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KYC & CDD
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.
Trading & Investment
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.
Anti-Money Laundering
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.
Fraud, Scams & Cybercrime
Philippines to Curb Scams by Requiring ID Registration for SIM Cards
By Editors | 19/10/2022
Telcos are required to collect customer ID information when selling SIM cards. The law is aimed at curbing the spread of spam text messages and scams.
Trading & Investment
Philippine SEC Authorises Country’s First Corporate Debt Vehicle
By Editors | 17/10/2022
The fund will exclusively invest in debt securities such as bonds, notes, commercial paper, debentures, and other evidence of indebtedness.
Cybersecurity
BSP Directs FIs to Bolster Email Security, Cyber Awareness
By Editors | 15/10/2022
Financial institutions are directed to adopt “robust and layered” security controls and industry best practices to reinforce email security.
Credit Risk
Philippines Set to Adopt Standardised Forms for Loan Applications
By Editors | 10/10/2022
Lenders will be required to use standard loan application forms, which will make credit more accessible to small businesses.
Climate Risk
BSP Issues Guidance for Banks on E&S Risk Management
By Manesh Samtani | 04/10/2022
Banks must develop ESRM systems that assess environmental and social risks arising from their operations, products, services, transactions, activities, and operating environment.
Anti-Money Laundering
AMLC Philippines Issues Draft Rules for Anti-Human Trafficking Law
By Editors | 25/09/2022
Financial intermediaries will be required to monitor for and report financial activity and transactions suspected to be related to human trafficking.
Capital Adequacy
BSP Tightens Prudential Requirements for Digital Banks
By Editors | 21/09/2022
Digital banks must meet the same Basel III capital, liquidity and leverage requirements applicable to universal and commercial banks.
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