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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.
Market Infrastructure
BSP Deploys New Supervisory Assessment Framework
By Editors | 12/01/2021
SAFr aims to facilitate forward-looking assessments of financial institutions and link their systemic importance and risk profile to the level of supervisory attention they receive.
Market Infrastructure
BSP Consults on Draft Policies to Strengthen Payment Systems
By Editors | 03/01/2021
The first draft policy covers governance policies for payment system operators. The second covers the local adoption of the PFMI for designated payment systems.
BSP Grants Foreign Banks Relief from Single Borrower’s Limit
By Editors | 02/01/2021
The measure is expected to help boost lending, bolster economic growth and diversify credit exposures, said BSP governor Benjamin Diokno.
Philippines: BSP to Standardise MSME Loan Applications
By Editors | 24/12/2020
A standard business loan application form will simplify and improve the application process, while also facilitating banks’ risk assessments and speeding up turnaround time.
Capital / Liquidity
BSP Deputy Governor Outlines Key Priorities for the Year Ahead
By Manesh Samtani | 07/12/2020
Deputy Governor Chuchi Fonacier spoke to Regulation Asia about planned measures to promote digital payments, help MSMEs, and further strengthen the banking sector.
Capital / Liquidity
BSP Issues Draft Rules for Islamic Bank Liquidity Management
By Editors | 29/11/2020
Due to the limited availability of liquidity management instruments which are appropriate for Islamic banks and banking units, the BSP will adopt a flexible approach to compliance.
Fintech / Regtech
Philippine Central Bank Introduces Digital Banking Framework
By Editors | 27/11/2020
Foreign individuals and non-bank corporations are allowed to hold up to 40% of a digital bank’s voting shares, while foreign banks are allowed to hold up to 100%.
Market Infrastructure
BSP Instructs Banks to Report on LIBOR Exposures Quarterly
By Manesh Samtani | 23/11/2020
The regular reports will guide the degree of the central bank’s supervisory engagement with individual institutions, BSP deputy governor Chuchi Fonacier told Regulation Asia.
Fintech / Regtech
BSP Seeks Interoperability, Unified Standard in Payments
By Sanday Chongo Kabange | 21/11/2020
BSP governor Benjamin Diokno envisions that payment facilities operated by individual banks and payment firms will operate under a single standard.
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