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An employee of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, presents the contactless payment system "boon" at the company's headquarters in Aschheim near Munich, Germany September 6, 2018. Michael Dalder, Reuters/File
MANILA -- Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Monday banks should strengthen know-your-customer protocols and tighten watch over employees after 2 of the country's largest lenders were dragged in German payment firm Wirecard's woes.
Wirecard has so far failed to account for 2 billion euros ($2.24 billion) in loans. Filipino lenders BDO and BPI said said Wirecard was not their client and documents were falsified to show otherwise.
The BSP is investigating the matter and Wirecaerd's troubles have "no effect" on BDO and BPI, the Philippines number 1 and 4, respectively, in terms of assets.
"There's got to be some lessons here. (Banks) have to be very strict in knowing their clients," he said.
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With incidents like this, "the reputation of the Philippine banking system is at stake," he said.
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