[OR] [MBT] [E3] [CBS] [10] [DP] Overseas Remittance and Foreign Exchange Services

Sub-CBS Code

Name of Sub-CBS

Description of Sub-CBS

10.1

International Remittance Processing

Execution and settlement of inbound and outbound cross-border funds transfers through correspondent banks, international payment networks, and partner remittance centers. Includes messaging, fund reconciliation, and compliance validation.

10.2

Remittance Partner and Correspondent Bank Management

Management of international remittance partner relationships and correspondent bank arrangements. Activities include due diligence, contract administration, performance monitoring, and operational issue escalation.

10.3

FX Conversion and Rate Management

Execution of foreign currency conversion, including rate determination, pricing, application of spreads, and regulatory reporting. Ensures transparent and accurate exchange transactions across digital and branch channels.

10.4

OFW Remittance Facilitation

Dedicated handling of overseas Filipino worker remittances, including partner coordination, beneficiary account crediting, and customer assistance focused on OFW remittance channels and products.

10.5

Cross-Border Compliance and Sanctions Screening

Execution of anti-money laundering (AML), counter-terrorism financing (CTF), sanctions screening, and transaction monitoring for cross-border transfers and FX operations to ensure compliance with global and Philippine regulatory requirements.

10.6

Customer Enrollment and KYC for Remittance Services

Onboarding of domestic and overseas customers for remittance and FX services, including verification of identities, documentation review, and ongoing due diligence in accordance with regulatory standards.

10.7

Dispute Resolution and Trace Requests

Management of transaction disputes, fund-trace requests, payment investigations, and chargeback-related processes. Ensures reconciliation, timely communication, and resolution aligned with service level commitments.

10.8

FX Transaction Settlement and Reporting

Finalization and settlement of FX trades and remittances, including coordination with clearing systems, central banks, and internal treasury units. Incorporates regulatory and financial reporting functions.