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AML / KYC
Philippine AMLC to Penalise Firms for Incorrect STR Filings
By Manesh Samtani | 23/05/2021
AMLC Executive Director Mel Georgie Racela told Regulation Asia that incorrect STR filings identified in a recent review will result in supervisory action.
Market Infrastructure
BSP Tests new RTGS System Ahead of June 2021 Go-Live
By Editors | 20/05/2021
The BSP is testing the new peso RTGS system with banks and other participating institutions to determine readiness for go-live in June 2021.
Fintech / Regtech
BSP Expects New Digital Banks to Launch in H2 2021
By Ranamita Chakraborty | 05/05/2021
The BSP has received four applications for digital bank licences, including two from thrift banks that wish to convert their existing licences.
Capital / Liquidity
BSP Extends Regulatory Relief for Banks Pending ‘FIST’ Rescue
By Ranamita Chakraborty | 05/05/2021
The BSP has extended the higher single borrower limit and relief on loan classification, pending full operationalisation of the FIST Act.
Capital / Liquidity
BSP Asks D-SIBs to Submit Recovery Plans Separate from ICAAP
By Editors | 27/04/2021
Separate submission will allow the BSP to better assess recovery plans on an institutional level and across D-SIBs, particularly during times of crisis.
Fintech / Regtech
BSP May Raise Cap on Digital Banking Licences
By Ranamita Chakraborty | 25/04/2021
Under the digital banking framework approved by the BSP in November, the number of digital bank licences is capped at five.
AML / KYC
BSP Renews Push for Changes to Bank Secrecy Law
By Editors | 23/04/2021
BSP Governor Benjamin Diokno expects a pending bill to be acted upon by Congress as early as May.
Philippines to Grant BSP Authority Over Insurance Commission
By Editors | 23/04/2021
Under a proposed bill, the supervision of the Insurance Commission will move from the Department of Finance to the BSP.
AML / KYC
Philippines: PhilSys National ID System Draws 28m Registrations
By Editors | 22/04/2021
The issuance of PhilSys ID cards is expected to start within 2021, eventually replacing most other forms of government-issued ID.
AML / KYC
Philippine Banks May Face ‘Systemic Solvency Distress’: IMF
By Ranamita Chakraborty | 19/04/2021
Bank capital adequacy could fall to 11.7% by 2022 in a baseline scenario, 9.3% in an adverse scenario, and 4.9% in a severe adverse scenario.
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