Bangko Sentral to fine banks up to P1M for each forex transaction violation

Banks handling foreign exchange transactions can face fines of up to P1 million per transactional violation and up to P100,000 per calendar day for violations of a continuing nature

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Banks also have to pay P100,000 per calendar day for a violation of a continuing nature, which is defined as a violation that “persists or lingers over time from the instant the particular act was committed or omitted until the violation is stopped.” The BSP also explicitly provided the process for notifying financial institutions and their directors, trustees, officers, and employees regarding the forex policy violation and corresponding penalty. The process for appeals and requests for reconsideration was also laid out.

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