Philippines

Anti-Money Laundering

Philippine Lawmakers File Bill Criminalising Cash Smuggling

By Editors | 11/03/2020

In the Philippines’ October 2019 mutual evaluation report, the APG noted low confiscation cases and detection levels in relation to bulk movements of currency across borders.

Supervision & Enforcement

BSP to Adopt New Supervisory Assessment Framework From July

By Editors | 11/03/2020

The new SAFr – said to be more forward-looking compared to CAMELS – uses a four-point rating scale, focusing on FIs business models and compliance systems’ ability to mitigate risk.

Anti-Money Laundering

Philippine Lawmakers Warned of Urgent Need to Pass AML Reforms

By Editors | 08/03/2020

The AMLC has urged lawmakers to quickly pass legislative amendments to address AML/CTF deficiencies to avoid being grey- or black-listed by the FATF.

Trade Based Money Laundering

Trade Misinvoicing a ‘Persistent Problem’ in Developing Countries

By Editors | 05/03/2020

Think tank Global Financial Integrity found $8.7tr in misinvoiced trade in the ten years from 2008 to 2017. Trade misinvoicing is one of the largest components of global illicit financial flows.

Credit Risk

Singapore Banks Among Most Vulnerable to Covid-19 Impacts: Fitch

By Editors | 04/03/2020

While Singaporean banks have sufficient loss-absorption buffers to withstand pressure, the impact will depend on the extent and duration of the outbreak.

Emerging Prudential Risks

Central Banks Act to Mitigate Covid-19 Economic Threat

By Editors | 04/03/2020

The HKMA has responded to the US rate cut with a cut of its own. The RBA and BNM have also cut their key policy rates, while the BOJ focuses on asset purchases.

Credit Risk

Philippine Banks to Get Covid-19 Regulatory Relief

By Editors | 01/03/2020

The relief measures may include grace periods for rediscounting loans, staggered booking of credit losses, non-imposition of penalties for reserve deficiencies, and non-recognition of loan defaults.

Capital Adequacy

BSP Approves ‘Enhanced’ Capital Requirements for Smaller Banks

By Editors | 27/02/2020

The higher capital standards for stand-alone thrifts, rural and cooperative banks include a 6% minimum CET1 ratio, a 7.5% Tier 1 ratio, and a 2.5% capital conservation buffer.

Payments & Settlements

Thailand, Cambodia Launch Cross-Border QR Payments

By Editors | 20/02/2020

New payments connectivity between the two countries is expected to promote trade, tourism, financial inclusion, and the usage of local currencies in cross-border transactions.