Philippines

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    Fraud, Scams & Cybercrime

    BSP Details Efforts to Address Fraud and Scam Threats

    By Bradley Maclean | 25/06/2024

    BSP officials discuss efforts to address fraud and scam threats through new requirements for banks and a thematic review of fraud management during 2024.

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    Resolution & Recovery

    BSP Directs All Banks to Submit Recovery Plans by 30 June

    By Sanday Chongo Kabange | 05/06/2024

    The requirements on the submission of recovery plans are also applicable to thrift, rural, and cooperative banks.

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    Cloud & Infrastructure

    BSP Eyes Open Finance Platform for Pensions, Insurance

    By Mark Johnston | 28/05/2024

    The open finance platform will use APIs to support access to different pension and insurance products and boost financial inclusion.

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    Stablecoins

    BSP Allow PHP Stablecoin Project to Enter Sandbox

    By Editors | 13/05/2024

    Coins.ph will test a peso-backed stablecoin in payments, trading, hedging and DeFi applications.

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    Anti-Money Laundering

    BSP Mandates 24-Hour Reporting for Significant Risk Events

    By Mark Johnston | 06/05/2024

    New BSP rules require bank and non-bank FIs to report significant ML/TF/PF risk events within 24 hours.

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    Climate Risk

    BSP Completes Self-Assessment Against Climate Risk

    By Sanday Chongo Kabange | 22/04/2024

    The assessment generated  recommendations including for BSP to enhance its emergency response systems and business continuity strategies.

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    Trading & Investment

    Philippines Scraps Minimum Commission Rule for Stockbrokers

    By Sanday Chongo Kabange | 21/04/2024

    The SEC says the removal of the minimum commission requirement will boost stock market activity and draw in retail investors.

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    Conduct, Culture & Accountability

    US PCAOB Penalises KPMG, Deloitte for Exam Cheating

    By Nithya Subramanian | 11/04/2024

    KPMG Netherlands was fined USD 25 million and Deloitte affiliates in Indonesia and Philippines were fined USD 2 million.

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    Credit Risk

    Philippines: NPLs at Digital Banks Continue to Rise

    By Sanday Chongo Kabange | 10/04/2024

    Only two of the Philippines’ six digital banks are currently profitable. Yet, while NPLs are rising, deposit growth is still strong.

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    Conduct, Culture & Accountability

    BSP Proposes New Consumer Protection Supervisory Framework

    By Editors | 03/04/2024

    The framework sets out how the BSP will assess the risks an FI poses to consumers so that supervision can be more risk-based and calibrated.

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