Financial Crime World

Here is the converted article in markdown format:

BSP Streamlines Licensing Process for New Banks and Foreign Bank Branches

The Bangko Sentral ng Pilipinas (BSP) has introduced a revised licensing process for new banks, foreign bank branches, and representative offices/offshore banking units. The changes aim to simplify and expedite the application process while ensuring compliance with regulatory requirements.

Application Stages and Timeline

Stage 1: Application for BSP Approval

  • New Banks: 20 working days
  • Foreign Bank Branches: 15 working days
  • Representative Offices/Offshore Banking Units: 15 working days

A provisional receipt will be issued to confirm receipt of the application, subject to a preliminary assessment of completeness and sufficiency. Incomplete applications will be returned without prejudice.

Acknowledgment Letters

Upon determination of completeness and sufficiency of the application, a separate acknowledgment letter will be sent to the applicant, signifying acceptance of the complete application and commencement of the processing timeline.

Stage 2: Application for Certificate of Authority (COA)

New Banks

  • Following BSP approval, applicants must register their Articles of Incorporation (AOI) and By-Laws (BL) with the Securities and Exchange Commission (SEC).
  • 5 working days

Foreign Bank Branches

  • Prior to applying for a COA, foreign banks must comply with conditions of BSP approval and pre-operating requirements, including registration with the SEC.
  • 5 working days

Representative Offices/Offshore Banking Units

  • Applicants must also comply with conditions of BSP approval and pre-operating requirements before applying for a COA.
  • 5 working days

Key Requirements

  • Applications must be accompanied by complete documentary requirements.
  • Incomplete applications will be returned without prejudice.
  • The date of the acknowledgment letter marks the start of the processing timeline.

Contact Us

For inquiries and concerns regarding the licensing process, please contact:

  • Director, Supervisory Policy and Research Department

    • Email: sprd@bsp.gov.ph
    • Phone: (+632) 8708-7514 or 8708-7516
    • BSP Trunkline: (+632) 8811-1277 locals 2766, 2687, or 2679

  • Deputy Director and Head, Islamic Banking Supervision Group (for applicants of Islamic banking license)

    • Email: ibsg@bsp.gov.ph
    • Phone: (+632) 5306-2147 and 5306-2147
    • BSP Trunkline: (+632) 8811-1277 Local: 2147 or 2148

Islamic Banking Webpage

For more information on Islamic banking regulations, please visit the Bangko Sentral ng Pilipinas Islamic Banking webpage at bsp.gov.ph.