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BSP requires banks to report 'reputational' risks

BusinessWorld
April 16, 2021 | 7:30 pm
A motorcycle pases a building of the Bangko Sentral ng Pilipinas in Manila, April 28, 2016. REUTERS/Romeo Ranoco/File Photo
Philippine lenders should be on guard against any âreputational risksâ that could potentially impact their financial standing and affect stakeholder confidence, the Bangko Sentral ng Pilipinas (BSP) said on Friday.
In a statement, the central bank said all BSP-supervised financial institutions (BSFIs) will be required to report within five calendar days from determining any incident affecting its reputation. This includes any issues raised on social media platforms that may affect its stakeholders and âlead to a full-blown crisis if not responded to in a timely and effective manner,â the BSP added. ....

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BSP to integrate MRAS to its supervision framework

Published February 12, 2021, 6:00 AM
The Bangko Sentral ng Pilipinas (BSP) will fuse its Money Laundering Terrorist/Financing Risk Assessment System (MRAS) to its recently adopted Supervisory Assessment Framework (SAFr) to have more teeth in fighting against illegal or dirty money and fortify financial system stability.
BSP Governor Benjamin E. Diokno said the MRAS as their primary tool for anti-money laundering/countering the financing of terrorism (AML/CFT) supervision, can contribute to the “overall stability of the domestic financial system.”
BSP Governor Benjamin E. Diokno (Bloomberg file)
“The BSP introduced MRAS following the recent adoption of SAFr for BSP- supervised financial institution or BSFIs. MRAS can be integrated into the SAFR as it allows seamless evaluation of other risk areas vis-a-vis anti-money laundering, terrorist financing and proliferation financing risks,” said Diokno during his regular “GBED Talks” online. MRAS applies the ....

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BSP directs banks to intensify cybersecurity

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno ( Bloomberg file photo)
In a memo (BSP Memorandum No. M-2020-090), BSP Deputy Governor Chuchi G. Fonacier said all of the BSP supervised financial institutions (BSFIs) should “ensure that timely and appropriate consumer protection and redress mechanisms are in place” in order to “preserve the banking public’s trust and confidence in digital financial services.”
As such, BSFIs have been “strongly advised” to do the following: consumer assistance helpdesk or hotline that are available 24 hours a day and seven
days a week; increased surveillance on online banking systems/activities during holidays or long weekends; facility to timely block/suspend accounts reported by clients/concerned parties or those tagged as fraudulent or suspicious; and procedures to resolve disputes arising from the use of the digital financial ....

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