BANGKO SENTRAL NG PILIPINAS

Securities / Derivatives

Philippines to Launch First Sovereign Wealth Fund by Year-end

By Editors | 07/06/2023

The Maharlika Investment Fund will be created by the end of this year, after the required legislation was passed by Congress last week.

AML / KYC

FIs Must ‘Strictly’ Perform CDD on DNFBP Clients, BSP Says

By Sanday Chongo Kabange | 04/06/2023

CDD includes identifying and verifying the true identities and beneficial owners of DNFBP clients such as lawyers, accountants and real estate developers.

Big Picture

BSP Addresses GCash Service Disruption, Unauthorised Transactions

By Editors | 19/05/2023

Phishing attacks where users shared their OTPs with scammers were the root cause behind unauthorised transactions at GCash.

Capital / Liquidity

BSP Launches Credit Risk Scoring Model for MSMEs

By Editors | 02/05/2023

The CRD Scoring Model will help lenders analyse the creditworthiness of MSMEs, including those without credit histories or adequate collateral.

Securities / Derivatives

BSP Streamlines and Expands Currency Hedging Facility

By Editors | 30/04/2023

The BSP approved amendments to make it easier for clients of large banks to hedge peso-US dollar exposures through NDFs.

AML / KYC

BSP Issues Guidance on Effective Transaction Monitoring

By Sanday Chongo Kabange | 27/04/2023

The guidance calls on regulated financial institutions to bolster their TM systems, highlighting the importance of board of senior management involvement.

BSP Issues New Rules on Handling Financial Complaints

By Sanday Chongo Kabange | 13/04/2023

The new rules take effect on 1 May, requiring all regulated FIs to have a complaint handling mechanism and effectively handle consumer disputes.

Fintech / Regtech

Philippine Banks Undergo Major Change in Regulatory Reporting

By Manesh Samtani | 11/04/2023

BSP deputy governor Chuchi Fonacier says 18 reporting templates and Excel files totalling 300-plus schedules are being reduced to a single XML file.

AML / KYC

BSP Issues New CDD Rules to Support PhilSys Enabled e-KYC

By Sanday Chongo Kabange | 07/04/2023

The PhilSys national digital ID system is acceptable for e-KYC, provided it is supported by “robust technology, adequate governance, processes, and procedures”.