Philippines

Capital / Liquidity

BSP Issues Guidelines on Strengthening Rural Bank Competitiveness

By Editors | 11/05/2022

The guidelines set out options to strengthen the rural banking sector, including through mergers, acquisitions or third party investment.

AML / KYC

BSP Sanctions BDO, UBP Over Unauthorised Bank Transfers

By Editors | 04/05/2022

The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.

ESG / Sustainability

Philippine SEC Implores Listed Firms to Improve Board Diversity

By Editors | 29/04/2022

The SEC said having women represented on the board is a good corporate governance practice and more listed companies should strive to achieve greater boardroom diversity.

Fintech / Regtech

Philippine Central Bank to Pilot Test Wholesale CBDC

By Editors | 28/04/2022

Project CBDCPh will test the use of a wholesale CBDC for large-value financial transactions across a limited number of financial institutions.

Capital / Liquidity

BSP Proposes Higher Capital Requirements for Rural Banks

By Editors | 27/04/2022

The BSP says higher capital requirements will enable rural banks to enhance risk management, upgrade resources, and accelerate digital transformation.

AML / KYC

BSP Directs FIs to Implement Controls Against Cyber Fraud

By Editors | 26/04/2022

The recommended control measures include the removal of clickable links in emails and SMS and customer notifications for fund transfers and contact information changes.

AML / KYC

AMLC Philippines Launches Review of Sanctions Screening Practices

By Editors | 26/04/2022

The AMLC has partnered with AML Analytics as its testing and validation partner to conduct a thematic review of customer- and transaction-screening systems at FIs and DNFBPs.

Capital / Liquidity

BSP Proposes Changes to Large Exposures Framework for Banks

By Ranamita Chakraborty | 26/04/2022

Large exposures are defined as exposures equal to or higher than 10 percent of the Tier 1 capital, double the previous 5 percent threshold.

AML / KYC

Philippine Banks Directed to Monitor Gaming-related Transactions

By Editors | 25/04/2022

FIs are asked to bolster their CDD and file reports when suspicious transactions are observed involving play-to-earn games such as the recently-hacked Axie Infinity.