The Bangko Sentral ng Pilipinas (BSP) amended foreign exchange (FX) regulations to improve data collection and strengthen oversight of banks.
The changes aim to ensure banks submit reports that comply with the BSP’s standards in a timely manner. This will enhance accountability among both banks and their personnel.
The updated regulations define non-compliant reports, including those with errors, delays, or omissions. They also introduce revised monetary penalties based on the reporting entity and violation type.
The maximum penalty is P1 million per violation or P100,000 per day for continuing violations. These penalties are authorized under Republic Act No. 7653, as amended by Republic Act No. 1121.
The BSP outlined a process for notifying banks and their personnel of FX policy violations and associated penalties. This includes the right to appeal or request reconsideration.
The BSP emphasized its commitment to fairness, consistency and reasonableness in imposing penalties. It considers general principles, types of enforcement actions, due process, and specific circumstances of each case.
The implementing circular will take effect 15 days after publication in the Official Gazette or a Philippine newspaper of general circulation. Banks have until Dec. 31, 2024, to adjust their systems and processes to comply with the new rules.
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