The Bangko Sentral ng Pilipinas (BSP) is warning financial institutions under its supervision on the latest modus operandi of crime syndicates involving the acquisition of vehicle through car loans using fake identities.
BSP Deputy Governor Chuchi Fonacier said in a memorandum released over the weekend that the Philippine National Police has issued a warning that carnapping syndicates have resorted to acquiring high-end vehicles through auto loans using fictitious or false identities.
After the carnapping syndicate acquires a vehicle, it sells it as a second hand unit using fake conduction stickers and plate numbers. Fonacier added that the modus operandi may involve the use of fake identities and forged documents, such as identification cards and employment certificates by the kidnapping syndicates to obtain auto loans from banks.
“Carnapping syndicates may sometimes resort to identity theft, using an actual person’s name, address and company profile, but with a different photo,” Fonacier noted.
She thus informed financial institutions and banks under the supervision of BSP to be on the alert in identifying their clients who are seeking car loans.
BSFIs are cautioned to strictly observe and strengthen the implementation of the requirements pursuant to the anti-money laundering (AML) regulations,” she said, “particularly on customer identification and verification procedures, ongoing monitoring of customers and their transactions, suspicious transaction reporting, and continuing AML training program, including controls relating to partner/accredited car dealers.”