All Bangko Sentral ng Pilipinas (BSP)-supervised financial institutions (BSFIs) have been ordered to strengthen their risk management procedures by integrating the screening of negative news reports—such as fraud, crime, and scandals involving customers—into their customer due diligence and...
The Bangko Sentral ng Pilipinas (BSP) will not be granting any appeals or requests extending the nine-year term limit of banks’ independent directors, BSP Deputy Governor Chuchi G. Fonacier said. Fonacier in BSP Memorandum No. M-2021-025, which she signed on April 23, said requests of all...
The Bangko Sentral ng Pilipinas (BSP) issued a warning on Tuesday that banks should not only ensure cash availability and uninterrupted digital services during the long Lent weekend, but to also watch out for cyberattacks which normally increase on extended holidays. BSP Deputy Governor Chuchi G....
The Bangko Sentral ng Pilipinas (BSP) said it is preparing to issue the proposed policy on banks and non-banks’ ethical use of data and to release the intended circular for comments and recommendations soon. The BSP said it is now drafting the policy on Data Governance and Ethical Use of Data for...
It has come to this. The Bangko Sentral ng Pilipinas (BSP) wants to make public their enforcement actions and criminal cases against erring banks and other supervised entities in the name of transparency and market discipline, deter banks...
To ensure stability of the financial system, the Bangko Sentral ng Pilipinas (BSP) is adopting stronger cybersecurity and digital financial supervision to support the digital transformation of all BSP-supervised financial institutions (BSFIs). “The COVID-19 pandemic has magnified our reliance on...
