Regulatory Alerts2026-05-08
BSP Memorandum M-2026-017: Reiterating Guidelines on Ensuring Integrity of Payment Activities
Bangko Sentral ng Pilipinas issued Memorandum No. M-2026-017 to require all supervised institutions to strictly enforce anti-money laundering and countering terrorism financing controls across all payment activities. The directive mandates that institutions retain primary responsibility for merchant due diligence and risk monitoring, particularly when utilizing payment aggregators, while ensuring clear differentiation between merchant and personal accounts. Additionally, the BSP emphasizes the implementation of robust risk-based measures to prevent mule merchant activities and ensure the safety of QR-enabled payment services under the national standard.
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