Philippines

The six fintech associations are from Singapore, Cambodia, Malaysia, the Philippines, Thailand and Vietnam.

Directors, trustees, and officers can be fined personally and barred for five years for failure to ensure compliance with beneficial ownership disclosure requirements.

The central bank has relaxed restrictions on secondary market trading of BSP Securities by UITFs with foreign participation.

The amendments will allow the BSP to look into deposit accounts for inquiries into fraud, serious irregularity, and unlawful activity.

Telcos are required to collect customer ID information when selling SIM cards. The law is aimed at curbing the spread of spam text messages and scams.

The fund will exclusively invest in debt securities such as bonds, notes, commercial paper, debentures, and other evidence of indebtedness.

Financial institutions are directed to adopt "robust and layered" security controls and industry best practices to reinforce email security.

Lenders will be required to use standard loan application forms, which will make credit more accessible to small businesses.

Banks must develop ESRM systems that assess environmental and social risks arising from their operations, products, services, transactions, activities, and operating environment.

Financial intermediaries will be required to monitor for and report financial activity and transactions suspected to be related to human trafficking.