Bautista’s multiple bank accounts: Glaring red flag for money laundering

Have BSP and AMLC been sleeping on the job?

BANKS, or even just wealthy people, who are familiar with the vastly stricter banking regulations since the Anti-Money Laundering Act was passed in 2001 are convinced that Commission on Elections Chairman Andres Bautista is guilty as hell of amassing ill-gotten wealth for one particular reason:

Bautista has had 35 multiple accounts in a small thrift bank Luzon Development Bank, for no clear legitimate business reason. Three days after his wife Patricia presented the actual passbooks to the public, Bautista has not denied that he had or has these accounts in one bank. He gave only lame excuses that “a few of those accounts” had been closed and that “these are not all mine.”

The use of multiple accounts is one of the In the trial of Sen. Ramon Revilla for stealing

Why multiple accounts

Bautista’s multiple accounts: ‘Classic’ money-laundering sign.

Offshore jurisdictions

Comelec chief Bautista, left. Right, BSP governor Espenilla, who was in charge of bank supervision and who could have detected, but didn’t, the suspicious deposits.