Philippines

    AML / KYC

    AUSTRAC Commences Legal Action Against Westpac for AML Breaches

    By Editors | 20/11/2019

    According to AUSTRAC’s statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.

    Enforcement

    Philippine SEC Orders Takeover of Brokerage Following Stock Theft

    By Editors | 19/11/2019

    A settlement clerk siphoned client securities into a private account and sold them over eight years, leaving a $13.8 million hole in R&L Investments’ books.

    Market Infrastructure

    Transitioning Away from IBORs: The View from Asia

    By Garima Chitkara | 30/10/2019

    Asian banks have a large and complex operational task ahead of them as they prepare for a post-LIBOR world after 2021, say KPMG’s Marie Gervacio and Luke Gower.

    Capital / Liquidity

    Philippines Mulls Imposing Limits on Lending Rates, Fees

    By Editors | 30/10/2019

    The BSP is considering placing limits on the interest rates and other fees lenders and finance companies can charge borrowers in response to a request from the SEC.

    Capital / Liquidity

    BSP Announces New Round of Reserve Requirement Cuts

    By Editors | 25/10/2019

    The fresh 100bp RRR cut follows a 100bp cut announced last month and a three-step 200bp cut from May to July this year.

    AML / KYC

    Philippines to Start Issuing New National IDs in April

    By Editors | 24/10/2019

    The new IDs will make it easier for the unbanked to open accounts and avail of financial financial services, said BSP governor Benjamin Diokno.

    Market Infrastructure

    Philippines to Adopt QR Codes for Payments Nationally

    By Editors | 24/10/2019

    Once the national QR code standard is established, bank and non-bank payment providers will have 30 days for adoption. Those already offering QR-enabled payments will have until mid-2020.

    Fintech / Regtech

    Suptech Gains Momentum but Approaches Vary: FSI Paper

    By Editors | 23/10/2019

    Suptech use cases have mainly clustered around misconduct analysis, reporting and data management, according a new paper from the BIS Financial Stability Institute.

    Capital / Liquidity

    BSP Reduces Reserve Requirement for Bank Bonds

    By Editors | 18/10/2019

    The move to lower is aimed at deepening the debt market and reducing the intermediation cost that bond issuers could pass on to bond holders.

    Capital / Liquidity

    Philippines: BSP Approves Amended D-SIBs Framework

    By Editors | 16/10/2019

    A bank’s size and interconnectedness will be given greater importance in the assessment to determine its systemic importance in the Philippines.

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