Bangko Sentral ng Pilipinas

AML / KYC

BSP Revises IT Risk Management Rules to Align with New Anti-Scams Law

By Sanday Chongo Kabange | 23/01/2025

The BSP said BSFIs must comply with the new regulations by 30 June 2025 and that a shared accountability framework will be adopted.

Philippine SEC Directs Listed Firms to Disclose Auditor Fees

By Sanday Chongo Kabange | 15/01/2025

Listed firms must disclose the fees paid to external auditors in their annual financial statements for the period ending 31 December 2024, and thereafter.

Fintech / Regtech

BSP Extends Cyber Risk Management Software to All Banks, VASPs

By Sanday Chongo Kabange | 10/12/2024

The BSP said it is expanding the use of its cyber risk management software known as ASTERisC* to all banks and VASPs.

Crypto / Digital Assets

BSP Concludes Tests on Streamlining Interbank Payments With CBDC

By Editors | 06/12/2024

The BSP said Project Agila testing found that off-hours transactions can safely be supported by open-source DLT through the Oracle Cloud Infrastructure.

Crypto / Digital Assets

BSP Proposes to Enhance Reporting Requirements for VASPs

By Editors | 26/11/2024

VASPs must submit 13 reports at specified intervals to ensure thorough oversight. A new reporting portal will be implemented by January.

Securities / Derivatives

BSP to Ease Rules on Cross-Selling Financial Products

By Sanday Chongo Kabange | 25/11/2024

The revised regulations will allow the cross-selling of financial products, including insurance and mutual funds, within financial conglomerates.

Market Infrastructure

Philippines Launches Peso Interest Rate Swaps Market

By Sanday Chongo Kabange | 18/11/2024

The PESO IRS market will help deepen the capital market, boost trading and liquidity, and promote the development of yield curves.

ESG / Sustainability

BSP Issues Adoption Guidance for Sustainable Finance Taxonomy

By Sanday Chongo Kabange | 14/11/2024

The guidelines help banks assess whether economic activities contribute to SFTG environmental objectives and meet the DNSH and other criteria.

Enforcement

BSP to Probe GCash Over Unauthorised Deductions

By Sanday Chongo Kabange | 12/11/2024

The unauthorised deductions incident was attributed to a “system error”, but the BSP has vowed to investigate.