AMENDMENTS have been made to regulations in the Peso Real-Time Gross Settlement (RTGS) system to reinforce compliance and operational integrity among financial institutions, the Bangko Sentral ng Pilipinas (BSP) announced.
The changes, approved by the BSP Monetary Board through Resolution 1368 on Nov. 28, impose stricter penalties and sanctions for non-compliance with Section 621 of the Manual of Regulations for Payment Systems (MORPS).