MANILA, Philippines — The Banko Sentral ng Pilipinas (BSP) on Wednesday said it approved several amendments to foreign exchange (FX) reporting among banks, including setting a P1 million penalty for transactional violations.
The BSP said that the measures will help ensure that banks will submit their reports in time and harbor trust for the financial institutions’ stakeholders.
“The Monetary Board has approved further amendments to FX regulations to allow the BSP to gather more accurate and relevant information on FX transactions to promote and maintain price stability and ensure financial stability and effective supervision of banks,” said the BSP in a statement.
The bank reports on foreign exchanges would also help the BSP create reports used to support policy studies, monitor the economy and financial systems and more.
Among the amendments highlighted by the BSP include a clearer definition of what non-compliant reports are, according to the central bank’s rules.
The BSP also revised monetary penalties for reporting violations, including a P1 million maximum monetary penalty for each transactional violation.
A memorandum circular will outline the full amendments, which will be published in the Official Gazette or any newspaper in circulation. It will take effect 15 days after the publication.
“Meanwhile, reporting entities are provided a transitory period until 31 December 2024 to make the necessary preparations and adjustments to their systems and processes,” the BSP said.