Financial Crime World

WHISTLEBLOWER PROTECTION POLICY KEY TO PREVENTING FRAUD IN PHILIPPINE FINANCIAL INSTITUTIONS

Strengthening Commitment to Preventing and Detecting Fraud

In a move to strengthen its commitment to preventing and detecting fraud, the Bank of Philippine Islands (BPI) has implemented a robust whistleblower protection policy that ensures the anonymity and safety of employees who report wrongdoing within the organization.

Key Components of the Policy

  • All BPI personnel, including board members, officers, and employees, are required to comply with rules and regulations and report any violations or suspected violations of company policies.
  • Anyone found to be knowingly aiding, abetting, or concealing fraudulent activities will be held liable as a principal perpetrator of the fraud.
  • The policy assumes that employees act in good faith when reporting wrongdoing and makes it clear that making false accusations will result in disciplinary action, including termination.

Facilitating Whistleblowing

  • BPI has designated several contacts who can receive reports of policy violations, including:
    • Head of Human Resources Management Group
    • Chief Internal Auditor
    • Chief Risk Officer
  • Whistleblowers may also report anonymously through email or face-to-face meetings with these officials.

Investigation and Protection

  • Once a report is received, an immediate investigation will be conducted by the Bank’s investigating unit to verify the allegations.
  • The whistleblower’s identity remains confidential throughout the process.
  • Protection against retaliation is also guaranteed under the policy, with any person found guilty of harassing or retaliating against a whistleblower subject to disciplinary action, including termination.

Success and Impact

  • In 2022, BPI received 32 reports through its whistleblowing channel, with 27 cases verified and subsequently resolved.
  • The reports included administrative matters, conflict of card fraud, and attempted vishing/card fraud.

Conclusion

The Bank’s Whistleblower Policy is seen as a critical mechanism in preventing and detecting fraud in the financial industry, and its commitment to protecting whistleblowers sends a strong message that wrongdoing will not be tolerated within the organization.

View the Abbreviated Policy

An abbreviated version of BPI’s Whistleblower Policy can be viewed on the Bank’s website.