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BSP Allows More FIs to Engage in FX Transactions
By Editors | 11/01/2022
The amendments allow Islamic banks and digital banks to engage in FX transactions and streamline licensing requirements for banks.
Philippines Caps Charges Allowed on Small Value Loans
By Editors | 09/01/2022
The caps apply to the charges imposed on borrowers of small-value loans by lending firms, financing companies and online lending platforms.
AML / KYC
BSP Directs Banks to Help Curb Vote-Buying Ahead of National Election
By Editors | 05/01/2022
Banks should “at a minimum” consider four scenarios when calibrating their fraud management systems and account and transaction monitoring rules/parameters.
BSP to Enhance Bank Reporting of Credit, Equity Exposures
By Editors | 31/12/2021
Banks will pilot test the new submissions from February until May 2022, using data from the 30 June 2021 reporting period.
AML / KYC
BSP Identifies Other Banks, Non-banks Involved in BDO Hack
By Editors | 23/12/2021
A BSP task force will submit recommendations to the Monetary Board by mid-January 2022, which may include sanctions and penalties for the involved banks.
AML / KYC
BSP to Ensure Hacked BDO Accounts Are Reimbursed
By Mark Johnston | 15/12/2021
Some 700 customers of BDO Unibank have suffered losses due to a hack. The BSP said it will ensure remedial measures are undertaken.
ESG / Sustainability
Bangko Sentral’s ‘Deliberate Approach’ to Sustainable Finance
By Mark Johnston | 14/12/2021
Deputy governor Chuchi Fonacier explains the BSP’s policy approach to sustainability, highlighting the central bank’s role as an ‘enabler’, ‘mobiliser’ and ‘doer’.
Fintech / Regtech
BSP Urges Rural Banks to Promote Financial Inclusion Through Tech
By Mark Johnston | 07/12/2021
As of end-June 2021, there were over 3,000 rural banks nationwide. However, only 21 of them offer PESONet and 11 offer InstaPay for electronic fund transfer services.
Capital / Liquidity
BSP Allows Digital Banks to Participate in Monetary Operations
By Editors | 30/11/2021
Digital banks and unit investment trust funds can also participate in the secondary market for central bank securities.
BSP Issues Revised Corporate Governance Rules for FIs
By Editors | 25/11/2021
Non-Filipino citizens can become members of a bank’s board of directors, to the extent of foreign ownership in the institution.
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