Money transfer businesses required to report transactions

Businesses offering money transfer in Mandaue City will be required to submit a monthly report on the number of customers and suspicious transactions that may link to cyberpornography.

The Mandaue City Council approved on first reading last Wednesday an ordinance regulating these establishments that offer money remittance services.

Vice Mayor Carlo Fortuna and Councilor Cynthia Remedio proposed the Money Transfer Ordinance 2017, following the arrest of a mother who used her own daughter for cybersex in Barangay Opao last month.

The City officials believed that money transfer firms “may be used as conduit for illegal activities, such as fraud and extortion, human trafficking, and sexual exploitation, among others.”

The proposed ordinance was referred to the committee on laws and ordinances.

Fortuna said a meeting will be called with the owners and representatives of money remittances.

“We will call to a meeting all the money transfer establishments for, first, to inform them of the ordinance, solicit their opinions and importantly, get them to support and cooperate our anti-trafficking campaign,” said Fortuna.

According to the ordinance, business owners must post information, education and communication materials on human trafficking and cyberporn in an area visible to their customers; impose “risk management procedures” through limitation of the number, type and amount of transaction; require their customers to present a valid ID, adopt and implement the know-your- customer policy and use the prescribed form of the City.

These establishments must also keep a copy of the customer references for five years after the business relationship with the customer has ended, and identify suspicious transactions.

The Money Transfer Oversight Committee, which will be headed by the city mayor, will receive the monthly report of the businesses.

Fortuna and Remedio said enhancing measures to safeguard the rights of women and children is of paramount importance to the City Government to fight child abuse and cyberporn.

Last month, a 52-year-old mother was arrested for allegedly peddling her 15-year-old daughter for online sex.

The ordinance will require money transfer establishments to post information materials against cyber-pornography and human trafficking, impose ‘risk management procedures’ by regulating transaction, require customers to present valid ID, and adopt the know-your- customer policy,