Philippines

Crypto / Digital Assets

UnionBank Becomes First Philippine Bank to Obtain VASP Licence

By Editors | 31/10/2023

The bank said it will use the new licence to expand its offerings and provide clients a broader range of financial services powered by blockchain.

Fintech / Regtech

BSP Set to Launch Pilot Testing for New ITRS

By Sanday Chongo Kabange | 27/10/2023

The BSP has started sending banks XML schema definitions for its new International Transactions Reporting System.

Enforcement

Philippines: Immigration Officer Jailed for Falsifying Wirecard COO Travel Records

By Mark Johnston | 25/10/2023

The immigration officer was sentenced to nine years in prison for tampering with travel records for Jan Marsalek, who is wanted by INTERPOL.

AML / KYC

BSP Highlights Importance of PEPs Due Diligence

By Sanday Chongo Kabange | 11/10/2023

Domestic and international organisation PEPs, unlike foreign PEPs, are not automatically considered as high risk.

ESG / Sustainability

Philippine SEC Consults on Revised Sustainability Reporting Guidelines

By Editors | 04/10/2023

Listed companies will be required to submit sustainability reports in two formats. Consultation is open until 16 October.

Securities / Derivatives

Philippine Stock Exchange Issues Final Short Selling Guidelines

By Sanday Chongo Kabange | 04/10/2023

The PSE said the SEC and BIR approved critical components of SBL transactions. A separate announcement will be made about the official launch date.

Securities / Derivatives

Philippine SEC Eases Disclosure Rules for Public Offerings

By Mark Johnston | 28/09/2023

The “streamlined procedures” are part of the SEC’s efforts to encourage more companies to tap the capital markets.

AML / KYC

Philippine SEC Stresses Need for CDD on DNFBP Clients

By Sanday Chongo Kabange | 26/09/2023

Regulated firms that don’t identify and verify the true identity of DNFBP clients and their beneficial owners may face enforcement action.

ESG / Sustainability

Philippine SEC Issues New Guidelines on Blue Bond Issuance

By Editors | 26/09/2023

The guidelines set out eligibility criteria for blue projects and activities, based on IFC’s Blue Finance Guidance Framework and ADB’s Green and Blue Bond Framework.