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Market Infrastructure
BSP Designates Two “Prominently Important” Payment Systems
By Editors | 18/07/2022
The designation of PESONet and InstaPay as Prominently Important Payment Systems will mean they are subject to closer BSP supervision and monitoring.
AML / KYC
BSP Issues Guidance on Conducting AML/CFT Risk Assessments
By Editors | 18/07/2022
The findings from institutional risk assessments should be used to enhance AML/CFT/CPF/sanctions compliance programmes and made available to the BSP during examinations.
AML / KYC
BSP Reiterates Calls for FIs to Enhance Anti-Fraud Measures
By Editors | 05/07/2022
The BSP has vowed to intensify monitoring and surveillance of the financial industry to ensure they “remain responsive to emerging risks”.
Fintech / Regtech
BSP Upgrades Infrastructure to Support Big Data Applications
By Editors | 16/06/2022
The BSP plans to start using big data sources and applications in 2023, starting with an index that will analyse online news to gauge the sentiment.
Market Infrastructure
Philippines Launches New Framework for Managing Crises
By Editors | 15/06/2022
The SRCM framework sets out how the FSCC should intervene in the event of a potential systemic risk that could negatively affect the macroeconomy.
AML / KYC
IMF Calls on Philippines to Enhance AML Supervision
By Sanday Chongo Kabange | 14/06/2022
Limited actions to amend bank secrecy laws present risks to the Philippines. Casinos, the gaming industry, and crypto exchanges are flagged as risky.
Capital / Liquidity
New Capital Rules May Force Philippine Rural Banks to Close
By Editors | 08/06/2022
RBAP president Albert Concha says higher capital requirements proposed by BSP will cause rural bank closures and stunt financial inclusion initiatives.
Crypto / Digital Assets
Crypto Ads to be Screened in the Philippines from 7 July
By Editors | 29/05/2022
Firms advertising crypto services to Philippine users will have to provide proof they have registered with the SEC as companies and with BSP as remittance and transfer providers.
ESG / Sustainability
BSP Consults on Sustainable Investment Guidelines for Banks
By Editors | 27/05/2022
The guidelines offer three recommended approaches to help banks assess the sustainability of their prospective investments.
Market Infrastructure
BSP Issues Draft Operating Rules for RTGS Payment System
By Sanday Chongo Kabange | 26/05/2022
The RTGS system shall be operated, managed and maintained by the BSP given its recent designation as a systemically important payment system.
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