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AML / KYC
Philippine SEC Backs Amendments to Bank Secrecy Law
By Ranamita Chakraborty | 21/06/2021
Bank secrecy has prevented the SEC from validating information and establishing the owners of bank accounts linked to securities violations.
Fintech / Regtech
BSP to Issue Strict Regulations On ‘Digital Bank’ Branding
By Ranamita Chakraborty | 17/06/2021
Banks that do not meet specified conditions are prohibited from marketing themselves as digital banks, the BSP said in a circular.
Fintech / Regtech
BSP Issues Two New Digital Bank Licences
By Ranamita Chakraborty | 09/06/2021
The BSP has now granted three digital bank licences to date, two of which are conversions from other types of banking licences.
Market Infrastructure
Philippine FSCC Identifies Leverage as Key Downside Risk
By Ranamita Chakraborty | 08/06/2021
Cross-border effects are creating a layer of risks on top of scars that Covid has already inflicted on the domestic economy, the FSCC says.
Capital / Liquidity
BSP Raises Bank Limits on Open FX Positions
By Ranamita Chakraborty | 07/06/2021
The BSP has raised the limit as part of a larger set of amendments to the framework for the management of banks’ open FX positions.
AML / KYC
BSP Orders Banks to Enhance STR Filing Processes
By Editors | 07/06/2021
Incorrect STR filings, as identified by the AMLC in a recent review, could downplay the risk and prioritisation of STRs, particularly when they involve high-risk crimes.
ESG / Sustainability
BSP Outlines Expectations for Banks on Sustainable Finance
By Sanday Chongo Kabange | 04/06/2021
Banks must establish environmental and social risk management systems and disclose their sustainability initiatives in their annual reports.
Capital / Liquidity
BSP Sets Out Approval Procedures for Bad Loan Disposal
By Ranamita Chakraborty | 02/06/2021
The BSP has set out the procedure for lenders to apply for approval to dispose of NPAs under the provisions of the FIST Act.
AML / KYC
Philippines: 26 Groups Jointly Call for Easing of Bank Secrecy Law
By Ranamita Chakraborty | 02/06/2021
The groups say the Philippines lags the world on bank secrecy and allows politicians and other government officials to hide unexplained wealth.
New Reputational Risk Guidelines to Strengthen Resilience: BSP
By Ranamita Chakraborty | 01/06/2021
Financial institutions have until April 2022 to fully comply with the BSP’s new guidelines on reputational risk management.
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