Philippines

Big Picture

Enterprise Ireland, Kapronasia Publish APAC Regtech Study

By Manesh Samtani | 23/06/2021

Lengthy procurement processes, cumbersome IT and security approvals, and implementation complexity are hindering APAC regtech adoption.

AML / KYC

Philippine SEC Backs Amendments to Bank Secrecy Law

By Ranamita Chakraborty | 21/06/2021

Bank secrecy has prevented the SEC from validating information and establishing the owners of bank accounts linked to securities violations.

Fintech / Regtech

BSP to Issue Strict Regulations On ‘Digital Bank’ Branding

By Ranamita Chakraborty | 17/06/2021

Banks that do not meet specified conditions are prohibited from marketing themselves as digital banks, the BSP said in a circular.

AML / KYC

SEC Orders Finance, Lending Companies to Submit AML Plans

By Editors | 16/06/2021

All financing and lending companies have until 21 June to submit plans for implementing a comprehensive and risk-based AML/CFT programme.

AML / KYC

Financial Crime Compliance Costs to Reach $213.9bn for 2021

By Editors | 12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

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.