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.