Monetary authorities have tightened regulations covering the reporting of foreign exchange (FX) transactions and also revised penalty provisions to ensure accountability by covered financial institutions.
Monetary authorities have tightened regulations covering the reporting of foreign exchange transactions and also revised penalty provisions to ensure accountability by covered financial institutions.Circular 1197, issued by the Bangko Sentral ng Pilipinas last July 12, detailed changes to the Manual of Regulations on Foreign Exchange Transactions that were approved by the policymaking Monetary Board during a July 4 meeting.'Reports submitted to the BSP ...
A maximum penalty of P1 million will be imposed for each transactional violation or P100,000 per day for continuing violations.Failure to submit a report on time due to fortuitous events such as natural disaster will not be considered willful noncompliance.Other changes detailed in the circular included authorized/covered transactions, FX cover requirements and risk management, FX forwards and swaps, and revisions, additions and deletions to annexes of the FX Manual.
Forex Regulations Issued By BSP
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