Connect with us

Hi, what are you looking for?

Economy

BSP sets rules for nonbanks’ crime reporting

THE CENTRAL BANK has laid out guidelines for the reporting of crimes and its resulting losses for nonbank financial institutions (NBFIs).

Circular No. 1104 signed by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Nov. 27 requires pawnshops, money service businesses, and nonstock savings and loan associations to file reports on crime and losses within 10 calendar days since their knowledge of the incident.

“Previously, deadline is five working days from date of the knowledge of the crime, now the reporting timeline is 10 calendar days from knowledge of the crime/incident. This is to align with the reporting deadline for banks,” BSP Deputy Governor Chuchi G. Fonacier said in a text message.

Ms. Fonacier said the 10-day deadline is not applicable to reporting of event-driven reports that are IT-related or cyber-related, which need to be reported within two hours.

“Monetary penalty is imposed for delayed submission of reports,” Ms. Fonacier said.

NBFIs need to report to the BSP crimes involving amounts of P20,000 or more, whether these are fulfilled, frustrated or attempted. Such incidents include those that result in loss or destruction of properties and pawned articles.

In filing the report, pawnshops are required to include a notarized list of lost items, police reports, and files related to the settlement of the pawned items as supporting documents.

In the event that an investigation and evaluation of the initial report is needed, a complete report should be submitted as a follow-up not later than twenty days after the conclusion of an investigation. — L.W.T. Noble

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

A Saudi flag flutters atop Saudi Arabia’s consulate in Istanbul, Turkey Oct. 20, 2018. — REUTERS/HUSEYIN ALDEMIR/FILE PHOTO RIYADH — Saudi Arabia’s crown prince...

Economy

IN FEB. 2019, Facebook, Inc. set up a test account in India to determine how its own algorithms affect what people see in one...

Economy

CHINA’S economy risks slowing faster than investors realize as President Xi Jinping’s push to cut its reliance on real estate and regulate sectors from...

Economy

Faced with a high level of competition in an era of streaming services, content providers must stay ahead by developing a strong user experience...

Economy

The Philippines remains under a “gray” list of countries under increased monitoring for money laundering and terrorism financing risks, despite some progress in implementing...

Investing

A Brewdog promotion which said customers could win “solid gold” beer cans was misleading, the advertising watchdog has found. The Scottish brewer offered shoppers...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

Pfizer Inc on Wednesday raised its 2021 sales forecast for its COVID-19 vaccine by 29% to $33.5 billion, and said it believes people will...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!