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KYC & CDD
SEC Philippines Increases Penalties for UBO Non Disclosure
By Editors | 30/12/2022
Directors, trustees, and officers can also be fined personally and barred for five years for failure to ensure compliance with beneficial ownership disclosure requirements.
Sustainable Finance
BSP Unveils 11-Point Sustainable Central Banking Strategy
By Editors | 28/12/2022
The Sustainable Central Banking strategy sets out the BSP’s approach to promoting sustainability in the financial system.
Payments & Settlements
BSP Issues Rules for Participants of RTGS Payment System
By Editors | 28/12/2022
Non-bank e-money issuers and other entities can become direct participants of the RTGS payment system without being sponsored by existing participants.
Structural Regulation
Philippine Lawmakers Advance Bill to Establish Sovereign Fund
By Editors | 18/12/2022
Critics say the bill’s timing is poor due to the country’s lack of surplus funds, high national debt, large trade deficit, and other economic problems.
Fraud, Scams & Cybercrime
Philippines Jails Former Bankers for Creating False Loans
By Editors | 08/12/2022
Former chief operating officer and former compliance officer of now-defunct Orani Rural Bank created fictitious loans by falsifying documents.
Payments & Settlements
BSP Launches New, Free, Interoperable Bill Payment Facility
By Editors | 05/12/2022
Through Bills Pay PH, customers can make digital payments to almost 500 on-boarded billers for free even if they use different payment service providers.
Conduct, Culture & Accountability
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.
Payments & Settlements
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.
Credit Risk
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.
PEPs & Sanctions
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.
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