BANGKO SENTRAL NG PILIPINAS

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    Fintech / Regtech

    BSP Issues Draft Rules for Digital Marketplace Operators

    By Sanday Chongo Kabange | 26/02/2025

    The draft guidelines will allow banks and EMIs to offer their own products as well as those from third-party providers via a single “digital marketplace” platform.

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    Capital / Liquidity

    BSP Reduces Reserve Requirement Ratio for Philippine Banks

    By Sanday Chongo Kabange | 25/02/2025

    The BSP says the RRR cut will promote financial intermediation. The cut is expected to release up to PHP 330 billion into the banking system.

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    AML / KYC

    BSP Issues Draft Rules Authorising FIs to Freeze Suspicious Funds  

    By Sanday Chongo Kabange | 06/02/2025

    FIs will be able to temporarily hold “disputed funds” while they initiate a process to validate the legitimacy of the transaction.

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    AML / KYC

    BSP Issues Draft Rules on Sharing of Financial Account Information

    By Sanday Chongo Kabange | 23/01/2025

    The rules will implement a requirement of the Anti-Financial Account Scamming Act, which allows financial account information to be shared with enforcement agencies.

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    AML / KYC

    BSP Revises IT Risk Management Rules to Align with New Anti-Scams Law

    By Sanday Chongo Kabange | 23/01/2025

    The BSP said BSFIs must comply with the new regulations by 30 June 2025 and that a shared accountability framework will be adopted.

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    Philippine SEC Directs Listed Firms to Disclose Auditor Fees

    By Sanday Chongo Kabange | 15/01/2025

    Listed firms must disclose the fees paid to external auditors in their annual financial statements for the period ending 31 December 2024, and thereafter.

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    Fintech / Regtech

    BSP Extends Cyber Risk Management Software to All Banks, VASPs

    By Sanday Chongo Kabange | 10/12/2024

    The BSP said it is expanding the use of its cyber risk management software known as ASTERisC* to all banks and VASPs.

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    Crypto / Digital Assets

    BSP Concludes Tests on Streamlining Interbank Payments With CBDC

    By Editors | 06/12/2024

    The BSP said Project Agila testing found that off-hours transactions can safely be supported by open-source DLT through the Oracle Cloud Infrastructure.

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    Crypto / Digital Assets

    BSP Proposes to Enhance Reporting Requirements for VASPs

    By Editors | 26/11/2024

    VASPs must submit 13 reports at specified intervals to ensure thorough oversight. A new reporting portal will be implemented by January.

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    Securities / Derivatives

    BSP to Ease Rules on Cross-Selling Financial Products

    By Sanday Chongo Kabange | 25/11/2024

    The revised regulations will allow the cross-selling of financial products, including insurance and mutual funds, within financial conglomerates.

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