Philippines

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    AML / KYC

    The Case for Change: Leveraging GenAI in Anti-Financial Crime

    By Bradley Maclean | 07/08/2024

    GenAI’s emergence will revolutionise financial crime prevention, but a balanced approach that includes strict oversight will be key to maximising its benefits.

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    Fintech / Regtech

    BSP Amends Guidelines for Payments Settlement Systems

    By Sanday Chongo Kabange | 01/08/2024

    The BSP said the revised guidelines provide operational flexibility to ACHs under the NRPS framework namely InstaPay and PESONet.

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    Fintech / Regtech

    BSP Set to Reopen Applications for Digital Bank Licences

    By Sanday Chongo Kabange | 30/07/2024

    BSP Governor Eli Remolona said a circular would be released “soon” indicating when the application window will be reopened.

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    AML / KYC

    BSP Introduces Framework for Merchant Payment Activities

    By Sanday Chongo Kabange | 26/07/2024

    The framework sets out regulatory requirements for operators of payment systems that engage in merchant payment acceptance activities.

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    Crypto / Digital Assets

    Philippines: BSP to Conclude CBDC PoC by Year-end

    By Nithya Subramanian | 26/07/2024

    Testing of the DLT and wCBDC tokenisation is complete. Two test runs of sandbox experiments are now being conducted.

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    AML / KYC

    Philippines Announces Total Ban on Offshore Gaming Operators

    By Mark Johnston | 25/07/2024

    The ban announced by the President will impact more than 400 POGOs, most of which are unlicensed and operate underground.

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    Market Infrastructure

    Philippines Launches Automated Intraday Settlement Facility

    By Sanday Chongo Kabange | 24/07/2024

    The facility will provide liquidity to ensure payments flow smoothly through the RTGS system, known as PhilPaSSplus.

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    AML / KYC

    Philippines Enacts Anti-Financial Account Scamming Act

    By Editors | 22/07/2024

    The law institutionalises penalties for social engineering-related crimes and online scams, including the use of mule accounts.

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    AML / KYC

    Philippine SEC Launches New Digital Services Platform

    By Editors | 22/07/2024

    The eSECURE platform will serve as a user’s digital passport to the different online services provided by the SEC.

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    AML / KYC

    Philippine Agencies Seek Ban On Offshore Gaming Operators

    By Nithya Subramanian | 19/07/2024

    Officials from various government departments said POGO activities paint a negative picture of the Philippines and result in lower tourism revenues.

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