Philippines

Capital / Liquidity

BSP Increases Pace of Rural Bank Closures

By Samuel Riding | 23/08/2016

Central bank has closed 15 lenders so far this year; aiming to strengthen local banks as presence of foreign institutions expands.

Capital / Liquidity

Philippines Removes ‘NBQB’ Loan Registration Requirements

By Samuel Riding | 19/08/2016

Rule making it easier for non-banks with quasi-banking functions to borrow offshore takes effect on 15 September.

AML / KYC

Southeast Asia’s First Regional CTF Risk Assessment Announced

By Editors | 12/08/2016

Bali CTF summit yields greater coordination on risk assessment, information sharing.

AML / KYC

BSP Imposes $21mn Fine Following AML Failures

By Editors | 08/08/2016

Largest-ever fine imposed after USD 81M Bangladesh Bank heist on RCBC.

AML / KYC

Bangladesh Expects to Recoup All USD81mn from NY Fed Heist

By Samuel Riding | 27/07/2016

Central bank chief says RCBC likely to be held liable for theft, repay money.

AML / KYC

Philippines Set to Close Casino Money Laundering Loophole

By Samuel Riding | 06/07/2016

Bill proposes to amend 2001 Anti-Money Laundering Act which excluded casino operators, junkets.

Market Infrastructure

Philippines Regulator Seeks Prosecution Powers

By Samuel Riding | 10/06/2016

Securities and Exchange Commission also seeking ability to freeze accounts.

AML / KYC

Macau Tightens AML Rules

By Samuel Riding | 07/06/2016

Casinos must keep daily records and hire compliance officers.

AML / KYC

Philippines Moots ‘Hard Regulations’ for Bitcoin

By Samuel Riding | 04/06/2016

Central bank official says exchanges currently seen as equivalent to remittance providers.