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Anti-Money Laundering
BSP Orders Banks to Enhance STR Filing Processes
By Editors | 07/06/2021
Incorrect STR filings, as identified by the AMLC in a recent review, could downplay the risk and prioritisation of STRs, particularly when they involve high-risk crimes.
Reporting & Disclosures
BSP Outlines Expectations for Banks on Sustainable Finance
By Sanday Chongo Kabange | 04/06/2021
Banks must establish environmental and social risk management systems and disclose their sustainability initiatives in their annual reports.
Credit Risk
BSP Sets Out Approval Procedures for Bad Loan Disposal
By Ranamita Chakraborty | 02/06/2021
The BSP has set out the procedure for lenders to apply for approval to dispose of NPAs under the provisions of the FIST Act.
Anti-Money Laundering
Philippines: 26 Groups Jointly Call for Easing of Bank Secrecy Law
By Ranamita Chakraborty | 02/06/2021
The groups say the Philippines lags the world on bank secrecy and allows politicians and other government officials to hide unexplained wealth.
Operational Risk
New Reputational Risk Guidelines to Strengthen Resilience: BSP
By Ranamita Chakraborty | 01/06/2021
Financial institutions have until April 2022 to fully comply with the BSP’s new guidelines on reputational risk management.
Anti-Money Laundering
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.
Payments & Settlements
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.
Structural Regulation
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.
Credit Risk
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.
Resolution & Recovery
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.
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