BSP requires money service businesses to submit reports electronically

The Bangko Sentral ng Pilipinas is now requiring money service businesses, pawnshops, and non-stock savings and loan associations to submit reports on cyber-related fraud and other crime related incidents electronically.

Deputy Governor Chuchi Fonacier said the BSP was pursuing initiatives of maximizing available IT infrastructure for regulatory reporting.

Fonacier issued a memorandum containing the guidelines on the electronic submission of the report on crimes and losses to the central bank which took effect on February 1.

BSP Governor Benjamin Diokno issued a circular in November last year on the Manual of Regulations amendments for non-bank financial institutions covering the submission of report on crimes and losses.

Under the circular, money service businesses, pawnshops and NSSLAs are required to electronically submit a report on crimes and losses within 10 calendar days from the knowledge of the crime.

Source: https://www.philstar.com/business/2021/01/28/2073493/bsp-requires-money-service-businesses-submit-reports-electronically

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