Regulatory Alerts2025-01-15
Circular No. 1208: Amendments to Regulations on Reporting Governance Framework for Pawnshops
Bangko Sentral ng Pilipinas issued Circular No. 1208 to amend the Manual of Regulations for Non-Bank Financial Institutions, requiring pawnshops to establish an effective reporting governance framework. The regulation mandates that pawnshops implement robust systems to generate complete, accurate, and timely reports while defining specific monetary penalties for erroneous, delayed, or unsubmitted filings. Additionally, the circular introduces new provisions for financial record retention and establishes strict protocols for the electronic submission and authentication of regulatory reports.
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