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AML / KYC
IMF Calls for Amendments to Philippine Bank Secrecy Laws
By Editors | 17/11/2020
The BSP should be granted “unimpaired access” to information on all customer accounts and the ability to employ and share depositor information for any prudential purpose.
Fintech / Regtech
BSP, MAS Declare Opposition to Data Localisation Requirements
By Editors | 16/11/2020
Data mobility in financial services supports economic growth, innovative financial services, risk management and compliance, BSP and MAS say in a joint statement.
AML / KYC
Philippine Authorities Probe Financial Transactions Linked to Wirecard
By Sanday Chongo Kabange | 11/11/2020
The National Bureau of Investigation is examining the financial transactions of a law firm office that appears to have provided legal services to Wirecard and Jan Marsalek.
BSP to Stimulate SME Lending with New Credit Risk Database
By Sanday Chongo Kabange | 28/10/2020
The database will use financial statements and loan default information held by financial institutions to generate credit scores and better estimate default risk.
AML / KYC
Philippines Begins Roll-out of New National ID System
By Editors | 15/10/2020
PhilSys will mean wider inclusion in the financial ecosystem for the unbanked, allowing cash aid, credit and other welfare spending to reach them faster.
Market Infrastructure
BSP Amends Operational Risk Guidelines to Include ‘People Risk’
By Sanday Chongo Kabange | 13/10/2020
The BSP wants banks and NBFIs to embed in their ERM framework measures to identify, measure, monitor, and control human resource related risks.
Fintech / Regtech
BSP Revises Minimum Capital Requirement for Digital Banks
By Manesh Samtani | 08/10/2020
The BSP will no longer consider a distinction between a basic and advance digital bank, according to a revised circular issued for industry review and feedback.
Fintech / Regtech
Philippine DOF Push For Joint Cyber Defence Strategy
By Sanday Chongo Kabange | 08/10/2020
State-run financial institutions, pension funds, insurance firms and other government agencies are instructed to establish shared cyber defence strategies.
AML / KYC
BSP Set to Issue Revised Rules on Virtual Assets
By Sanday Chongo Kabange | 30/09/2020
The revisions are aimed at addressing identified gaps and aligning the framework with FATF guidance for regulating VASPs.
BSP to Impose 24pc Ceiling on Credit Card Interest
By Editors | 27/09/2020
Effective from 3 November, credit card issuers can charge a maximum 2% per month on unpaid outstanding credit card balances.
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