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Philippine National Bank Unveils Compliance Framework Updates

Manila, Philippines - Philippine National Bank (PNB) has announced the launch of its enhanced compliance framework, designed to strengthen ties with customers, interbank counterparties, and regulators.

Updated Framework Aims to Mitigate Risks

The updated framework aims to mitigate compliance and control risks by introducing a self-assessment process, quarterly regulatory compliance certification, and semi-annual Risk Control Self-Assessment (RCSA). The bank’s Compliance Group will assess the prevailing risk on each domestic subsidiary, overseas branch, and subsidiary, ensuring that all business units/entities are compliant with relevant laws, rules, regulations, and related policies.

Key Enhancements

  • Appointment of an AML Cybercrime Officer
  • Reorganization of the Compliance Group into six divisions with two Deputy Chief Compliance Officers
  • Increase in plantilla positions from 59 to 71
  • Development of modified compliance programs for high-risk products and services
  • Conduct of CCSA (RCSA Program), annual comprehensive enterprise-wide CICA, and quarterly certifications
  • Implementation of monthly comprehensive compliance packages for the Board and Senior Management
  • Training of Compliance Officers/Compliance Designates to effectively carry out compliance duties and responsibilities

Ethical Standards Committee Established

PNB has also established an Ethical Standards Committee (ESC) to maintain high ethical standards among employees and manage reputational risk. The ESC, chaired by the Head of the Legal Group, meets weekly to conduct investigations and render decisions as necessary.

President and CEO’s Statement

“We are proud to announce the launch of our enhanced compliance framework,” said [Name], President and CEO of PNB. “Our commitment to compliance is unwavering, and we believe that this updated framework will strengthen our ties with customers, interbank counterparties, and regulators.”

Senior Management Engagement

The bank’s Senior Management has been actively engaged in the development of the compliance framework, ensuring its effectiveness and alignment with international best practices.

Compliance Framework Recognized as Key Element to Success

PNB’s Compliance Framework has been recognized as a key element in the bank’s success, with major enhancements achieved in 2016-2017. The bank is confident that its commitment to compliance will continue to drive growth and profitability in the years to come.