BSP to Introduce New Reporting Standards for Financial Institutions in 2018

The Bangko Sentral ng Pilipinas (BSP, Philippine central bank) will introduce stiffer penalties on banks starting January 2018 under new reporting standards to be imposed on all players. Aside from monetary penalties, non-monetary sanctions will also be meted on violators through a demerit system. Those hitting 100 points in a calendar year will be considered a habitual violator and could face the restriction or suspension of…

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