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AML / KYC
BSP Renews Push for Changes to Bank Secrecy Law
By Editors | 23/04/2021
BSP Governor Benjamin Diokno expects a pending bill to be acted upon by Congress as early as May.
Philippines to Grant BSP Authority Over Insurance Commission
By Editors | 23/04/2021
Under a proposed bill, the supervision of the Insurance Commission will move from the Department of Finance to the BSP.
AML / KYC
Philippines: PhilSys National ID System Draws 28m Registrations
By Editors | 22/04/2021
The issuance of PhilSys ID cards is expected to start within 2021, eventually replacing most other forms of government-issued ID.
AML / KYC
Philippine Banks May Face ‘Systemic Solvency Distress’: IMF
By Ranamita Chakraborty | 19/04/2021
Bank capital adequacy could fall to 11.7% by 2022 in a baseline scenario, 9.3% in an adverse scenario, and 4.9% in a severe adverse scenario.
Fintech / Regtech
Overseas Filipino Bank Obtains Digital Bank Licence
By Ranamita Chakraborty | 09/04/2021
Overseas Filipino Bank, formed as a policy bank to provide services to overseas Filipinos, has been granted a digital banking licence.
AML / KYC
Philippines Expands AML Rules to Financing, Lending Firms
By Ranamita Chakraborty | 08/04/2021
All financing and lending companies are required to register with the AMLC, report suspicious transactions and comply with other AML/CTF rules.
BSP Encourages Greater Development of Islamic Banking
By Ranamita Chakraborty | 01/04/2021
The BSP is proactively approaching local and foreign lenders to ascertain whether they are interested in establishing Islamic banking units.
Capital / Liquidity
Philippine Senate Considers Bills to Enhance Deposit Insurance
By Ranamita Chakraborty | 28/03/2021
The Senate is considering a bill to double the maximum deposit insurance limit to PHP 1 million per depositor.
Fintech / Regtech
BSP, PDAX to Cooperate on Crypto-and-Fintech Regulatory Sandbox
By Editors | 23/03/2021
A crypto-and-fintech regulatory sandbox will boost innovation and technological advancement in financial services, while also increasing public participation in these markets.
BSP Advocates Passage of New Consumer Protection Law
By Ranamita Chakraborty | 09/03/2021
The proposed law will allow financial regulators to issue consumer protection rules, conduct market surveillance and examination, and adjudicate complaints.
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