Philippines

Capital / Liquidity

BSP Sets Out Approval Procedures for Bad Loan Disposal

By Ranamita Chakraborty | 02/06/2021

The BSP has set out the procedure for lenders to apply for approval to dispose of NPAs under the provisions of the FIST Act.

AML / KYC

Philippines: 26 Groups Jointly Call for Easing of Bank Secrecy Law

By Ranamita Chakraborty | 02/06/2021

The groups say the Philippines lags the world on bank secrecy and allows politicians and other government officials to hide unexplained wealth.

AML / KYC

Interpol Concludes APAC Operation Targeting Online Financial Crime

By Manesh Samtani | 02/06/2021

The six-month operation led to 585 arrests, more than 1,600 bank account freezes, and the interception of USD 83 million in illicit funds.

New Reputational Risk Guidelines to Strengthen Resilience: BSP

By Ranamita Chakraborty | 01/06/2021

Financial institutions have until April 2022 to fully comply with the BSP’s new guidelines on reputational risk management.

Enforcement

Philippine Court Jails Broker for Illegal Trading in 1999

By Editors | 30/05/2021

The court’s decision represents the first conviction won by the SEC after two decades of pursuing stockbrokers and investors linked to the case.

Securities / Derivatives

Philippine Bourse Ordered to Show Progress on SME Listings

By Sanday Chongo Kabange | 24/05/2021

The order from the DOF follows the introduction of new listing rules in March, which are aimed at encouraging greater SME participation in the stock market.

AML / KYC

Philippine AMLC to Penalise Firms for Incorrect STR Filings

By Manesh Samtani | 23/05/2021

AMLC Executive Director Mel Georgie Racela told Regulation Asia that incorrect STR filings identified in a recent review will result in supervisory action.

Market Infrastructure

BSP Tests new RTGS System Ahead of June 2021 Go-Live

By Editors | 20/05/2021

The BSP is testing the new peso RTGS system with banks and other participating institutions to determine readiness for go-live in June 2021.

AML / KYC

Prospects of Western–Japanese Coordination on Human Rights Sanctions

By Sasha Erskine | 15/05/2021

Japan will set itself apart as an active sanctioning partner in Asia and further boost the global effort to combat human rights violations, writes RUSI’s Sasha Erskine.