Philippines

AML / KYC

Philippine SEC Disseminates Guidance on Targeted Financial Sanctions

By Editors | 12/09/2021

The guidance now covers targeted financial sanctions related to terrorism, terrorism financing, and proliferation financing, including remedies and relevant UNSC links.

Fintech / Regtech

Philippines: BSP Has 11 Digital Bank Applications to Review

By Editors | 12/09/2021

Two applications were already under review. Nine new applications were received before the deadline. Only two more licences may be up for grabs.

AML / KYC

Philippine AMLC Asks Firms to Provide UBO Information in STRs

By Sanday Chongo Kabange | 10/09/2021

The FATF action plan requires the Philippines to enhance and streamline law enforcement agencies’ access to accurate and up to date beneficial ownership information.

ESG / Sustainability

Philippine SEC to Make Sustainability Reporting Mandatory

By Editors | 06/09/2021

Publicly listed companies will be required to submit sustainability reports separate from their annual reports from 2023.

Market Infrastructure

BSP to Roll Out Unified Data Standards for FIs by Year-End

By Ranamita Chakraborty | 25/08/2021

The framework seeks to ensure that all the information obtained by and passed through different digital channels is handled ethically.

Fintech / Regtech

BSP to Close Application Window for Digital Banks

By Editors | 23/08/2021

The application window will be closed for three years. Applications received by 31 August will be processed on a first-come, first-served basis.

Market Infrastructure

BSP Designates RTGS System as Systemically Important

By Ranamita Chakraborty | 23/08/2021

The BSP was granted authority to designate systemically important payment systems under the National Payment Systems Act, which was signed into law in 2018.

Market Infrastructure

BSP Relaxes Rules on FX Trade Approval for Banks

By Editors | 22/08/2021

Banks can sell FX without prior BSP approval if they will be used for activities such as online e-commerce payments, certain imports of goods, and fee payments.

Securities / Derivatives

Philippine SEC Issues Final Guidelines for ASEAN CIS Framework

By Editors | 22/08/2021

In May, the Philippines became the fourth signatory to the ASEAN CIS Framework for cross-border funds after Malaysia, Singapore and Thailand.