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AML / KYC
BSP Proposes Draft Regulations on TFS Implementation
By Editors | 10/11/2022
The amendments target terrorist and proliferation financing and are aimed at helping the Philippines secure its removal from the FATF grey list.
Capital / Liquidity
BSP Proposes to Launch New Intraday Liquidity Facility
By Editors | 09/11/2022
Proposed rules governing the intraday liquidity facility are being circulated among banks and non-banks.
Crypto / Digital Assets
Philippines: Union Bank Starts Offering Crypto Services
By Editors | 09/11/2022
Union Bank’s digital asset platform, developed by Swiss firm Metaco, went live last week, offering trading in bitcoin and ether.
Securities / Derivatives
Philippines: Funds Allowed More Freedom to Trade BSP Securities
By Editors | 21/10/2022
The central bank has relaxed restrictions on secondary market trading of BSP Securities by UITFs with foreign participation.
AML / KYC
Philippine May Pass Bank Secrecy Law Amendments Next Month
By Editors | 20/10/2022
The amendments will allow the BSP to look into deposit accounts for inquiries into fraud, serious irregularity, and unlawful activity.
BSP Directs FIs to Bolster Email Security, Cyber Awareness
By Editors | 15/10/2022
Financial institutions are directed to adopt “robust and layered” security controls and industry best practices to reinforce email security.
Philippines Set to Adopt Standardised Forms for Loan Applications
By Editors | 10/10/2022
Lenders will be required to use standard loan application forms, which will make credit more accessible to small businesses.
ESG / Sustainability
BSP Issues Guidance for Banks on E&S Risk Management
By Manesh Samtani | 04/10/2022
Banks must develop ESRM systems that assess environmental and social risks arising from their operations, products, services, transactions, activities, and operating environment.
Fintech / Regtech
BSP Tightens Prudential Requirements for Digital Banks
By Editors | 21/09/2022
Digital banks must meet the same Basel III capital, liquidity and leverage requirements applicable to universal and commercial banks.
Crypto / Digital Assets
Binance Set to Secure Crypto Licence for the Philippines
By Editors | 21/09/2022
Binance is in late stage talks to buy a Philippine company that already has VASP and electronic money issuer licences.
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