Regulatory Alerts2026-03-03
Circular No. 1231: Amendments to Section 171 and relevant provisions of the Manual of Regulations for Banks on reporting governance
Bangko Sentral ng Pilipinas issued Circular No. 1231 to amend Section 171 of the Manual of Regulations for Banks, establishing a comprehensive reporting governance framework that mandates board-approved policies, robust data infrastructure, and clear roles for senior management and internal audit. The regulation introduces a tiered daily monetary penalty structure for non-compliant reports based on bank asset size and updates Section 173 to specify authorized signatories and revised submission deadlines for prudential reports. Full implementation of these new governance standards and penalty regimes is required for reports ending on or after June 30, 2026.
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