The report came after a spokesman for Bank of the Philippine Islands, the local remittance partner of Westpac's LitePay, reportedly said the bank has started conducting its own probe into fund transfers made through the payment channel.