Anti-Money Laundering Council (AMLC) Resolution No. 361 dated 28 April 2004

CIRCULAR LETTER Series of 2004

TO : All Banks

Attached is a copy of Anti-Money Laundering Council (AMLC) Resolution No. 361 dated 28 April 2004, informing that the AMLC Secretariat has been receiving numerous reports on the so-called “text scam”, both from the public and from the banking institutions, which utilizes the present technology in banking, particularly the ATM system. It also points out that there are reports that ATMs of terminated/resigned contractual employees are not automatically cancelled upon termination/resignation, but instead, they are sold to unscropolous people buying inactive ATM cards for the purpose of committing fraud.

All banks are therefore requested to be more vigilant by making appropriate arrangements with the companies availing of the bank’s ATM payroll facilities to prevent the proliferation of this type of scam.

Your cooperation will be highly appreciated.

ALBERTO V. REYES Deputy Governor