“Painful” fines under the Bangko Sentral ng Pilipinas’ (BSP) newly-amended charter are expected to discourage financial institutions from violating banking rules and regulations, a senior central bank official said.
Republic Act 11211, which amended RA 7653 or the New Central Bank Act of 1993 and was signed into law earlier this month by President Rodrigo Duterte, aims to provide the BSP with an enhanced legal and regulatory framework to support its mandate of supervising the country’s financial system.
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