Embracing financial wellness: A call to safeguard our digital banking community

Written by: Vijay Manoharan, CEO of CIMB Bank Philippines 

In my dual role as head of a digital-only commercial bank and as a banking customer myself, I find immense pride in playing my part in leading CIMB in reshaping local banking: opening doors to financial services for previously underserved Filipinos. Yet, amidst our progress, I have this growing concern over something that threatens the very essence of our digital banking landscape—a concern that compels us to act urgently and compassionately.

In recent times, the digital sphere has seen a remarkable surge in e-commerce activity, with Filipinos embracing the convenience of online transactions. However, within this digital evolution lies a troubling trend: the illegal buying and selling of digital bank accounts in online marketplaces.

It’s disheartening to witness these accounts being bought and sold like commodities. Such transactions not only indicate a thriving underground economy but also pose a significant threat to our financial ecosystem.

Let’s speak openly: those purchasing these accounts often have nefarious intentions. They exploit the same infrastructure designed to empower Filipinos, turning it into a tool for cybercrimes ranging from simple scams to complex money laundering schemes.

Consider the practice of money muling, a deceptive tactic used to launder illicit funds through unwitting individuals. By facilitating these activities through the sale of digital accounts, perpetrators obscure the money trail, evading detection and accountability.

It’s crucial to understand that those involved in the sale of digital accounts aren’t mere spectators—they are aiding criminal syndicates, enabling their operations to thrive unchecked. The repercussions are severe: imprisonment and hefty fines await those entangled in such illicit dealings.

The surge in suspicious transactions by over 1,200 percent from the previous year, according to the Money Mules Typologies Brief released by AMLC in December 2022, underscores the urgency of our collective action. The emergence and accelerated adoption of digital banking during the pandemic have provided both convenience and vulnerability, amplifying the need for heightened vigilance.

The surge in suspicious transactions by over 1,200 percent from the previous year underscores the urgency of our collective action. The emergence and accelerated adoption of digital banking during the pandemic have provided both convenience and vulnerability, amplifying the need for heightened vigilance.

In response, the Bangko Sentral ng Pilipinas has issued stern warnings against these unlawful practices, signaling a united front against financial crimes.

At CIMB Bank Philippines, we stand in solidarity with these efforts. We vehemently denounce the sale of bank accounts for illicit purposes and remain committed to combating financial crimes.

Our dedication to anti-money laundering protocols, fraud controls, and vigilant monitoring is unwavering. We spare no effort in safeguarding our customers’ accounts and preserving the integrity of our banking system.

However, combating fraud and scams requires a collective effort. It’s a shared responsibility that extends beyond financial institutions and regulatory bodies—it involves every member of our community, including you.

To our valued customers, digital bank users, and fellow Filipinos, I urge you: stay vigilant. Safeguard your accounts as you would protect your most cherished belongings. Together, let’s fortify the defenses of our digital fortress and uphold the principles of financial integrity. It is not worth it to gain a few hundred pesos if the consequence is running onto the bad side of the law, and possibly a lifetime of regret—not just for yourself but for your loved ones as well.

Let us unite in our commitment to safeguard the integrity of our digital banking landscape. As custodians of financial security, CIMB Bank Philippines remains steadfast in our resolve to combat financial crimes and protect the interests of our customers. But we need your help to see this through.

Together, let’s forge ahead with unwavering vigilance and determination, ensuring that the promise of digital banking remains untainted by the shadows of illicit activities. Let’s build a future where financial wellness is nurtured, and trust is preserved for generations to come.

CIMB CEO Vijay Manoharan – Best Banking CEO

Vijay Manoharan is CEO of CIMB Bank Philippines—a digital-only commercial bank providing innovative mobile-first digital banking solutions and services. Named by Forbes as the number 1 Bank in the country in its 2023 World’s Best Banks ranking, CIMB PH is also part of the CIMB Group, one of ASEAN’s leading banks present in over 16 global markets. 

Read more about the bank’s products and services on www.cimbbank.com.ph

ADVT.