Philippines

AML / KYC

Philippine Lawmakers Approve Strict New Anti-Terrorism Law

By Editors | 04/06/2020

Wiretaps and arrests can be carried out without a warrant. Bank records can be inspected without a court order. Life imprisonment without parole can be imposed for facilitating terrorist acts.

AML / KYC

Bangladesh Bank Files New Civil Suit Over 2016 Cyber Theft

By Editors | 03/06/2020

Bangladesh Bank has filed a new civil suit against RCBC and other Philippine entities in New York State Court over the 2016 bank heist, after its Federal Court case was dismissed in March.

Capital / Liquidity

Large Enterprise Loans Can Count Towards Reserve Compliance: BSP

By Editors | 30/05/2020

The BSP said the revised measures are intended to provide credit and help ease the financial burden of firms heavily affected by the Covid-19 pandemic.

Capital / Liquidity

Philippines Approves ‘Bad Bank’ Bill Amid Rising NPLs

By Editors | 27/05/2020

The ‘Financial Institutions Strategic Transfer Act’ allows the creation of asset management companies to buy up non-performing assets from financial institutions.

Securities / Derivatives

CORRECTED – HKEX to Launch New Derivatives Products

By Editors | 27/05/2020

Subject to regulatory approval, 37 new futures and options contracts based on MSCI Asia and emerging markets indices will be launched in Hong Kong.

AML / KYC

BSP Prepares Guidelines to Regulate Virtual Asset Service Providers

By Editors | 21/05/2020

The BSP may require higher capital requirements for VASPs based on their scope, scale of operations and complexity of operations.

Capital / Liquidity

BSP Approves Measures to Boost Lending to MSME Sector

By Editors | 06/05/2020

The measures include lower risk weights for MSME loans, deferred implementation of the revised risk-based capital framework, and an extension of the relief period for reporting past due and non-performing loans.

Capital / Liquidity

Philippines: BSP Allows Banks to Draw on Capital, Liquidity Buffers

By Editors | 05/05/2020

Banks that draw from the capital conservation buffer or fall below 100% LCR will not be considered in breach of Basel III rules.

AML / KYC

BSP Warns of Covid-19 related Money Laundering Risks

By Editors | 01/05/2020

Supervised financial institutions are encouraged to prudently leverage on technology to reinforce their controls against fraud and financial crime.