Philippines

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.

Payments & Settlements

BSP Proposes to Launch New Intraday Liquidity Facility

By Editors | 09/11/2022

Proposed rules governing the intraday liquidity facility are being circulated among banks and non-banks.

Cryptocurrency

Philippines: Union Bank Starts Offering Crypto Services

By Editors | 09/11/2022

Union Bank’s digital asset platform, developed by Swiss firm Metaco, went live last week, offering trading in bitcoin and ether.

Cloud & Infrastructure

Six Southeast Asian Fintech Associations Agree to Cooperate

By Editors | 03/11/2022

The six fintech associations are from Singapore, Cambodia, Malaysia, the Philippines, Thailand and Vietnam.

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.