PNB collects award for KYC, customer-onboarding tech


THE Philippine National Bank (PNB) earned accolades from regional financial services company T.A.B. International Pte. Ltd. during the latter’s annual “Risk Management Awards.”

PNB was named as the bank with “KYC [Know-Your-Customer] and Customer Onboarding Technology Implementation of the Year” for its use of technology in monitoring the bank’s transactions in its extensive network.

TAB International, which publishes the “The Asian Banker” magazine, recognized PNB’s enterprise-wide transaction monitoring system “for enabling the bank to effectively detect facilitation of financial crimes within its books.”

TAB International said the project has “strengthened PNB’s broader KYC efforts” through enhanced transaction monitoring and mitigating risks that may appear during the lifecycle of customer relationships.

“The banking landscape has been changing significantly in response to evolving customer expectations, technology, and regulatory environment,” PNB President and CEO Jose Arnulfo A. Veloso said. “At the end of a day, an effective transaction monitoring system is needed to tackle financial crime risks.”

The TAB International’s awards is a program designed to identify emerging best practices and outstanding achievements of the best run risk management teams in financial institutions across Asia Pacific, the Middle East and Africa.

PNB Chief Compliance Officer and Global Compliance Group Head Isagani A. Cortes was quoted in a statement as expressing gratitude for TAB International “for recognizing PNB’s commitment in fulfilling our compliance obligations very seriously in order to preserve the integrity of the financial system.” 

“We continue to leverage on solutions to efficiently address and mitigate financial crime risks and at the same time, effectively manage its risk,” Cortes added.

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