Regulatory Alerts2024-12-11
Supplementary Policy on Penalties and Sanctions Under Section 621 of the Peso RTGS Rules
Bangko Sentral ng Pilipinas issued Memorandum No. M-2024-039 to amend Section 621 of the Peso Real-Time Gross Settlement Rules, establishing specific monetary penalties for participant violations. The policy details fine structures based on institution type for offenses such as liquidity mismanagement, settlement timeline non-compliance, and reporting failures. It further outlines the procedural framework for issuing violation notices, participant justification periods, and the finality of sanctions imposed by the Monetary Board.
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