Philippines

PEPs & Sanctions

Philippine AMLC Issues New Sanctions Screening Guidance

By Editors | 13/05/2023

An AMLC review found deficiencies including excessive manual processes, high false positives, and a lack of understanding of how sanctions screening systems operate.

Market Data & Technology

Philippine SEC Issues Guidelines on Financial Instrument Identifiers

By Editors | 09/05/2023

The SEC issued guidelines on the allocation of ISIN, CFI and FISN codes to financial instruments in the Philippines.

Structural Regulation

Philippine SEC to Raise Penalties for Late Filing of Reports

By Sanday Chongo Kabange | 03/05/2023

In addition to higher monetary fines, the SEC may label a company ‘delinquent’ or revoke its registration in case of repeated failures.

Credit Risk

BSP Launches Credit Risk Scoring Model for MSMEs

By Editors | 02/05/2023

The CRD Scoring Model will help lenders analyse the creditworthiness of MSMEs, including those without credit histories or adequate collateral.

Conduct, Culture & Accountability

Philippine SEC Issues Implementing Rules for Consumer Protection Act

By Sanday Chongo Kabange | 01/05/2023

The implementing rules set out the enforcement actions the SEC may take as well as measures to protect financial consumers.

Market Risk

BSP Streamlines and Expands Currency Hedging Facility

By Editors | 30/04/2023

The BSP approved amendments to make it easier for clients of large banks to hedge peso-US dollar exposures through NDFs.

Anti-Money Laundering

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.

Conduct, Culture & Accountability

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.

Cloud & Infrastructure

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.