E-mail Scam

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OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAMINATION SECTOR

CIRCULAR LETTER NO. CL-2006- 00 3

TO ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS UNDER BSP SUPERVISION

Subject E-Mail Scam

In its letter to the Deputy Governor, Supervision and Examination Sector, dated 2 May 2006, the Anti-Money Laundering Council advised that they were in receipt of a confidential information of an alleged scam involving/perpetrated by two (2) individuals, namely:

M Eedirs Adam - Mr. Adam, feigning ignorance of banking practices. wouid e-mail an employee of a iocal bank informing the tatter of his desire to invest in the bank. To entice the bank employee, Mr. Adam wouid propose the execution of a Memorandum of Agreement and the issuance of a Special Power of Attorney (in favor of the bank employee) to cover a substantial amount of money which Mr. Adam would purportedly provide.

e-mait (apparently to anybody) expressing his "willingness to invest US$10 2 Frank Edward - As with Eedirs Adam, Mr. Edward would send an

million in the Philippines" to obtain the necessary documents needed to start up his business. There was no information on the nature/type of business Mr. Edward wouid want to engage in.

To prevent this and other similar schemes from spreading, all concerned are requested to be extra cautious in deating with transactions of this nature and to submit immediately to the AMLC Suspicious Transaction Reports (STR)

should similar transactions be encountered

For your guidance and strict compliance.

ESTOR A. Deputy Governor ESPENILL

22 May 2006

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]