Philippines

AML / KYC

Five RCBC Bank Employees Charged with Money Laundering

By Editors | 25/05/2019

Five current and former bank employees have been charged with money laundering in the Philippines in connection with the 2016 Bangladesh Bank heist.

Capital / Liquidity

BSP Cuts RRR for Thrift, Rural, Cooperative Banks

By Editors | 25/05/2019

The move follows RRR cuts for large banks, as the BSP looks to mitigate lowering price expectations and inflation.

Capital / Liquidity

BSP to Cut Reserve Requirements for Biggest Banks

By Editors | 17/05/2019

The 200 basis point RRR cut will take place over three phases by end-July, and free up an estimated $3.6bn in banking system liquidity.

Big Picture

Financial Sector Cyber Resilience Relies on Global Cooperation – FSB

By Editors | 12/05/2019

Successful cooperation on cyber security will enhance financial sector resilience and prevent fragmentation, said the FSB’s secretary general Dietrich Domanski in speech to the G7.

Fintech / Regtech

Open Banking Security Risks May Open Pandora’s Box

By Peter Lancos | 09/05/2019

The open banking initiative could be put in jeopardy if data is not sufficiently secured, say Peter Lancos, Jonathan Naismith and Suraj Nittoor at Exate Technology.

AML / KYC

Philippine FIU Seeks an End to Bank Secrecy Law

By Editors | 07/05/2019

The AML Council is seeking additional powers to combat financial crime, including the lifting of the bank secrecy law, which would allow it to check all accounts regardless of transaction thresholds.

Market Infrastructure

Philippines Allows Foreigners to Serve as Bank Directors, Officers

By Editors | 01/05/2019

The Philippine central bank has amended rules that previously prohibited the election and appointment of foreign nationals as directors and officers of financial institutions in the country.

Market Infrastructure

BSP Issues Draft Rules for Implementing National Payment Systems Act

By Editors | 26/04/2019

The Philippine central bank has issued a draft circular to support its new mandate as the primary regulator for the country’s payment systems.

Market Infrastructure

Hogan Lovells Releases APAC Data Protection, Cyber Security Guide

By Manesh Samtani | 16/04/2019

The guide offers a look at the key data protection and cyber security developments of 2018, expectations for the year ahead, and guidance for effective compliance.