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ESG / Sustainability
BSP Issues Guidance for Banks on E&S Risk Management
By Manesh Samtani | 04/10/2022
Banks must develop ESRM systems that assess environmental and social risks arising from their operations, products, services, transactions, activities, and operating environment.
Fintech / Regtech
BSP Tightens Prudential Requirements for Digital Banks
By Editors | 21/09/2022
Digital banks must meet the same Basel III capital, liquidity and leverage requirements applicable to universal and commercial banks.
Crypto / Digital Assets
Binance Set to Secure Crypto Licence for the Philippines
By Editors | 21/09/2022
Binance is in late stage talks to buy a Philippine company that already has VASP and electronic money issuer licences.
Securities / Derivatives
BSP Amends Rules for Unit Investment Trust Funds
By Editors | 17/09/2022
Trust entities seeking to create certain types of unit investment trust funds for the first time will be required to secure BSP approval.
Fintech / Regtech
BSP Approves Introduction of Regulatory Sandbox Framework
By Editors | 13/09/2022
The regulatory sandbox framework will enable the BSP to balance the perceived benefits of emerging technologies against the need to manage their risks.
AML / KYC
BSP Issues New Guidance on TFS Implementation
By Sanday Chongo Kabange | 09/09/2022
The guidance sets out the BSP’s regulatory expectations and identifies emerging typologies, including the use of virtual assets to finance terrorism.
Capital / Liquidity
BSP Raises Minimum Capital Requirement for Rural Banks
By Sanday Chongo Kabange | 06/09/2022
The PHP 10 million minimum capital requirement was raised to PHP 50 million, which is less than was proposed in May.
Capital / Liquidity
Philippines to Assess Financial Conglomerate Risks in October
By Editors | 06/09/2022
The first supervisory college focusing on financial conglomerates concluded in June. The second supervisory college will commence in October.
AML / KYC
BSP Rolls Out New Cyber Risk Management Software at FIs
By Editors | 06/09/2022
The software will streamline and automate regulatory supervision, reporting and compliance assessment of banks’ cybersecurity risk management.
Capital / Liquidity
BSP Approves Guidelines on Large Exposures Monitoring
By Editors | 31/08/2022
The guidelines set out the criteria banks should use to assess economic interdependence between connected counterparties, among other requirements.
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