Philippines

AML / KYC

Philippines Enacts AML Amendments to Avoid FATF Grey List

By Ranamita Chakraborty | 04/02/2021

Offshore gaming operators, their service providers, real estate developers and brokers have been brought into scope as covered entities.

AML / KYC

BSP Updates VASP Rules to Align with FATF Requirements

By Editors | 28/01/2021

The updated rules also bring into scope virtual asset custodians, introducing a $1mn minimum capital requirement for such businesses.

Capital / Liquidity

2021 Outlook for BCBS 239 Compliance in Southeast Asia

By Irene Liu | 26/01/2021

PwC’s South East Asia Consulting team discusses progress made to comply with BCBS 239 in Southeast Asian jurisdictions, providing an outlook and recommendations for the year ahead.

AML / KYC

BSP Highlights AML Risks of Cash, Cross-Border Payments

By Editors | 24/01/2021

Suspected criminal proceeds mostly came from Australia, Germany, Singapore, the UK and the US. The top destinations of suspected illicit funds were Hong Kong, Singapore and the US.

AML / KYC

China Shuts Down Cross-border Gambling, Payments Platforms

By Sanday Chongo Kabange | 20/01/2021

The Ministry of Public Security arrested over 75,000 suspects and shut down thousands of online gambling platforms, payment platforms and underground banks in 2020.

AML / KYC

Lessons Learned From APAC’s Landmark Year of AML Fines

By Payal Patel | 19/01/2021

Drawing from landmark penalties in 2020, FINTRAIL’s Payal Patel and Sara Abbasi identify key lessons to help financial institutions guard against financial crime.

AML / KYC

UPDATED: Philippine Senate Approves Amendments to AML Law

By Editors | 19/01/2021

The approval comes ahead of an evaluation by the FATF, slated for February, as the Philippines seeks to avoid being gray-listed.

Fintech / Regtech

Philippine SEC Approves First Crowdfunding Platform

By Editors | 14/01/2021

Investree Philippines is the first crowdfunding intermediary and funding portal to register with the SEC since rules covering the activity took effect in July 2019.

Market Infrastructure

BSP Deploys New Supervisory Assessment Framework

By Editors | 12/01/2021

SAFr aims to facilitate forward-looking assessments of financial institutions and link their systemic importance and risk profile to the level of supervisory attention they receive.