LBC steps up guard vs money laundering

MANILA, Philippines - Logistics company LBC Express Inc. has stepped up efforts to combat financial crime.

In a statement, LBC said members of its senior management group attended the annual anti-money laundering (AML) refresher training conducted by the Anti-Money Laundering Council last Feb. 16 at the Marriott Manila Hotel.

AML training for management teams and employees of companies who offer money services such as remittance is a requirement by the Bangko Sentral ng Pilipinas.

“As one of the leading money remittance brands in the country, LBC Express plays a critical role in preventing money laundering and terrorist financing in the country,” LBC said.

“Money laundering activities can significantly undermine the reliability that LBC Express has taken years to build. Beyond that, it will obviously will have a destabilizing spillover effect on the country’s economy,” said LBC president and chief operating officer Mike Camahort.

“And in an increasingly interconnected world, the consequences of ignoring its impact on the global financial and security landscape can prove to be very damaging,” he added.

According to LBC, the AML training is a concrete step toward ensuring the safety and security of the company’s transactions in order to consistently provide customers with the best possible service.

“Our continuous involvement in such initiatives hopefully speaks of LBC’s commitment to ensure the safety of the millions of senders and receivers who depend on LBC, and guarantees the integrity of this brand,” said Atty. Irene Torres, head of the LBC Anti-Money Laundering Compliance Team.

LBC is set to cascade the AMLA Refresher Training for the rest of the organization starting April in line with its goal of ensuring 100 percent compliance for training by September 2017.

The company is engaged in retail and corporate courier and cargo, money remittance, and logistics services. At present, it has a network of over 6,400 branches, hubs and warehouses, partners and agents in over 30 countries.