The guidance sets out the BSP’s regulatory expectations and identifies emerging typologies, including the use of virtual assets to finance terrorism.
The PHP 10 million minimum capital requirement was raised to PHP 50 million, which is less than was proposed in May.
The first supervisory college focusing on financial conglomerates concluded in June. The second supervisory college will commence in October.
The software will streamline and automate regulatory supervision, reporting and compliance assessment of banks’ cybersecurity risk management.
The guidelines set out the criteria banks should use to assess economic interdependence between connected counterparties, among other requirements.
BAP member banks and Globe Telecom will share data and intelligence to help counter cybercrime and fraud threats.
UnionBank has also been exploring other uses of blockchain technology, as it seeks to future-proof its business and expand its metaverse footprint.
Banks whose investments are exposed to material environmental and social risks should adopt appropriate tools and metrics to assess, measure, and monitor these risks.
BSP senior assistant governor Elmore Capule told a Senate Committee the BSP is looking for a "limited relaxation of the bank secrecy laws".
All government departments and agencies, state universities and colleges, and state-owned or controlled corporations will have to implement digital payments.
Loading more posts...
Sorry, no more posts
No more pages to load