VThe reason AMLC’s

VThe reason AMLC’s foot-dragging is irritating is that the statement of RCBC, made in a disclosure to the Philippine Stock Exchange after Salido’s feedback at the Senate, that their own “inner probe” discovered no wrongdoing among all people outside of the Jupiter St. Department, is natural hogwash. The $eighty one million returning from New York might have had to pass thru centralized departments in RCBC a couple of instances; for example, the big amount of money that PhilRem transformed from dollars and pesos changed into performed, as far as is thought, through RCBC’s foreign exchange branch, for the reason that remittance organisation honestly did no longer have that an awful lot money on hand. What RCBC is making an attempt to promote each person is the concept that a lowly department manager can handle a couple of entries and withdrawals of hundreds of thousands in foreign foreign money in the financial institution’s gadget with out the information of all of us else handling elements of that machine, which without a doubt does not make sense. No bank on this country is managed so poorly, and banking regulations make it genuinely impossible to achieve this.

Impossible, except of path several rules and system steps are willfully bypassed; once more, the belief that an person branch supervisor may want to try this defies all logic. Even the high-quality-case state of affairs, which the testimony of its officials in legislative hearings inside the weeks after the scandal broke regarded to imply changed into what happened, that higher managers in RCBC actually took branch manager Deguito’s phrase for it that the transactions were legitimate, virtually makes RCBC managers and managers look criminally incompetent.