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Capital / Liquidity
Philippines: BSP Approves Amended D-SIBs Framework
By Editors | 16/10/2019
A bank’s size and interconnectedness will be given greater importance in the assessment to determine its systemic importance in the Philippines.
AML / KYC
Philippines Makes Push to End Bank Secrecy
By Editors | 15/10/2019
BSP governor Benjamin Diokno has said the central bank wants to help convince lawmakers of the importance of lifting bank secrecy as part of a bill to grant amnesty to errant taxpayers.
Capital / Liquidity
Philippines Amends Framework for Identifying D-SIBs
By Editors | 04/10/2019
The BSP will give more importance to a bank’s size and interconnectedness when deciding which lenders should be classified as D-SIBs.
Fintech / Regtech
BSP Streamlines Rules for Payment System Operators
By Editors | 03/10/2019
The Philippine central bank has simplified the registration process for payment system operators, and created a new consolidated manual of regulations to facilitate compliance.
Capital / Liquidity
BSP Lowers Bank Reserve Requirement Ratio
By Editors | 01/10/2019
The 100bp cut in bank reserve requirements is expected to free up about $2.1bn in the financial system “in support of credit activity”.
Capital / Liquidity
BSP Enhances Rules on Voluntary Surrender of Banking Licences
By Editors | 24/09/2019
The guidelines are aimed at improving protections for depositors and creditors of banks that have decided to cease operations.
Enforcement
Philippines Moves to End Abusive Practices by Fintech Lenders
By Editors | 18/09/2019
A code of ethics and code of conduct have been adopted by members of FinTechAlliance.ph prohibiting the harassment and shaming of delinquent borrowers.
BSP Revises Rules to ‘Institutionalise’ Consumer Protection at Banks
By Editors | 11/09/2019
The BSP has revised its financial consumer protection framework to ensure banks conduct their business ethically and refrain from practices that may cause harm to consumers.
Market Infrastructure
Philippines Signs Islamic Banking Framework into Law
By Editors | 03/09/2019
The law grants Islamic banks powers to carry out the business of a bank in accordance with Sharia principles, in addition to the general powers granted to corporations.
AML / KYC
Philippines Launches Pilot Test of New National ID System
By Editors | 02/09/2019
The pilot test phase will initially focus on government and welfare services, but will later be expanded to include financial services.
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