March 27, 2016
Amidst the controversy brought by the anomalous entry of $80 million from Bangladesh to Philippines, a Philippine company has copyrighted the country’s first Anti-Money Laundering and Terrorism Financing Computer Software.
The computer software, according to Mohur Inc. Vice President for Research and Systems Development Nigel E. Canonizado, is part of his company’s 247 RemitPlus, a multi-tenant and modularized computer app that is capable to “monitor” and “suspend” suspicious transactions, fraudulent transactions, covered transactions, and aggregated transactions.
As the copyright owner, Canonizado said in a news release, Mohur is willing to let Anti-Money Laundering Council (AMLC) use their Money Launderer and Terrorist Interdiction Program to monitor “inward transactions” and “outward transactions” generated by banks and remittance companies. Through Mohur’s Money Launderer and Terrorist Interdiction Program, all transactions are being filtered; it automatically cancels transactions whenever spurious names match those identified in its watch list or upon detection that such is suspicious transaction, fraudulent transaction, covered transaction, or aggregated transaction.
Mohur, composed of young professionals and former Filipino migrant workers, developed the country’s first money remittance platform with Anti-Money Laundering and Terrorism Financing as its fulfillment to its contractual obligation with Philippine Seven Corporation (PSC).