Regulatory Alerts2024-12-18
Advisory on Full Implementation of Circular No. 1197 on Amendments to Foreign Exchange Regulations
The Office of the Deputy Governor of the Bangko Sentral ng Pilipinas issued this advisory to mandate the full implementation of Circular No. 1197, which amends Foreign Exchange reporting guidelines and penalty provisions. Authorized Agent Banks and their foreign exchange corporations are granted a transitory observation period until 31 December 2024 to adjust their systems for compliance with the new standards. Starting 1 January 2025, fines under Section 102 of the FX Manual will be imposed for reporting violations such as erroneous, delayed, or unsubmitted reports.
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