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Cryptocurrency
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.
Sustainable Finance
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.
Payments & Settlements
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.
Conduct, Culture & Accountability
Philippines Passes Law to Enhance Financial Consumer Protections
By Sanday Chongo Kabange | 19/05/2022
The law grants regulators enhanced powers to address fraud and consumer complaints in a more timely manner.
Capital Adequacy
BSP Issues Guidelines on Strengthening Rural Bank Competitiveness
By Editors | 11/05/2022
The guidelines set out options to strengthen the rural banking sector, including through mergers, acquisitions or third party investment.
Fraud, Scams & Cybercrime
BSP Sanctions BDO, UBP Over Unauthorised Bank Transfers
By Editors | 04/05/2022
The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.
CBDCs
Philippine Central Bank to Pilot Test Wholesale CBDC
By Editors | 28/04/2022
Project CBDCPh will test the use of a wholesale CBDC for large-value financial transactions across a limited number of financial institutions.
Capital Adequacy
BSP Proposes Higher Capital Requirements for Rural Banks
By Editors | 27/04/2022
The BSP says higher capital requirements will enable rural banks to enhance risk management, upgrade resources, and accelerate digital transformation.
Fraud, Scams & Cybercrime
BSP Directs FIs to Implement Controls Against Cyber Fraud
By Editors | 26/04/2022
The recommended control measures include the removal of clickable links in emails and SMS and customer notifications for fund transfers and contact information changes.
Credit Risk
BSP Proposes Changes to Large Exposures Framework for Banks
By Ranamita Chakraborty | 26/04/2022
Large exposures are defined as exposures equal to or higher than 10 percent of the Tier 1 capital, double the previous 5 percent threshold.
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