BSP Updates

Financial stability entails the collective compliance of both banks and non-banks, such as money service businesses. These cover remittance agents and sub-agents, remittance platform providers, electronic money issuers and money changers or foreign exchange dealers.

An essential aspect of upholding financial stability is ensuring that any adverse consequences do not cascade and impact the broader mainstream economy. It is crucial to emphasize that the institutions we oversee must adhere to regulations, including compliance with anti-money laundering measures enforced by the Anti-Money Laundering Council (AMLC). This Council is chaired by the Governor of the Bangko Sentral ng Pilipinas, with the Insurance Commissioner and the Chairman of the Securities and Exchange Commission as members.

Complementary to this, we, the Monetary Board, have taken decisive action by closing down and cancelling the registration of illegal money service businesses in the country (10 in 2022 and 10 so far in 2023). The grounds for closure and cancellation include non-registration with the Bangko Sentral ng Pilipinas and failure to comply with anti-money laundering and anti-terrorism financing provisions.

When these entities operate with the highest standards of compliance, they effectively safeguard consumer interests, promote sound risk management practices and contribute to the overall stability and integrity of the financial system.

2021 Anti-Money Laundering Council Registration and Reporting Guidelines approved on June 22, 2021: https://lnkd.in/gcGVBcCU