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May 23 2021 -
May 23 2021 
AMLC tweaks rules for registration of covered persons
THE ANTI-MONEY Laundering Council (AMLC) is revising its guidelines for covered persons under the amended Anti-Money Laundering Act to let more developers and brokers register with the regulator.
“Once the deadline has been set, appropriate penalties pursuant to existing regulations will be imposed for those who fail to register on time,” AMLC Executive Director Mel Georgie…
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May 23 2021 
BSP Monetary Board approves FIST law guidelines for banks
THE CENTRAL BANK has approved the guidelines for the implementation of the Financial Institution Strategic Transfer (FIST) law, including the procedure for getting the certificate of eligibility for targeted nonperforming assets that banks want to dispose.
“The MB (Monetary Board) just approved [on Thursday] the implementing guidelines on the FIST Act. This will be issued in…
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May 23 2021 
Lenders’ suspicious transaction reports surge
Suspicious transactions reported by Philippine banks and other financial institutions have risen in the past eight years, and are expected to grow by 26% and 44% this year and in 2022, according to the country’s anti-laundering agency.
These reports are expected to hit 1.2 million this year and 1.8 million in 2022 unless the Anti-Money Laundering…
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May 23 2021 
Diokno says BSP in no hurry to adopt digital currency
The Bangko Sentral ng Pilipinas (BSP) will continue to study the possibility of developing its own digital currency but will seek to build up its capacity to handle digital-currency operations.
“We are developing our capacity to adopt it but we are not in a hurry… at the moment,” Governor Benjamin E. Diokno said during the Institute of International Finance’s Asia-Pacific summit Friday, in response to a question about developing a central bank digital currency (CBDC).
“We remain supportive of financial innovations brought…
