Philippines

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.

Anti-Money Laundering

BSP Warns Banks Against Unlicensed Gaming Operators

By Editors | 11/02/2021

FIs should ensure they have robust risk management and due diligence frameworks in place to prevent transactions with illegal online gambling operators.

Trading & Investment

Philippines to Launch Short Selling Upon Resolution of SBL Issues

By Ranamita Chakraborty | 10/02/2021

The Philippines Stock Exchange will launch short selling once issues related to securities borrowing and lending are resolved, president Ramon Monzon.

Anti-Money Laundering

Philippine SEC Tightens Rules on Beneficial Ownership of Shares

By Ranamita Chakraborty | 09/02/2021

New guidelines will require the disclosure of the identity of the beneficial owners of shares and prohibit the issuance of bearer shares.

Anti-Money Laundering

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.

Custody & Infrastructure

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.