The Bangko Sentral ng Pilipinas (BSP) improved further the electronic submission of the Report on Crimes and Losses (RCL) of all BSP-supervised financial institutions (BSFIs) via the Advanced Suptech Engine for Risk-based Compliance (ASTERisC*).
In a memo (BSP Memorandum Order M-2024-023), BSP Deputy Governor Chuchi G. Fonacier said BSFIs submitting RCL will use the revised RCL data entry template by Aug. 5, 2024.
She reminded banks and non-banks that it will be the only RCL data entry template that will be used and accepted by the BSP Department of Supervisory Analytics.
Meanwhile, BSFIs that will still submit the old version will be rejected by the system and “considered non-compliant with the BSP reporting standards,” said Fonacier.
Based on the memo, the enhancement in the revised RCL template includes the following: additional fields and changes in the available dropdowns for cyber-related crimes to align with RCL submission via ASTERisC*; and expansion of template to nine-digit financial code in accordance with the Enhanced Financial Institution Library System of the BSP.
The BSP describes ASTERisC* as a solution that streamlines and automates regulatory supervision, reporting, and compliance assessment of BSFIs' cybersecurity risk management systems and processes.
Initial implementation covers select BSFIs which meet the pre-defined criteria set by the BSP and it includes reports such as the IT Profile Report, Event Driven Report and Notification, RCL and Cybersecurity Control Self-Assessment, said the BSP.
The most recent amendments BSP had done relating to RCL was last March when it proposed changes to the reporting governance framework of money service businesses (MSBs) which includes changes to risk monitoring, disclosure of crimes and losses, as well as adjustments to penalties for non-compliance.
MSBs are remittance transfer companies (RTCs) and money changers/foreign exchange dealers (MC/FXD). The BSP monitors other forms of MSBs such as electronic money or e-money businesses and also regulate all RTCs including remittance platform providers and e-money issuers.
For the reporting of crimes and losses, MSBs will still report to the BSP crimes whose amount is P20,000 and more from robbery, theft, swindling or estafa, forgery and other deceits. If it involves personnel regardless if it led to the destruction or loss of MSB property, this will be reported to the BSP even if the amount involved is under P20,000.
In the latest version of the proposed circular, incidents involving material loss, destruction or damage to the MSB’s property or facilities, other than arising from a crime, will be reported to the BSP when the amount involved per incident is P100,000 or more. This was higher than the previous threshhold of P20,000.