Regulatory Alerts2024-12-10
Guidelines on the Submission of Documentary and Reportorial Requirements under BSP Circular No. 1198
The Bangko Sentral ng Pilipinas issued Memorandum No. M-2024-037 to establish guidelines for Operators of Payment Systems engaged in Merchant Payment Acceptance Activities regarding documentary and reportorial submissions. The directive mandates electronic transmission of specific reports, including Audited Financial Statements, MPAA statistics, delisted merchant lists, and notices of significant changes, using prescribed formats and email addresses. It also outlines transitory provisions requiring existing operators to submit gap assessments and compliance certifications within six months of the circular's effectivity.
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