Financial Crime World

PNB Mandates Compulsory Training for Employees

The Philippine National Bank (PNB) has recently implemented a new policy requiring all employees to undergo mandatory training on compliance and Anti-Money Laundering (AML) awareness. This move is aimed at ensuring that all employees are well-versed in the bank’s policies and procedures, as well as regulatory requirements.

Mandatory Training for All Employees

  • Existing employees must participate in refresher courses within 18 to 24 months of their last training session.
  • New hires must undergo compliance and AML awareness training prior to assuming their duties.
  • The training program is designed to cater to specific sectors and groups within the bank, such as:
    • New tellers
    • Sales and service heads
    • Internal auditors
    • Officers

Independent Testing and Review

To ensure that compliance-risk mitigation activities are in place and functioning as intended, PNB conducts:

  • Quarterly certifications
  • Annual comprehensive enterprise-wide reviews
  • Thorough assessments by competent and independent reviewers comprised of:
    • Auditors
    • Branch area operations officers
    • Compliance officers
    • Risk overseers

Working with Regulatory Bodies

PNB is committed to maintaining a strong relationship with regulatory bodies and enforcement agencies. The bank ensures:

  • Timely submission of reports
  • Active participation in technical working groups among regulatory bodies and banking organizations

As a result, PNB has developed new policies and procedures that align with international best practices, ensuring that the bank remains a model institution for good corporate governance and compliance.

Benefits of Effective Compliance Framework

An effective compliance framework not only strengthens ties with customers, regulators, and interbank counterparties but also:

  • Enhances market perception
  • Increases profits by focusing resources on revenue-generating activities
  • Improves the bank’s reputation, ultimately benefiting stockholders

PNB’s Compliance Framework has been instrumental in achieving these benefits, with key enhancements made in 2016-2017, including:

  • Creation of management committees
  • Reorganization of the compliance group
  • Development of modified compliance programs
  • Implementation of annual risk assessments