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Stakeholders have until 21 november to submit comments The bangko sentral ng pilipinas (bsp) plans to overhaul its reporting governance framework by imposing higher penalties on banks based on their asset size for lapses in regulatory compliance. The bsp uses this data to assess the reach and effectiveness of the products and services that payment providers offer.

Bsp proposes tougher fines for payment reporting lapses The bangko sentral ng pilipinas (bsp) has exposed a new draft circular that seeks to revise the manual of regulations for banks (morb) on reporting governance. Learn how new rules aim to boost data integrity and compliance.

The bangko sentral ng pilipinas (bsp) is seeking tougher penalties for payment system operators that fail to meet regulatory reporting standards, aiming to strengthen a key data source the central bank relies on to gauge the state and reach of payment services in the country.

Manila, philippines — banks may soon face stiffer penalties for inaccurate or late regulatory reports, as the bangko sentral ng pilipinas (bsp) moves to overhaul its reporting governance. The bangko sentral ng pilipinas (bsp) eyes amendments to its regulations to strengthen governance on prudential and regulatory reporting, according to a draft circular. The bangko sentral ng pilipinas (bsp) has rolled out stricter reporting requirements for operators of payment systems (ops) engaged in merchant payment activities, as part of its push to expand digital payment adoption and strengthen oversight of the sector.

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