Interbank transfer violators face fines–BSP

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The story "Interbank transfer violators face fines–BSP" was covered 1 weeks ago by Business Mirror, a news publisher based in Philippines.

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Interbank transfer violators face fines–BSP - Business Mirror

Quick Summary:

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).

The BSP said the failure to timely notify the central bank, through its appropriate department, of the participant’s placement under insolvency, bankruptcy or rehabilitation will be fined P20,000 for non-bank participants that are not quasi-banks.“ln the case of bank and quasi-bank participants, the appropriate Bangko Sentral department is notified by the concerned Bangko Sentral supervising department,” the BSP said.

These penalties could reach P10,000 per incident for UBs and IBs; P8,000 for KBs; P6,000 for DGBs, TBs, and FMls/CSOs; P4,000 RCBs and NBQBs/ Non-bank EMls/ OPMSAs with the BSP.