Philippines

    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.

    AML / KYC

    Philippine SEC Rates Securities Sector for Money Laundering

    By Sanday Chongo Kabange | 12/05/2021

    The SEC found that investment houses and underwriters presented ‘medium-high’ risk, compared to ‘medium’ risk for the securities sector overall.

    Securities / Derivatives

    Philippine SEC Joins ASEAN Framework for Cross-border Funds

    By Editors | 12/05/2021

    Regulators from Singapore, Malaysia and Thailand – already part of the initiative – have signed a supplemental MoU admitting the Philippine SEC into the CIS framework.

    Fintech / Regtech

    BSP Expects New Digital Banks to Launch in H2 2021

    By Ranamita Chakraborty | 05/05/2021

    The BSP has received four applications for digital bank licences, including two from thrift banks that wish to convert their existing licences.

    Capital / Liquidity

    BSP Extends Regulatory Relief for Banks Pending ‘FIST’ Rescue

    By Ranamita Chakraborty | 05/05/2021

    The BSP has extended the higher single borrower limit and relief on loan classification, pending full operationalisation of the FIST Act.

    Crypto / Digital Assets

    Blockchain Groups Form New ASEAN Consortium to Drive Adoption

    By Editors | 27/04/2021

    Members include blockchain associations in Singapore, Indonesia, the Philippines, Malaysia, Thailand and Australia.

    Capital / Liquidity

    BSP Asks D-SIBs to Submit Recovery Plans Separate from ICAAP

    By Editors | 27/04/2021

    Separate submission will allow the BSP to better assess recovery plans on an institutional level and across D-SIBs, particularly during times of crisis.

    Fintech / Regtech

    BSP May Raise Cap on Digital Banking Licences

    By Ranamita Chakraborty | 25/04/2021

    Under the digital banking framework approved by the BSP in November, the number of digital bank licences is capped at five.

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