The Bangko Sentral ng Pilipinas (BSP) announced on Wednesday that it has approved amendments to foreign exchange (FX) reporting requirements for banks, including the imposition of a penalty of up to P1 million for violations.
In a statement, the BSP emphasized that these amendments are aimed at enhancing the accuracy and timeliness of FX transaction reports, thereby fostering trust among stakeholders in the financial institutions.
“The Monetary Board has approved further amendments to FX regulations to enable the BSP to collect more precise and pertinent information on FX transactions, which is crucial for promoting price stability, ensuring financial stability, and effectively supervising banks,” the BSP stated.
Additionally, the BSP highlighted that the reports on foreign exchanges will support policy formulation, economic monitoring, and the supervision of financial systems.
Key amendments include a clearer definition of non-compliant reports in accordance with BSP guidelines, as well as revised monetary penalties for reporting violations, with a maximum penalty of P1 million per transactional violation.
A memorandum circular detailing the full amendments will be published in the Official Gazette or a widely circulated newspaper and will take effect 15 days after publication. The BSP has granted reporting entities a transition period until December 31, 2024, to make necessary adjustments to their systems and processes.
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