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Drilon recounts ’embarrassing’ account closure his wife experienced with a bank

 

Being a senator can sometimes do more harm than good in terms of managing one’s financial assets.

Senator Franklin Drilon let out a rant during a recent hearing of the Senate Committee on Banks as he lamented his wife’s experience with one local bank, as they were discussing the bank transactions of Commission on Elections chief Andres Bautista.

Although he refused to name the lender, the politiko said one bank decided to shut down the account of his wife shortly after their marriage years ago, which Drilon guesses was due to her position as a so-called “politically exposed person” (PEP).

Under the Anti-Money Laundering Act, banks and financial institutions must exercise enhanced caution in handling money from “prominent” government officials and their kin in order to stop possible ill-gotten wealth from bribery and corruption.

But Drilon decried his dear wife’s experience, calling it a discrimination of sorts.

“It is irritating and embarrassing when you get rejected simply because you are PEP,” Drilon said during the public hearing.

He went on to say that the definition of a PEP was so broad that it was “prone to abuse,” similar to what happened to his spouse.

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