Philippines

KYC & CDD

HKMA Warns of Excessive Due Diligence

By Samuel Riding | 09/09/2016

Authority says some KYC/AML measures ‘disproportionate’; looking at KYC utilities to ease regulatory burden.

Anti-Money Laundering

Ease AML/CTF Regulations for Low-value Transactions: Brookings

By Samuel Riding | 08/09/2016

Influential think-tank suggests some regulations could be eased to support financial inclusion.

PEPs & Sanctions

SWIFT’s Sanctions Screening Service Exceeds 500 Customers

By Samuel Riding | 08/09/2016

Hong Kong, 7 September 2016 – SWIFT announces another important milestone for its hosted compliance services – the 500th customer […]

Anti-Money Laundering

Philippines Considering Repeal of Bank Secrecy Laws

By Samuel Riding | 07/09/2016

Philippines and Lebanon the only countries which still have such laws in place.

Trading & Investment

Philippines to Have Repo Market by End-2016, Early 2017

By Samuel Riding | 06/09/2016

Central bank governor says programme will open the door to allowing short selling.

Anti-Money Laundering

Banks’ Exit from Emerging Markets Hurting AML, CTF Efforts – FSB

By Samuel Riding | 31/08/2016

Report to G20 says funds are being driven underground; cites failures to initiate derivative market reform in China and Korea.

Structural Regulation

Philippines’ Proposed Equity, Bond Exchange Merger Revived

By Samuel Riding | 23/08/2016

Regulator says it could approve the proposal as early as this November.

Resolution & Recovery

BSP Increases Pace of Rural Bank Closures

By Samuel Riding | 23/08/2016

Central bank has closed 15 lenders so far this year; aiming to strengthen local banks as presence of foreign institutions expands.

Structural Regulation

Philippines Removes ‘NBQB’ Loan Registration Requirements

By Samuel Riding | 19/08/2016

Rule making it easier for non-banks with quasi-banking functions to borrow offshore takes effect on 15 September.