BANGKO SENTRAL NG PILIPINAS

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    AML / KYC

    BSP Mandates Acceptance and Verification of Digital IDs

    By Ranamita Chakraborty | 14/08/2024

    Financial institutions in the Philippines must now accept all national ID formats, including digital IDs, after verifying its authenticity.

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    Fintech / Regtech

    BSP to Start Accepting New Digital Bank Applications in January

    By Sanday Chongo Kabange | 09/08/2024

    The BSP will lift the moratorium on granting new digital bank licences starting 1 January 2025. Only four new licences will be granted.

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    Market Infrastructure

    BSP Unveils 5yr Financial Services Cyber Resilience Plan

    By Sanday Chongo Kabange | 08/08/2024

    The plan set out key goals, priority actions and milestones to be achieved between 2024 to 2029 to enhance industry resilience against cyber threats.

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    BSP Launches New Online Financial Literacy Initiative

    By Sanday Chongo Kabange | 07/08/2024

    The ‘BSP E-Learning Academy’ seeks to broaden the reach of financial education and strengthen consumer protection.

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    AML / KYC

    The Case for Change: Leveraging GenAI in Anti-Financial Crime

    By Bradley Maclean | 07/08/2024

    GenAI’s emergence will revolutionise financial crime prevention, but a balanced approach that includes strict oversight will be key to maximising its benefits.

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    Fintech / Regtech

    BSP Amends Guidelines for Payments Settlement Systems

    By Sanday Chongo Kabange | 01/08/2024

    The BSP said the revised guidelines provide operational flexibility to ACHs under the NRPS framework namely InstaPay and PESONet.

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    AML / KYC

    Regulating GenAI: New Tools, Old Challenges

    By Bradley Maclean | 30/07/2024

    Striking the right balance between automation and human expertise is vital to ensure the effective use of GenAI technology.

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    Fintech / Regtech

    BSP Set to Reopen Applications for Digital Bank Licences

    By Sanday Chongo Kabange | 30/07/2024

    BSP Governor Eli Remolona said a circular would be released “soon” indicating when the application window will be reopened.

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    AML / KYC

    BSP Introduces Framework for Merchant Payment Activities

    By Sanday Chongo Kabange | 26/07/2024

    The framework sets out regulatory requirements for operators of payment systems that engage in merchant payment acceptance activities.

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    Crypto / Digital Assets

    Philippines: BSP to Conclude CBDC PoC by Year-end

    By Nithya Subramanian | 26/07/2024

    Testing of the DLT and wCBDC tokenisation is complete. Two test runs of sandbox experiments are now being conducted.

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