Philippines

AML / KYC

UPDATED – Bangladesh Bank Files New York Lawsuit over Cyber Heist

By Editors | 04/02/2019

Bangladesh Bank has filed a $66mn lawsuit against Philippines-based RCBC and others over the 2016 bank heist, where hackers stole $101mn from its account with the New York Fed.

Capital / Liquidity

Philippine Central Bank Revises Computation of Banks’ Net Worth

By Editors | 23/01/2019

The Philippines has changed its rules for calculating bank capital to better reflect asset quality and align with computations used for capital adequacy.

Fintech / Regtech

Nine Associations Join Forces to Launch ‘Asia-Pacific FinTech Network’

By Editors | 17/01/2019

Launched at the Asian Financial Forum in Hong Kong, the new network aims to boost regional collaboration and cross-border innovation.

Securities / Derivatives

Singapore, Philippine Bourses Collaborate on Equity Derivatives

By Editors | 15/01/2019

The SGX and PSE are working on developing new equity index derivatives for listing in the Philippines to offer a more diverse product line to international investors.

AML / KYC

Philippine Court Rules in First Conviction in Bangladesh Bank Heist Case

By Garima Chitkara | 11/01/2019

Former RCBC bank manager Maia Santos-Deguito faces 49 years imprisonment and fines of up to $110mn for her role in the February 2016 theft of $81mn from Bangladesh’s central bank.

Capital / Liquidity

Philippine Banking System Stable Despite Outside Challenges

By Editors | 07/01/2019

The Philippine banking system “remained robust and continued to exhibit strong capital position and sustained growth in core earnings”, says BSP deputy governor Chuchi Fonacier.

Fintech / Regtech

Philippines SEC Extends Consultation on ICO Rules

By Editors | 31/12/2018

The second round of public consultation is open until 15 January, after stakeholders asked for more time to study the draft rules.

Capital / Liquidity

Philippines to Introduce Basel III Countercyclical Capital Buffer

By Editors | 13/12/2018

The CCyB will initially be set at 0% but is subject to upward adjustment – up to a maximum of 2.5% – when warranted by systemic conditions.

AML / KYC

Philippine Central Bank Updates Rules on KYC, AML

By Editors | 03/12/2018

The BSP will require financial institutions to collect customers’ unique ‘PhilSys’ ID numbers, and allow the use of technology to capture and record personal data.