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BSP Drafts New Rules on Financial Services Dispute Resolution
By Editors | 18/08/2022
Complainants can elect for mediation or adjudication only if the complaint cannot be resolved by the FI itself or the BSP’s Consumer Assistance Mechanism.
AML / KYC
Philippine AMLC Tightens Requirements on DNFBPs
By Editors | 18/08/2022
Updated AML/CFT guidelines require DNFBPs to submit proof that their proprietors, partners, directors and principal officers have attended an AML seminar.
BSP Urged to Regulate Away ‘Exorbitant’ Bank Transfer Fees
By Editors | 15/08/2022
Lawmaker Joey Salceda is calling on the BSP to set a cap on transfer fees charged by banks for the use of interbank payment systems.
Crypto / Digital Assets
Philippines: BSP to Suspend VASP Licensing for Three Years
By Editors | 15/08/2022
Starting from 1 September, new VASP licence applications will only be entertained if they come from existing BSP-supervised financial institutions.
Fintech / Regtech
BSP Green Lights Q3 Launch of GoTyme Digital Bank
By Editors | 05/08/2022
GoTyme Bank, a joint venture of digital banking group Tyme and members of the Gokongwei Group of companies, was awarded a Certificate of Authority.
BSP to Ease Documentary Requirements for FX Transactions
By Editors | 31/07/2022
The BSP has proposed draft rules to ease the documentary requirements for registering inward investments and FX remittances to fund investments.
Fintech / Regtech
Five ASEAN Central Banks to Link Payment Systems
By Editors | 21/07/2022
The central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand will formally sign an agreement on payment connectivity in November.
Fintech / Regtech
Philippines: UnionBank Commences Digital Banking Operations
By Editors | 20/07/2022
UnionDigital Bank commenced operations on Monday after receiving the BSP’s green light for the launch last week.
Market Infrastructure
BSP Designates Two “Prominently Important” Payment Systems
By Editors | 18/07/2022
The designation of PESONet and InstaPay as Prominently Important Payment Systems will mean they are subject to closer BSP supervision and monitoring.
AML / KYC
BSP Issues Guidance on Conducting AML/CFT Risk Assessments
By Editors | 18/07/2022
The findings from institutional risk assessments should be used to enhance AML/CFT/CPF/sanctions compliance programmes and made available to the BSP during examinations.
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