Regulatory Alerts2024-11-08
Circular No. 1204: Amendments to the Regulations on the Periodic Review of Trust, Investment Management, and Other Fiduciary Accounts
Bangko Sentral ng Pilipinas issued Circular No. 1204 to amend the Manual of Regulations for Banks and Non-Bank Financial Institutions, establishing supervisory expectations for the periodic review of trust, investment management, and other fiduciary accounts. The directive mandates that trust entities conduct both administrative and investment reviews to ensure compliance with governing agreements and client risk profiles, allowing for account-level, collective, or aggregated approaches based on specific account characteristics. Trust entities are required to complete a gap analysis within six months and fully implement the new policies within one year of the circular's effectivity.
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