BANKS found violating the rules on Peso Real-Time Gross settlement (RTGS) Payment System would be charged anywhere from P2,000 (about US$34) to as much as P75,000 (around US$1,277) per incident, according to the Bangko Sentral ng Pilipinas (BSP).
BANKS found violating the rules on Peso Real-Time Gross settlement Payment System would be charged anywhere from P2,000 to as much as P75,000 per incident, according to the Bangko Sentral ng Pilipinas .
Another violation is the habitual scheduling of bulk settlements near the close of business or 30 minutes or less before close of RTGS settlement window, to take undue advantage of funding from incoming payments in violation of Section 610 on the required level of SA. Further, another violation is the request for allowable manual settlement/adjustment to correct erroneous transfers/transactions in excess of prescribed limits.
The fines set for the violation is P50,000 per incident for UBs and IBs; P30,000 for KBs; P20,000 for DGBs and TBs; and P10,000 for RCBs and NBQBs/ Non-bank EMls/ Other Participants Maintaining SAs with the Bangko Sentral.THE memorandum also provided that the violation, non-compliance with the requirements for managing adverse incidents under Section 616 of the Peso RTGS Rules, will be meted out with monetary penalties.
Meanwhile, the non-compliance with system enhancement requirements under Section 618 of the Peso RTCS Rules will also receive monetary penalties.
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