Philippines

AML / KYC

Philippine AMLC Amends AML/CTF Guidelines for DNFBPs

By Editors | 11/06/2021

The revisions broaden the scope to include newly covered persons and add a new section on the implementation of the targeted financial sanctions, among other changes.

Fintech / Regtech

BSP Issues Two New Digital Bank Licences

By Ranamita Chakraborty | 09/06/2021

The BSP has now granted three digital bank licences to date, two of which are conversions from other types of banking licences.

Enforcement

Philippine Prosecutors File Criminal Complaints Over Wirecard Fraud

By Ranamita Chakraborty | 09/06/2021

The criminal complaints accuse respondents of violating banking, cybercrime, and e-commerce laws as well as falsifying commercial documents.

Market Infrastructure

Philippine FSCC Identifies Leverage as Key Downside Risk

By Ranamita Chakraborty | 08/06/2021

Cross-border effects are creating a layer of risks on top of scars that Covid has already inflicted on the domestic economy, the FSCC says.

Capital / Liquidity

BSP Raises Bank Limits on Open FX Positions

By Ranamita Chakraborty | 07/06/2021

The BSP has raised the limit as part of a larger set of amendments to the framework for the management of banks’ open FX positions.

AML / KYC

BSP Orders Banks to Enhance STR Filing Processes

By Editors | 07/06/2021

Incorrect STR filings, as identified by the AMLC in a recent review, could downplay the risk and prioritisation of STRs, particularly when they involve high-risk crimes.

AML / KYC

Philippine Financing, Lending Firms Must Register with AMLC by 21 June

By Editors | 04/06/2021

Newly covered financing and lending companies that fail to register with the AMLC by 21 June will incur penalties.

ESG / Sustainability

BSP Outlines Expectations for Banks on Sustainable Finance

By Sanday Chongo Kabange | 04/06/2021

Banks must establish environmental and social risk management systems and disclose their sustainability initiatives in their annual reports.

Securities / Derivatives

Philippine SEC Issues Draft Guidelines for ASEAN CIS Framework

By Editors | 03/06/2021

The draft guidelines will operationalise the supplemental MOU signed last month to admit the Philippines to the ASEAN CIS framework.