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AML / KYC
Philippine AMLC Amends AML/CTF Guidelines for DNFBPs
By Editors | 11/06/2021
The revisions broaden the scope to include newly covered persons and add a new section on the implementation of the targeted financial sanctions, among other changes.
Securities / Derivatives
Sri Lanka Cabinet Approves Bill to Enhance Capital Market
By Sanday Chongo Kabange | 10/06/2021
The bill is aimed at enhancing market regulation, improving enforcement mechanisms, and creating a more efficient capital market with better governance standards.
Fintech / Regtech
BSP Issues Two New Digital Bank Licences
By Ranamita Chakraborty | 09/06/2021
The BSP has now granted three digital bank licences to date, two of which are conversions from other types of banking licences.
Market Infrastructure
Philippine FSCC Identifies Leverage as Key Downside Risk
By Ranamita Chakraborty | 08/06/2021
Cross-border effects are creating a layer of risks on top of scars that Covid has already inflicted on the domestic economy, the FSCC says.
Capital / Liquidity
BSP Raises Bank Limits on Open FX Positions
By Ranamita Chakraborty | 07/06/2021
The BSP has raised the limit as part of a larger set of amendments to the framework for the management of banks’ open FX positions.
AML / KYC
BSP Orders Banks to Enhance STR Filing Processes
By Editors | 07/06/2021
Incorrect STR filings, as identified by the AMLC in a recent review, could downplay the risk and prioritisation of STRs, particularly when they involve high-risk crimes.
AML / KYC
APG Publishes 2nd Follow-up Report on Pakistan
By Editors | 04/06/2021
Pakistan had requested a re-rating on 23 FATF Recommendations: 21 were upgraded, one was not re-rated, and one was downgraded.
AML / KYC
Philippine Financing, Lending Firms Must Register with AMLC by 21 June
By Editors | 04/06/2021
Newly covered financing and lending companies that fail to register with the AMLC by 21 June will incur penalties.
ESG / Sustainability
BSP Outlines Expectations for Banks on Sustainable Finance
By Sanday Chongo Kabange | 04/06/2021
Banks must establish environmental and social risk management systems and disclose their sustainability initiatives in their annual reports.
Fintech / Regtech
BOT Awards CBDC Contract to German Firm G+D
By Sanday Chongo Kabange | 03/06/2021
Bank of Thailand has plans to test the use of a retail CBDC within 2022 before full implementation over 3-5 years.
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