Philippine payment-systems operators face new regulatory reporting guidelines
( March 4, 2022, 03:41 GMT | Official Statement) -- MLex Summary: Payment-systems operators in the Philippines will have to meet new regulatory reporting guidelines issued by the country’s central bank, or face possible fines and sanctions. The new circular requires payment-systems operators to establish a system that generates the various required reports in a timely manner, including those flagging significant or unusual transactions, with a data-retention policy of no less than five years. Financial institutions can face fines of up to 3,000 pesos ($58) for each violation or delay, and even the suspension or disqualification of executives for failing to submit reports multiple times. The full statement follows and the circular is attached:...
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.