Philippines

AML / KYC

BSP Issues Guidance on Effective Transaction Monitoring

By Sanday Chongo Kabange | 27/04/2023

The guidance calls on regulated financial institutions to bolster their TM systems, highlighting the importance of board of senior management involvement.

BSP Issues New Rules on Handling Financial Complaints

By Sanday Chongo Kabange | 13/04/2023

The new rules take effect on 1 May, requiring all regulated FIs to have a complaint handling mechanism and effectively handle consumer disputes.

Fintech / Regtech

Philippine Banks Undergo Major Change in Regulatory Reporting

By Manesh Samtani | 11/04/2023

BSP deputy governor Chuchi Fonacier says 18 reporting templates and Excel files totalling 300-plus schedules are being reduced to a single XML file.

AML / KYC

BSP Issues New CDD Rules to Support PhilSys Enabled e-KYC

By Sanday Chongo Kabange | 07/04/2023

The PhilSys national digital ID system is acceptable for e-KYC, provided it is supported by “robust technology, adequate governance, processes, and procedures”.

Capital / Liquidity

BSP Offers Regulatory Relief to Promote Islamic Banking

By Sanday Chongo Kabange | 03/04/2023

The BSP is offering relief from minimum capital requirements to incentivise conventional banks to develop the Islamic banking market.

Capital / Liquidity

Philippines to Merge Two Large State Lenders

By Editors | 30/03/2023

The merger of LandBank and the Development Bank of the Philippines will create the country’s largest lender by assets.

Fintech / Regtech

BIS Innovation Hub Completes Project Nexus Proof-of-Concept

By Editors | 23/03/2023

The next phase of Nexus will connect the instant payment systems of Singapore, Indonesia, Malaysia, Philippines and Thailand.

AML / KYC

Philippine Agencies Sign Data Sharing Deal on Beneficial Ownership

By Editors | 22/03/2023

The agreement will allow the SEC to give competent authorities timely access to beneficial ownership information, in line with the FATF recommendations.

ESG / Sustainability

Philippine SEC Proposes Guidelines for Blue Bond Issuance

By Editors | 17/03/2023

Eligible blue projects aim to directly address sustainable water management and ocean protection and seek to contribute to the development of the blue economy.