Phl company copyrights first anti-money laundering app

MANILA — Amidst the controversy brought by the anomalous entry of $80 million from Bangladesh to Philippines, a Philippine company has copyrighted the country's first Anti-Money Laundering and Terrorism Financing Computer Software.

The computer software, according to Mohur Inc. Vice President for Research and Systems Development Nigel E. Canonizado, is part of his company's 247 RemitPlus, a multi-tenant and modularized computer app that is capable to "monitor" and "suspend" suspicious transactions, fraudulent transactions, covered transactions, and aggregated transactions.

As the copyright owner, Canonizado said in a news release, Mohur is willing to let Anti- Money Laundering Council (AMLC) use their Money Launderer and Terrorist Interdiction Program to monitor "inward transactions" and "outward transactions" generated by banks and remittance companies.

In relation to this, Fr. Albert Alejo of the Philippine Jesuit's Anti- Corruption Program said, government agencies leading the campaign in good governance should use the app.

"My decade-long work in the AntiCorruption Program of the Jesuits reveals the complex technical requirements of promoting good governance," Fr. Alejo said.

"It is with my delight and confidence that I write about the prospect of strengthening our government's fight against money laundering through the computer software developed by Mohur Inc."

Through Mohur's Money Launderer and Terrorist Interdiction Program, all transactions are being filtered; it automatically cancels transactions whenever spurious names match those identified in its watch list or upon detection that such is suspicious transaction, fraudulent transaction, covered transaction, or aggregated transaction.

Mohur, composed of young professionals and former Filipino migrant workers, developed the country's first money remittance platform with Anti- Money Laundering and Terrorism Financing as its fulfillment to its contractual obligation with Philippine Seven Corporation (PSC).

PSC is the owner, operator, and franchisor of 7- Eleven stores in the Philippines while Mohur is the remittance service provider of Land Bank of the Philippines and Peragram Inc. ( representative of MoneyGram International).

Mohur's 247 RemitPlus is set to stand as the middleware system of 7-Eleven stores in the Philippines to support its remittance services.

The application of PSC to become a remittance agent is still pending at Bangko Sentral ng Pilipinas (BSP).

The remittance platform owned by Mohur was demonstrated to BSP ISD 1 thru its manager Heidi Gomez on 29 March 2013 and Mohur's Certificate of Registration before BSP was signed on 3 April 2013 showing that Mohur's computer software is perfectly compliant with BSP Circular 706 Series of 2011. —