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BSP Relaxes Reporting Requirements for Financial Institutions
By Editors | 07/03/2021
The BSP is reducing reporting requirements related to the borrowings of directors, officers, stockholders and their related interests.
Market Infrastructure
BSP Issues Guidance on Reporting of LIBOR Exposures
By Manesh Samtani | 05/03/2021
Banks are required to report on all derivatives, as well as assets and liabilities that are interest-bearing, even where there is no LIBOR or PHIREF exposure.
Fintech / Regtech
BSP to Draft Data Governance Policy for Financial Institutions
By Editors | 22/02/2021
The new regulatory framework will guide banks and other financial institutions on how they use and handle electronic information that they collect from customers.
AML / KYC
BSP Adopts New AML/CFT Risk Assessment Framework
By Ranamita Chakraborty | 18/02/2021
The new framework will use a four-point rating scale to grade FIs based on their inherent risks, risk management capabilities and self-assessment systems.
Capital / Liquidity
Philippine President Duterte Signs ‘Bad Bank’ Bill Into Law
By Editors | 17/02/2021
The law will help cushion lenders from a build-up of bad loans due to the Covid-19 crisis, allowing them to dispose of bad assets and keep the banking system stable.
Securities / Derivatives
BSP Lowers Minimum Balance for Investment Management Accounts
By Editors | 11/02/2021
BSP Governor Benjamin Diokno said the revised regulations are aimed at expanding investment opportunities for the public.
AML / KYC
BSP Warns Banks Against Unlicensed Gaming Operators
By Editors | 11/02/2021
FIs should ensure they have robust risk management and due diligence frameworks in place to prevent transactions with illegal online gambling operators.
AML / KYC
BSP Updates VASP Rules to Align with FATF Requirements
By Editors | 28/01/2021
The updated rules also bring into scope virtual asset custodians, introducing a $1mn minimum capital requirement for such businesses.
Capital / Liquidity
2021 Outlook for BCBS 239 Compliance in Southeast Asia
By Irene Liu | 26/01/2021
PwC’s South East Asia Consulting team discusses progress made to comply with BCBS 239 in Southeast Asian jurisdictions, providing an outlook and recommendations for the year ahead.
AML / KYC
BSP Highlights AML Risks of Cash, Cross-Border Payments
By Editors | 24/01/2021
Suspected criminal proceeds mostly came from Australia, Germany, Singapore, the UK and the US. The top destinations of suspected illicit funds were Hong Kong, Singapore and the US.
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