Philippines

Fraud, Scams & Cybercrime

Philippine Banks, Telecom Partner to Combat Cybercrime, Fraud

By Editors | 30/08/2022

BAP member banks and Globe Telecom will share data and intelligence to help counter cybercrime and fraud threats.

Cryptocurrency

UnionBank Becomes First Philippine Bank to Enable Crypto Trading

By Editors | 30/08/2022

UnionBank has also been exploring other uses of blockchain technology, as it seeks to future-proof its business and expand its metaverse footprint.

Sustainable Finance

BSP Issues Sustainable Investment Guidelines for Banks

By Sanday Chongo Kabange | 29/08/2022

Banks whose investments are exposed to material environmental and social risks should adopt appropriate tools and metrics to assess, measure, and monitor these risks.

Anti-Money Laundering

BSP Calls for ‘Limited Amendment’ to Bank Secrecy Law

By Editors | 27/08/2022

BSP senior assistant governor Elmore Capule told a Senate Committee the BSP is looking for a “limited relaxation of the bank secrecy laws”.

Payments & Settlements

Philippines Issues Draft Rules on Digital Payments Adoption

By Mark Johnston | 24/08/2022

All government departments and agencies, state universities and colleges, and state-owned or controlled corporations will have to implement digital payments.

Structural Regulation

BSP to Increase Penalties for Misreporting of FX Transactions

By Editors | 23/08/2022

The new penalties regime is intended to help protect the value of the Philippine peso, maintain price stability, and deter future violations.

Conduct, Culture & Accountability

BSP Drafts New Rules on Financial Services Dispute Resolution

By Editors | 18/08/2022

Complainants can elect for mediation or adjudication only if the complaint cannot be resolved by the FI itself or the BSP’s Consumer Assistance Mechanism.

Anti-Money Laundering

Philippine AMLC Tightens Requirements on DNFBPs

By Editors | 18/08/2022

Updated AML/CFT guidelines require DNFBPs to submit proof that their proprietors, partners, directors and principal officers have attended an AML seminar.

Payments & Settlements

BSP Urged to Regulate Away ‘Exorbitant’ Bank Transfer Fees

By Editors | 15/08/2022

Lawmaker Joey Salceda is calling on the BSP to set a cap on transfer fees charged by banks for the use of interbank payment systems.