Philippines

Anti-Money Laundering

AMLC Examines Philippine Exposure to Tax Crimes

By Ranamita Chakraborty | 12/07/2021

The study was conducted in light of the recent AML Act amendment which included the commission of tax crimes in the list of predicate offences for money laundering.

Cryptocurrency

Philippine Bourse Seeks to Launch Crypto Business – Report

By Sanday Chongo Kabange | 07/07/2021

CEO Ramon Monzon said the PSE should be the exchange platform for crypto assets because it already has the trading infrastructure and investor safeguards in place.

Structural Regulation

Philippines Expects More Entrants to Digital Banking Scene

By Ranamita Chakraborty | 02/07/2021

Tencent-backed Voyager Innovations, Philippine National Bank, RCBC, South Africa’s TymeBank, UnionBank, and EastWest Bank are among the applicants.

Structural Regulation

Philippine SEC Threatens Online Lenders with Licence Revocation

By Sanday Chongo Kabange | 29/06/2021

The threat is aimed at lending and financing companies that have failed to register and disclose their online lending platforms.

Anti-Money Laundering

FATF Plenary Packs Powerful Punch

By Manesh Samtani | 25/06/2021

The FATF finalised reports on technological innovation, environmental crime, and asset recovery. New guidance on PF risk and a white paper on beneficial ownership were also finalised.

Data Privacy

BSP Unveils Open Finance Framework, Plans Tiered Implementation

By Sanday Chongo Kabange | 23/06/2021

The framework promotes consent-driven data portability, interoperability, and collaborative partnerships between FIs and fintech players, the BSP said.

Cybersecurity

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.

Anti-Money Laundering

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.

Structural Regulation

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.