MANILA -- The Bangko Sentral ng Pilipinas said Thursday it was working with the Anti-Money Laundering Council to gather information on Philippine banks' transactions with Australia's Westpac, which is under investigation over dirty money.
The review will be a "focused look on the remittance transactions and processes," the BSP said in a statement. The duration will depend on the extent of information gathered.
The BSP earlier said transactions of 10 banks were under review for links to Westpac. Bank of the Philippine Islands said it ended its partnership with Westpac on remittances after Australia made public its money laundering investigation last November.
The central bank said it received a report from one bank, which it did not identify.