The Bangko Sentral ng Pilipinas (BSP) is set to resume imposing monetary penalties on banks and foreign exchange (FX) companies for delayed submission of FX transaction reports.
The move comes as the BSP concludes its pandemic-related relief measures, which had temporarily waived penalties since March 2020.
In a memo, BSP Deputy Governor Francisco G. Dakila Jr., said that the waiver of penalties for delayed reports to the BSP International Operations Department will expire on June 30, 2023. Effective thereafter, any delays in report submission will be subject to applicable fines.
Dakila also emphasized the importance of accuracy and completeness in the reports submitted to the BSP-IOD. Authorized agent banks (AABs) and AAB FX corporations were urged to ensure the correctness of their submissions, highlighting the BSP’s commitment to upholding reporting standards.
The BSP’s relief measures were initially introduced to facilitate access to FX resources for legitimate transactions during the challenging period of lockdowns in 2020 and 2021. These measures included the electronic submission of documents, relaxation of deadlines, waiver of processing fees, and issuance of electronic BSP documents.
However, with the economy showing signs of recovery, the BSP is now shifting its focus towards restoring normal operations and enforcing regulatory compliance.