Philippines

The new penalties regime is intended to help protect the value of the Philippine peso, maintain price stability, and deter future violations.

Complainants can elect for mediation or adjudication only if the complaint cannot be resolved by the FI itself or the BSP's Consumer Assistance Mechanism.

Updated AML/CFT guidelines require DNFBPs to submit proof that their proprietors, partners, directors and principal officers have attended an AML seminar.

Lawmaker Joey Salceda is calling on the BSP to set a cap on transfer fees charged by banks for the use of interbank payment systems.

Starting from 1 September, new VASP licence applications will only be entertained if they come from existing BSP-supervised financial institutions.

GoTyme Bank, a joint venture of digital banking group Tyme and members of the Gokongwei Group of companies, was awarded a Certificate of Authority.

The BSP has proposed draft rules to ease the documentary requirements for registering inward investments and FX remittances to fund investments.

Seven perpetrators of a PHP 3 billion investment scam were sentenced to 20 years in jail each on top of financial penalties. Four others remain at large.

The central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand will formally sign an agreement on payment connectivity in November.

Finance Secretary Benjamin Diokno directed the SEC to use digital technologies to improve monitoring, build investor trust, protect the investing public, and better serve the economy.