Philippines

Emerging Prudential Risks

Philippines to Establish Facility for Catastrophe Risk Sharing

By Editors | 28/02/2021

Domestic insurers that provide catastrophe risk coverage currently reinsure their risks overseas. The new facility will enable insurers to pool risk and resources domestically.

Anti-Money Laundering

Philippine AMLC Sets Deadline for Newly Covered Entities to Register

By Ranamita Chakraborty | 27/02/2021

Real estate developers and brokers, as well as offshore gaming operators and their service providers, have to register with the AMLC’s electronic reporting system by 16 March.

Credit Risk

Philippine SEC Issues Implementing Rules for ‘Bad Bank’ Law

By Editors | 25/02/2021

The implementing rules cover the creation of so-called ‘FIST corporations’, as well as the processes they will use to acquire, transfer and manage non-performing assets.

Data Privacy

BSP to Draft Data Governance Policy for Financial Institutions

By Editors | 22/02/2021

The new regulatory framework will guide banks and other financial institutions on how they use and handle electronic information that they collect from customers.

Anti-Money Laundering

New Report Identifies 11 Indicators of Modern Slavery Risk

By Editors | 22/02/2021

Based on an analysis of globally prosecuted cases of modern slavery, FairSupply Analytics has identified 11 indicators to help FIs detect modern slavery.

Fraud, Scams & Cybercrime

US Prosecutors Unveils New Charges Against North Korean Hackers

By Manesh Samtani | 21/02/2021

Warrants have been issued for the arrest of the three programmers said to be involved in the Sony, WannaCry, Bangladesh Bank and other attacks.

Anti-Money Laundering

BSP Adopts New AML/CFT Risk Assessment Framework

By Ranamita Chakraborty | 18/02/2021

The new framework will use a four-point rating scale to grade FIs based on their inherent risks, risk management capabilities and self-assessment systems.

Credit Risk

Philippine President Duterte Signs ‘Bad Bank’ Bill Into Law

By Editors | 17/02/2021

The law will help cushion lenders from a build-up of bad loans due to the Covid-19 crisis, allowing them to dispose of bad assets and keep the banking system stable.

Trading & Investment

BSP Lowers Minimum Balance for Investment Management Accounts

By Editors | 11/02/2021

BSP Governor Benjamin Diokno said the revised regulations are aimed at expanding investment opportunities for the public.