BSP to Impose Stricter Standards for Bank Directors, Officers
The Bangko Sentral ng Pilipinas (BSP) has released a draft circular proposing stricter and continuous fitness checks for directors and officers of banks and other BSP‑supervised financial institutions (BSFIs). The amendments come at a time when cyber risks, digital transformation, and governance challenges are maneuvering the financial landscape, highlighting BSP’s commitment to ensuring that financial institutions are led by executives who […]
BSP will tighten rules for non-bank financial institution executives
Bangko Sentral ng Pilipinas, in a recent round of feedback from key industry players, is drafting a revised circular that would cover amending current regulations that fall under nonbank financial institutions. One of the rules set out to be changed is the set of policies for nonbank executives. The disqualification rules applied to bank executives are proposed to proportionately apply to nonbank […]