Banks in Philippines Face Compliance Requirements Overhaul

The Regulatory Compliance Risk Division (RCRD) has been tasked with monitoring compliance with regulatory issuances issued by various authorities to ensure adherence to banking laws, rules, regulations, and guidelines.

Effective Monitoring and Corrective Action

As part of its efforts, RCRD engages in constructive dialogue with the bank’s governance and compliance teams to identify any compliance deficiencies. The division takes corrective action in a timely and consistent manner to address these issues.

Training Sessions and Workshops

In addition, the division conducts regular training sessions and workshops for employees to raise awareness on new regulations issued by the Bangko Sentral ng Pilipinas (BSP) and other regulatory bodies. These sessions aim to equip staff with the necessary knowledge and skills to identify the impact of these regulations on their respective areas of responsibility.

Importance of Staying Up-to-Date

The move comes as banks in the Philippines face a complex web of compliance requirements, with regulators continually issuing new guidelines and rules to ensure the stability and integrity of the financial system. By staying up-to-date with regulatory developments, banks can minimize the risk of non-compliance and avoid potential penalties and reputational damage.

Key Benefits

• Minimize the risk of non-compliance
• Avoid potential penalties and reputational damage
• Ensure adherence to banking laws, rules, regulations, and guidelines
• Enhance the stability and integrity of the financial system