INTERNET SCAM/ADVANCE FEE FRAUD

3angk Enfna inas

OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAMINATION SECTOR

CIRCULAR LETTER NO. CL --2007- 049

TO Al Institutions Banks and BSP-Supervised Financial

Subject : INTERNET SCAM/ADVANCE FEE FRAUD

updated variation of the advance fee fraud or Nigerian scam perpetrated The Anti-Money Laundering Council (AMLC) has informed us of the

through the internet, as follows:

Modus Operandi.

some assets/funds from a deceased relative amounting to Us$2 million and The modus operandi involves an individual who allegedly received

the funds are deposited in a financial institution. (The nationality of the individual, the amount of funds, the name and location of the financial institution may vary.) The release of the funds is conditioned upon the payment of taxes (approximately Us$100,000) to the government where the financial institution is located. The individual wil then email a local bank

give the bank employee a certain amount, usually around Us$350,000.00. employee enticing him/her to extend a loan to the individual with a promise to

you are hereby directed to report them immediately to the AMLC by filing the Suspicious Transaction Reports (STRs) Should you encounter transactions with the same or simiiar scheme

For your guidance.

M*

NESTOr A. ESPENILY JR

Deputy Governor

0 2October 2007

PANAnALAPING MAtAtAG, BANSAng PANAtAG

A. Mabini St., Malate 1004 Manila, Philippines Trunkline (632) 524-70-11 URL:www.bsp.gov.ph e-mail: [email protected]