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Cryptocurrency
UnionBank Becomes First Philippine Bank to Enable Crypto Trading
By Editors | 30/08/2022
UnionBank has also been exploring other uses of blockchain technology, as it seeks to future-proof its business and expand its metaverse footprint.
Sustainable Finance
BSP Issues Sustainable Investment Guidelines for Banks
By Sanday Chongo Kabange | 29/08/2022
Banks whose investments are exposed to material environmental and social risks should adopt appropriate tools and metrics to assess, measure, and monitor these risks.
Anti-Money Laundering
BSP Calls for ‘Limited Amendment’ to Bank Secrecy Law
By Editors | 27/08/2022
BSP senior assistant governor Elmore Capule told a Senate Committee the BSP is looking for a “limited relaxation of the bank secrecy laws”.
Cryptocurrency
Indonesia Stops Registering New Crypto Businesses
By Editors | 24/08/2022
The moratorium is intended to allow the regulator to focus on improving the governance of crypto exchanges that are already registered.
Structural Regulation
BSP to Increase Penalties for Misreporting of FX Transactions
By Editors | 23/08/2022
The new penalties regime is intended to help protect the value of the Philippine peso, maintain price stability, and deter future violations.
Conduct, Culture & Accountability
BSP Drafts New Rules on Financial Services Dispute Resolution
By Editors | 18/08/2022
Complainants can elect for mediation or adjudication only if the complaint cannot be resolved by the FI itself or the BSP’s Consumer Assistance Mechanism.
Anti-Money Laundering
Philippine AMLC Tightens Requirements on DNFBPs
By Editors | 18/08/2022
Updated AML/CFT guidelines require DNFBPs to submit proof that their proprietors, partners, directors and principal officers have attended an AML seminar.
Payments & Settlements
BSP Urged to Regulate Away ‘Exorbitant’ Bank Transfer Fees
By Editors | 15/08/2022
Lawmaker Joey Salceda is calling on the BSP to set a cap on transfer fees charged by banks for the use of interbank payment systems.
Cryptocurrency
Philippines: BSP to Suspend VASP Licensing for Three Years
By Editors | 15/08/2022
Starting from 1 September, new VASP licence applications will only be entertained if they come from existing BSP-supervised financial institutions.
Structural Regulation
BSP Green Lights Q3 Launch of GoTyme Digital Bank
By Editors | 05/08/2022
GoTyme Bank, a joint venture of digital banking group Tyme and members of the Gokongwei Group of companies, was awarded a Certificate of Authority.
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