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AML / KYC
BSP Sanctions BDO, UBP Over Unauthorised Bank Transfers
By Editors | 04/05/2022
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.
Fintech / Regtech
Philippine Central Bank to Pilot Test Wholesale CBDC
By Editors | 28/04/2022
Project CBDCPh will test the use of a wholesale CBDC for large-value financial transactions across a limited number of financial institutions.
Capital / Liquidity
BSP Proposes Higher Capital Requirements for Rural Banks
By Editors | 27/04/2022
The BSP says higher capital requirements will enable rural banks to enhance risk management, upgrade resources, and accelerate digital transformation.
AML / KYC
BSP Directs FIs to Implement Controls Against Cyber Fraud
By Editors | 26/04/2022
The recommended control measures include the removal of clickable links in emails and SMS and customer notifications for fund transfers and contact information changes.
Capital / Liquidity
BSP Proposes Changes to Large Exposures Framework for Banks
By Ranamita Chakraborty | 26/04/2022
Large exposures are defined as exposures equal to or higher than 10 percent of the Tier 1 capital, double the previous 5 percent threshold.
AML / KYC
Philippine Banks Directed to Monitor Gaming-related Transactions
By Editors | 25/04/2022
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.
BSP Allows Trust Companies to Outsource Internal Audit Function
By Sanday Chongo Kabange | 04/04/2022
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.
Fintech / Regtech
BSP Requires Banks to Implement Real Time Fraud Monitoring
By Sanday Chongo Kabange | 31/03/2022
Under new relations, Philippine banks and NBFIs are required to implement automated and real-time fraud monitoring and detection systems by end-December.
Fintech / Regtech
BSP to Initiate Pilot Project to Test CBDC Use Cases
By Sanday Chongo Kabange | 16/03/2022
The BSP is looking to explore the use of CBDC in account-based distribution of cash assistance, as well as in cross-border money transfers.
Fintech / Regtech
BSP Revises Regulatory Framework for E-money Issuers
By Mark Johnston | 15/03/2022
E-money can refer to monetary value “electronically stored in an instrument or device” – including cash cards, prepaid cards, stored value cards or digital wallets.
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