The law grants regulators enhanced powers to address fraud and consumer complaints in a more timely manner.
May 19, 2022The guidelines set out options to strengthen the rural banking sector, including through mergers, acquisitions or third party investment.
May 12, 2022The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.
May 4, 2022Project CBDCPh will test the use of a wholesale CBDC for large-value financial transactions across a limited number of financial institutions.
April 28, 2022The BSP says higher capital requirements will enable rural banks to enhance risk management, upgrade resources, and accelerate digital transformation.
April 28, 2022The recommended control measures include the removal of clickable links in emails and SMS and customer notifications for fund transfers and contact information changes.
April 27, 2022Large exposures are defined as exposures equal to or higher than 10 percent of the Tier 1 capital, double the previous 5 percent threshold.
April 26, 2022FIs are asked to bolster their CDD and file reports when suspicious transactions are observed involving play-to-earn games such as the recently-hacked Axie Infinity.
April 26, 2022The BSP says trust companies can use the internal audit function of a parent bank or NBFI, or outsource internal audit activities to an external firm.
April 4, 2022Under new relations, Philippine banks and NBFIs are required to implement automated and real-time fraud monitoring and detection systems by end-December.
March 31, 2022