Metrobank exec: Suspicious transaction reports not based on ‘rumors’

Banks do not automatically file suspicious transaction reports based solely on negative media coverage or allegations against clients, a Metrobank official told the Senate impeachment court.

Atty. Niña Aguilar, head of Metrobank’s Anti-Money Laundering Division, said suspicious transaction reports (STRs) undergo a thorough review and approval process before they are submitted to the Anti-Money Laundering Council (AMLC).

Her testimony came as senator-judges examined records involving transactions linked to Vice President Sara Duterte and her husband, Atty. Mans Carpio.

Senator-judge Risa Hontiveros asked how banks treat negative or controversial media reports involving clients and whether such reports automatically trigger an STR.

Aguilar said banks generally conduct a separate review of the client’s transactions and file additional reports only when warranted.

“If it is warranted, we would file additional suspicious transaction reports after the review of the transactions,” she said.

Aguilar said STRs pass through Metrobank’s anti-money laundering division and require her approval before filing with the AMLC.

Senator-judge Francis “Kiko” Pangilinan then asked whether the bank considers the criteria under the Anti-Money Laundering Act instead of relying solely on negative reports or rumors.

“So you thoroughly verify, you’re careful, because is it not correct to file a suspicious transaction if it is incorrect or lacks basis or simply because of a report?” Pangilinan asked.

“Not based on rumors?” he added.

Aguilar answered in the affirmative.

Senator-judge Joel Villanueva, meanwhile, asked how banks correct errors in transaction reports submitted to the AMLC.

His question followed testimony from AMLC Executive Director Atty. Ronel Buenaventura that a P2-billion transaction involving Carpio’s BPI account had been removed following a request from the bank.

The correction reduced the reported transactions of Duterte and Carpio from 2007 to 2025 from P6.7 billion, as previously presented before the House Committee on Justice, to P4.4 billion in records submitted to the impeachment court.

Aguilar said Metrobank had not encountered a similar error during her tenure but would file an amended covered transaction report if necessary.

Senator-judge Raffy Tulfo also questioned Aguilar on how the bank handles large transactions ranging from P500,000 to hundreds of millions of pesos.

Aguilar said Metrobank conducts enhanced due diligence on cash payouts exceeding P500,000 to determine the source and destination of the funds.

The bank may also seek additional documents and information to establish the legitimacy of a transaction, she added.

Aguilar said she could not speak for the procedures followed by other banks.

She was among 11 representatives of banks linked to Duterte and Carpio presented by the House prosecution panel in connection with Article II of the impeachment trial.

Aguilar said Duterte and Carpio had active Metrobank accounts from 2022 to 2025, with a balance of P1,600,050.09 as of the previous year.

During the presentation of the Vice President’s Statements of Assets, Liabilities and Net Worth, prosecutors noted that she did not declare cash on hand or cash in bank during the same period.