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BSP Issues Rules to Implement New Financial Consumer Protection Law
By Editors | 04/12/2022
The BSP will be able to adjudicate cases involving financial transactions that are of civil nature and order reimbursements up to PHP 10 million.
Fintech / Regtech
Five ASEAN Central Banks Sign MoU on Payments Connectivity
By Sanday Chongo Kabange | 15/11/2022
The MoU is the first that brings together multiple ASEAN central banks under a single multilateral agreement to enhance cross-border payments.
Philippines Introduces Standard Forms for Business Loan Applications
By Editors | 13/11/2022
Lenders have 18 months to use the new standard form, which the BSP says will make credit more accessible to small businesses.
AML / KYC
BSP Proposes Draft Regulations on TFS Implementation
By Editors | 10/11/2022
The amendments target terrorist and proliferation financing and are aimed at helping the Philippines secure its removal from the FATF grey list.
Capital / Liquidity
BSP Proposes to Launch New Intraday Liquidity Facility
By Editors | 09/11/2022
Proposed rules governing the intraday liquidity facility are being circulated among banks and non-banks.
Crypto / Digital Assets
Philippines: Union Bank Starts Offering Crypto Services
By Editors | 09/11/2022
Union Bank’s digital asset platform, developed by Swiss firm Metaco, went live last week, offering trading in bitcoin and ether.
Fintech / Regtech
Six Southeast Asian Fintech Associations Agree to Cooperate
By Editors | 03/11/2022
The six fintech associations are from Singapore, Cambodia, Malaysia, the Philippines, Thailand and Vietnam.
Enforcement
Philippine SEC Sets Out Penalties for Disclosure Violations
By Mark Johnston | 24/10/2022
Directors, trustees, and officers can be fined personally and barred for five years for failure to ensure compliance with beneficial ownership disclosure requirements.
Securities / Derivatives
Philippines: Funds Allowed More Freedom to Trade BSP Securities
By Editors | 21/10/2022
The central bank has relaxed restrictions on secondary market trading of BSP Securities by UITFs with foreign participation.
AML / KYC
Philippine May Pass Bank Secrecy Law Amendments Next Month
By Editors | 20/10/2022
The amendments will allow the BSP to look into deposit accounts for inquiries into fraud, serious irregularity, and unlawful activity.
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