{"id":275167,"date":"2020-11-12T08:44:48","date_gmt":"2020-11-12T13:44:48","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=275167"},"modified":"2020-11-12T08:44:48","modified_gmt":"2020-11-12T13:44:48","slug":"imf-cites-need-for-ph-bank-secrecy-law-amendment","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/11\/12\/imf-cites-need-for-ph-bank-secrecy-law-amendment\/","title":{"rendered":"IMF cites need for PH bank secrecy law amendment"},"content":{"rendered":"
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FILE: Headquarters building of the International Monetary Fund, Washington (Photo by Carol M. Highsmith – Library of CongressCatalog, Public Domain<\/a>)<\/figcaption><\/figure>\n
MANILA<\/strong>\u00a0\u2013 The International Monetary Fund (IMF) has recommended the amendment of the Philippines bank secrecy law to further provide the Bangko Sentral ng Pilipinas (BSP) \u201cadditional teeth\u201d in regulating financial institutions.<\/div>\n
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In its report on the financial sector assessment program, the lender said the central bank\u2019s regulatory framework \u201cis broadly effective for the size and complexity of the Philippine banking system, but legislative gaps continue to hinder effective supervision of banks.\u201d<\/div>\n
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It, however, said bank secretary laws in the country \u201crestrict the BSP\u2019s ability to undertake effective supervision.\u201d<\/div>\n
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The IMF said bank deposits \u201care considered to be of an absolutely confidential nature\u201d even the central bank is barred from looking into these \u201cexcept in defined circumstances.\u201d<\/div>\n
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\u201cBSP should be granted unimpaired access to information on all customer accounts, and the ability, without constraints, to employ and share depositor information for any prudential purpose (e.g., funding concentrations from related parties, intra-group dependencies, cash flow analysis, related-party transactions (RPT) and off-site anti-money laundering (AML) data and analysis) in order to fulfill its supervisory mandate to address safety and soundness concerns,\u201d it said.<\/div>\n
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The report said although the central bank\u2019s regulatory oversight on financial institution\u2019s anti-money laundering (AML) and combating financing terrorism (CFT) remains strong, \u201ccertain components of the regulatory framework need to be strengthened.\u201d<\/div>\n
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It said the BSP has ensured to effectively use its contingent AML experts but it still needs to make sure that there are always adequate resources for this purpose.<\/div>\n
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\u201cFurther, although BSP makes use of its enforcement tools (issuing directives, letters of commitment, etc.), it needs to ensure it is effectively utilizing its monetary penalty regime for AML\/CFT non-compliance issues on a consistent basis,\u201d it added.<\/div>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0\u2013 The International Monetary Fund (IMF) has recommended the amendment of the Philippines bank secrecy law to further provide the …<\/p>\n","protected":false},"author":44,"featured_media":275169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-275167","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/275167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=275167"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/275167\/revisions"}],"predecessor-version":[{"id":275170,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/275167\/revisions\/275170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/275169"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=275167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=275167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=275167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}