Bangko Sentral ng Pilipinas

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    AML / KYC

    BSP Issues Guidance on Effective Transaction Monitoring

    By Sanday Chongo Kabange | 27/04/2023

    The guidance calls on regulated financial institutions to bolster their TM systems, highlighting the importance of board of senior management involvement.

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    BSP Issues New Rules on Handling Financial Complaints

    By Sanday Chongo Kabange | 13/04/2023

    The new rules take effect on 1 May, requiring all regulated FIs to have a complaint handling mechanism and effectively handle consumer disputes.

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    Fintech / Regtech

    Philippine Banks Undergo Major Change in Regulatory Reporting

    By Manesh Samtani | 11/04/2023

    BSP deputy governor Chuchi Fonacier says 18 reporting templates and Excel files totalling 300-plus schedules are being reduced to a single XML file.

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    AML / KYC

    BSP Issues New CDD Rules to Support PhilSys Enabled e-KYC

    By Sanday Chongo Kabange | 07/04/2023

    The PhilSys national digital ID system is acceptable for e-KYC, provided it is supported by “robust technology, adequate governance, processes, and procedures”.

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    Fintech / Regtech

    APAC Regulators Form New Forum to Address Cloud Risk

    By Sanday Chongo Kabange | 06/04/2023

    MAS assistant managing director Vincent Loy said the twice-a-year forum will help APAC regulators and CSPs ensure greater resilience of cloud adoption in the financial sector.

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    Capital / Liquidity

    BSP Offers Regulatory Relief to Promote Islamic Banking

    By Sanday Chongo Kabange | 03/04/2023

    The BSP is offering relief from minimum capital requirements to incentivise conventional banks to develop the Islamic banking market.

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    Fintech / Regtech

    BIS Innovation Hub Completes Project Nexus Proof-of-Concept

    By Editors | 23/03/2023

    The next phase of Nexus will connect the instant payment systems of Singapore, Indonesia, Malaysia, Philippines and Thailand.

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    Fintech / Regtech

    BSP Sets 1 July for Mandatory Adoption of QR Ph Standard

    By Editors | 15/03/2023

    From 1 July, all FIs and PSPs must disable all non-QR Ph codes and proprietary QR codes and ensure they are no longer be available to the public.

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    BSP Seeking to Eliminate Fees for Small Value Transactions

    By Editors | 06/03/2023

    The BSP is considering lowering the RRR in exchange for banks waiving their fees on small transactions, as part of efforts to promote financial inclusion.

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    Fintech / Regtech

    BSP Finalises New Requirements for E-money Issuers

    By Sanday Chongo Kabange | 14/02/2023

    Amended regulations require e-money issuers to meet higher liquidity and capital requirements, to ensure the industry’s resilience.

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