The RTGS system shall be operated, managed and maintained by the BSP given its recent designation as a systemically important payment system.
The law grants regulators enhanced powers to address fraud and consumer complaints in a more timely manner.
The guidelines set out options to strengthen the rural banking sector, including through mergers, acquisitions or third party investment.
The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.
The SEC said having women represented on the board is a good corporate governance practice and more listed companies should strive to achieve greater boardroom diversity.
Project CBDCPh will test the use of a wholesale CBDC for large-value financial transactions across a limited number of financial institutions.
The BSP says higher capital requirements will enable rural banks to enhance risk management, upgrade resources, and accelerate digital transformation.
The recommended control measures include the removal of clickable links in emails and SMS and customer notifications for fund transfers and contact information changes.
The AMLC has partnered with AML Analytics as its testing and validation partner to conduct a thematic review of customer- and transaction-screening systems at FIs and DNFBPs.
Large exposures are defined as exposures equal to or higher than 10 percent of the Tier 1 capital, double the previous 5 percent threshold.
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