Philippines

AML / KYC

Philippine NPO Sector Rated as Medium Risk for Terrorist Financing

By Sanday Chongo Kabange | 12/04/2022

The SEC warns that suspected or actual misuse of the NPO sector for terrorism financing can present serious ramifications for an NPO’s intended beneficiaries.

Enforcement

Philippine SEC to Form Dedicated Unit Targeting Abusive Lending

By Editors | 04/04/2022

The government is seeking to prevent and penalise abusive debt collection practices, misrepresentations, and unreasonable terms and conditions.

BSP Allows Trust Companies to Outsource Internal Audit Function

By Sanday Chongo Kabange | 04/04/2022

The BSP says trust companies can use the internal audit function of a parent bank or NBFI, or outsource internal audit activities to an external firm.

Fintech / Regtech

BSP Requires Banks to Implement Real Time Fraud Monitoring

By Sanday Chongo Kabange | 31/03/2022

Under new relations, Philippine banks and NBFIs are required to implement automated and real-time fraud monitoring and detection systems by end-December.

Philippines Relaxes Foreign Ownership Caps in Key Sectors

By Editors | 26/03/2022

The 85-year-old Public Service Act has been amended to allow full foreign ownership in the airlines, telecommunications, shipping, railway and irrigation sectors.

Fintech / Regtech

BSP to Initiate Pilot Project to Test CBDC Use Cases

By Sanday Chongo Kabange | 16/03/2022

The BSP is looking to explore the use of CBDC in account-based distribution of cash assistance, as well as in cross-border money transfers.

Fintech / Regtech

BSP Revises Regulatory Framework for E-money Issuers

By Mark Johnston | 15/03/2022

E-money can refer to monetary value “electronically stored in an instrument or device” – including cash cards, prepaid cards, stored value cards or digital wallets.

Market Infrastructure

BSP Designates Two More Systemically Important Payment Systems

By Mark Johnston | 14/03/2022

The Philippine Domestic Dollar Transfer System and the PHP-USD Payment versus Payment System have been designated systemically important.

Market Infrastructure

Philippine Regulators Issue Guidelines on Streamlining Bank M&As

By Sanday Chongo Kabange | 10/03/2022

Five agencies including the BSP and SEC will have a total 55 business days to process merger, consolidation, acquisition applications from banks.