Regulatory Alerts2024-12-27
Extension of the Transitory Period for Compliance with BSP Circular No. 1195
The Bangko Sentral ng Pilipinas issued Memorandum No. M-2024-045 to extend the compliance deadline for Consumer Redress Mechanism Standards under BSP Circular No. 1195. This extension, approved by the Monetary Board, shifts the transitory period end date from 31 December 2024 to 31 March 2025. The directive applies to all Direct Clearing Participants of InstaPay and PESONet Automated Clearing Houses as well as Clearing Switch Operators.
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