Philippines

Anti-Money Laundering

FinCEN Files: Philippine Money Remitters Named in SARs

By Manesh Samtani | 23/09/2020

Philrem and Werquick used local banks to wire funds for unidentified customers without identifying source of funds, the true beneficiary, or the purpose of the transactions.

Credit Risk

BSP Orders Mandatory 60-Day Moratorium on All Loans

By Sanday Chongo Kabange | 23/09/2020

Lenders are asked to implement a mandatory one-time 60-day grace period for all loans falling due on or before 31 December 2020.

Fraud, Scams & Cybercrime

Wirecard: The Biggest FinTech Success and Failure Story of All Time

By Oonagh van den Berg | 17/09/2020

Wirecard will be a compliance and audit training reference point for years to come, says compliance expert Oonagh van den Berg, recounting the warning signs in the years-long lead up to its collapse.

Cybersecurity

Bangladesh Bank Offers Assurances on Cybersecurity at Banks

By Duruthu E Chandrasekera | 14/09/2020

Bangladesh banks in facing renewed cyber threats last month, but their regulator, Bangladesh Bank, says the situation is under control.

Payments & Settlements

BSP Launches Digital Payment Platform for Retail Transactions

By Sanday Chongo Kabange | 14/09/2020

The New Order of Payment System, or NOPS, is a secure web-based system that offering various channels through which payments can be made to the BSP.

Trading & Investment

BSP to Start Issuing Debt Securities Next Week

By Editors | 10/09/2020

The BSP’s authority to issue its own debt paper was restored through legislation passed last year. The first auction of BSP securities will take place on 18 September.

Structural Regulation

BSP, OJK Sign MoU on Financial System Development

By Sanday Chongo Kabange | 07/09/2020

As part of the MoU, the BSP and OJK have reportedly lined up talks in the areas of supervisory frameworks, consumer protection, financial inclusion, fintech and capacity building.

Climate Risk

NGFS Publishes Two-year Work Programme, New Charter

By Editors | 07/09/2020

A new NGFS workstream being created will identify missing data items needed for effective climate-related and environmental risk analysis.

Structural Regulation

BSP Targets September Issuance of Digital Banks Framework

By Editors | 06/09/2020

Separately, new legislation is under development to expedite the digital banking sector, targeted to pass by the end of 2020.