Philippines

KYC & CDD

Philippines Launches Pilot Test of New National ID System

By Editors | 02/09/2019

The pilot test phase will initially focus on government and welfare services, but will later be expanded to include financial services.

Supervision & Enforcement

Philippine Police Arrest Former Govt Official for Banking Law Violations

By Editors | 28/08/2019

Former foreign affairs secretary Perfecto Yasay Jr is reportedly accused of conspiring to obtain a $6.7mn loan for a company without reporting the loan to the central bank.

Data Privacy

Uncovering the Terms and Conditions for Technology

By Max Kantelia | 27/08/2019

Legislators and industry leaders need to work together to ensure the benefits of innovation do not come at the cost of fairness, choice, and privacy, says Zilliqa co-founder Max Kantelia.

Anti-Money Laundering

APG: Good Progress from Taiwan; Pakistan Falls to ‘Enhanced Follow-up’

By Editors | 26/08/2019

The APG has adopted mutual evaluation reports for the Philippines, China, Hong Kong, Pakistan, Taiwan and the Solomon Islands – due to be published in October.

Cloud & Infrastructure

Philippines to Relaunch OF Bank to Create Digital-only Bank

By Editors | 14/08/2019

The Overseas Filipino Bank was launched in January to cater to overseas Filipino workers, who will more easily be able to access digital-only services.

Market Risk

BSP Issues Guidelines for Banks on Managing IRRBB

By Editors | 14/08/2019

Covered supervised institutions have until 1 January 2021 to develop or revise their policies and procedures in accordance with the guidelines.

KYC & CDD

Philippine SEC Proposes New Requirements for Online Lending Platforms

By Editors | 08/08/2019

The SEC proposes new disclosure and reporting requirements for operators of online lending platforms, in response to inquiries from the public about their registration and legitimacy.

Market Risk

BSP Approves New Risk Management Guidelines for Banks

By Editors | 29/07/2019

The guidelines seek to ensure that risks from banks’ investment activities are effectively identified, measured, monitored and controlled.

Structural Regulation

New Zealand Implements Asia Region Funds Passport

By Editors | 28/07/2019

New Zealand joins Australia, Japan and Thailand in having implemented the legal and regulatory requirements to enable the Asia Region Funds Passport.