All posts tagged "BSP"
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438AML / KYCPhilippines Passes Law to Enhance Financial Consumer Protections
The law grants regulators enhanced powers to address fraud and consumer complaints in a more timely manner.
May 19, 2022 -
318Capital RegulationBSP Issues Guidelines on Strengthening Rural Bank Competitiveness
The guidelines set out options to strengthen the rural banking sector, including through mergers, acquisitions or third party investment.
May 12, 2022 -
547AML / KYCBSP Sanctions BDO, UBP Over Unauthorised Bank Transfers
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.
May 4, 2022 -
474Fintech / Regtech
Philippine Central Bank to Pilot Test Wholesale CBDC
Project CBDCPh will test the use of a wholesale CBDC for large-value financial transactions across a limited number of financial institutions.
April 28, 2022 -
373Capital Regulation
BSP Proposes Higher Capital Requirements for Rural Banks
The BSP says higher capital requirements will enable rural banks to enhance risk management, upgrade resources, and accelerate digital transformation.
April 28, 2022 -
299AML / KYC
BSP Directs FIs to Implement Controls Against Cyber Fraud
The 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, 2022 -
362Capital Regulation
BSP Proposes Changes to Large Exposures Framework for Banks
Large 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, 2022 -
539AML / KYCPhilippine Banks Directed to Monitor Gaming-related Transactions
FIs 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, 2022 -
253Philippines
BSP Allows Trust Companies to Outsource Internal Audit Function
The 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, 2022 -
494FeatureBSP Requires Banks to Implement Real Time Fraud Monitoring
Under 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
