Monetary authorities have tightened regulations covering the reporting of foreign exchange (FX) transactions and also revised penalty provisions to ensure accountability by covered financial institutions.
Circular 1197, issued by the Bangko Sentral ng Pilipinas (BSP) last July 12, detailed changes to the Manual of Regulations on Foreign Exchange Transactions (FX Manual) that were approved by the policymaking Monetary Board during a July 4 meeting.
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