Philippines

Anti-Money Laundering

Singapore Authorities Probe Two Companies with Wirecard Links

By Editors | 04/07/2020

Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.

Payments & Settlements

BSP Approves New Payment System Oversight Framework

By Editors | 02/07/2020

The BSP will be empowered to designate a payment system as systemically important, and replace its operator for a failure to satisfy regulatory obligations.

Structural Regulation

Philippine SEC Seeks Independent Board at Stock Exchange

By Editors | 01/07/2020

The Philippine Stock Exchange currently has three independent directors on its 15-seat board. Under the proposed rules, a majority of the directors will have to be independent.

Supervision & Enforcement

BSP Defers Adoption of New Supervisory Assessment Framework

By Editors | 30/06/2020

The six-month deferral is intended to give FIs more time to prepare for implementation, given the impact of the Covid-19 pandemic.

Fraud, Scams & Cybercrime

UPDATED – Wirecard Fraud: A Timeline of Events

By Editors | 30/06/2020

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

Liquidity Risk

ASEAN+3 Strengthens Regional Emergency Liquidity Programme

By Editors | 24/06/2020

The 2010 crisis liquidity programme has been revised to reinforce financial support, create additional flexibility, and introduce conditionality.

Fraud, Scams & Cybercrime

BaFin Efficacy Called into Question for Wirecard Handling

By Manesh Samtani | 22/06/2020

Last February, BaFin responded to whistleblower allegations and critical media reports by banning short-selling in Wirecard and filing criminal charges against journalists.

Anti-Money Laundering

PBOC Promises Crackdown on Illegal Overseas Gambling

By Editors | 16/06/2020

Payments industry stakeholders are directed to strengthen customer identification, report suspicious transactions, and improve surveillance.

Anti-Money Laundering

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.