Podcast
Questions and Answers
The Bangko Sentral ng Pilipinas is referred to as BSP and functions as an independent and accountable body corporate in matters concerning ______, banking and credit.
The Bangko Sentral ng Pilipinas is referred to as BSP and functions as an independent and accountable body corporate in matters concerning ______, banking and credit.
money
The New Central Bank Act was approved on ______ 14, 1993.
The New Central Bank Act was approved on ______ 14, 1993.
June
The primary objective of the BSP is to maintain ______ stability conducive to a balanced and sustainable growth of the economy.
The primary objective of the BSP is to maintain ______ stability conducive to a balanced and sustainable growth of the economy.
price
The Act amending the New Central Bank Act was approved on ______ 14, 2019.
The Act amending the New Central Bank Act was approved on ______ 14, 2019.
The General Banking Law of 2000 primarily governs Universal Banks and Commercial Banks, and also applies to ______ Banks, Rural Banks and Cooperative Banks.
The General Banking Law of 2000 primarily governs Universal Banks and Commercial Banks, and also applies to ______ Banks, Rural Banks and Cooperative Banks.
The BSP now has regulatory powers over money service businesses, credit granting businesses, and payment system ______.
The BSP now has regulatory powers over money service businesses, credit granting businesses, and payment system ______.
The Anti-Money Laundering Law was enacted in ______.
The Anti-Money Laundering Law was enacted in ______.
The scope of the New Central Bank Act includes the Republic Act No. 7653 and Republic Act No. ______ 11211.
The scope of the New Central Bank Act includes the Republic Act No. 7653 and Republic Act No. ______ 11211.
A bank or quasi-bank cannot be incorporated without authority from the ______.
A bank or quasi-bank cannot be incorporated without authority from the ______.
An entity performing banking functions cannot operate without a certificate of authority from the ______.
An entity performing banking functions cannot operate without a certificate of authority from the ______.
No trust entity shall purchase property from or lend money to relatives within the 1st degree of ______.
No trust entity shall purchase property from or lend money to relatives within the 1st degree of ______.
The Anti-Money Laundering Law of 2001 was passed to implement the global fight against ______.
The Anti-Money Laundering Law of 2001 was passed to implement the global fight against ______.
The legislation defines money laundering as a criminal ______.
The legislation defines money laundering as a criminal ______.
The Anti-Money Laundering Council (AMLC) serves as the central monitoring and implementing ______.
The Anti-Money Laundering Council (AMLC) serves as the central monitoring and implementing ______.
The law imposes requirements on customer identification and reporting of covered and suspicious ______.
The law imposes requirements on customer identification and reporting of covered and suspicious ______.
The Anti-Money Laundering Law allows for the freezing, seizure, and recovery of ______.
The Anti-Money Laundering Law allows for the freezing, seizure, and recovery of ______.
The Bangladesh Bank Heist of 2016 resulted in the theft of over $______ million.
The Bangladesh Bank Heist of 2016 resulted in the theft of over $______ million.
The heist utilized malware, social engineering, and ______ help to infiltrate the bank's systems.
The heist utilized malware, social engineering, and ______ help to infiltrate the bank's systems.
The National Payment Systems Act was approved on October 30, ______.
The National Payment Systems Act was approved on October 30, ______.
An efficient payment system reduces the cost of exchanging ______ and services.
An efficient payment system reduces the cost of exchanging ______ and services.
The primary objective of a payment system is to control systemic ______.
The primary objective of a payment system is to control systemic ______.
Flashcards
Bangladesh Bank Heist
Bangladesh Bank Heist
A 2016 cyberattack targeting the Bangladesh central bank, resulting in over $81 million stolen.
National Payment Systems Act
National Payment Systems Act
2018 law establishing a framework for secure, efficient, and reliable payment systems in an economy.
Cyberattack
Cyberattack
A malicious attack on a computer system.
Payment System
Payment System
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Systemic Risk
Systemic Risk
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Bangko Sentral ng Pilipinas (BSP)
Bangko Sentral ng Pilipinas (BSP)
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New Central Bank Act (Republic Act No. 7653)
New Central Bank Act (Republic Act No. 7653)
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General Banking Law of 2000
General Banking Law of 2000
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BSP's Primary Objective
BSP's Primary Objective
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Amended Central Bank Act (Republic Act No. 11211)
Amended Central Bank Act (Republic Act No. 11211)
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Quasi-banks
Quasi-banks
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Price Stability
Price Stability
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Monetary Stability
Monetary Stability
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Bank Incorporation
Bank Incorporation
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Trust Entity Restrictions
Trust Entity Restrictions
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Universal Banks in Philippines
Universal Banks in Philippines
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Anti-Money Laundering Law (2001)
Anti-Money Laundering Law (2001)
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Money Laundering
Money Laundering
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Customer Identification Requirements
Customer Identification Requirements
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Deposit Secrecy Relaxation
Deposit Secrecy Relaxation
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Freezing/Seizure Laws
Freezing/Seizure Laws
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Study Notes
Financial Management - Banking and Finance Institutions
- Banking and finance institutions are a key component of financial management
- Chapter 4 focuses on banking laws
Scope of Banking Laws
- Republic Act No. 7653: The New Central Bank Act
- Republic Act No. 11211: Amending the New Central Bank Act
- The General Banking Law of 2000
- Anti-Money Laundering Law of 2001
- The National Payments Systems Act
The New Central Bank Act (1993)
- Establishes an independent central monetary authority (Bangko Sentral ng Pilipinas)
- Responsible for money, banking, and credit
- Functions as a body corporate
The New Central Bank Act (Continued)
- Bangko Sentral ng Pilipinas (BSP) has supervisory powers over banks and financial institutions
- Also exercises regulatory powers over quasi-banks and similar institutions
- Key objective is to maintain price stability conducive to economic growth and the convertibility of the peso
Amending the New Central Bank Act (2019)
- Strengthens the Bangko Sentral ng Pilipinas' regulatory powers
- Now includes price stability for balanced and sustainable job growth
- Expanded regulatory and examination powers to include money service businesses, credit-granting businesses, and payment system operators
The General Banking Law of 2000
- Primarily governs Universal Banks and Commercial Banks
- Has supplementary application to Thrift Banks, Rural Banks, and Cooperative Banks
- A bank or quasi-bank cannot be incorporated or operate without BSP authorization
- Prohibits trust entities from certain transactions with employees or relatives of their directors, officers, or stockholders
Universal Banks in the Philippines
- A list of specific Universal Banks is provided (e.g., Al-Amanah Islamic Investment Bank, ANZ Banking Group, BPI, BDO Unibank, etc.)
Anti-Money Laundering Law of 2001
- Defines money laundering as a criminal offense
- Establishes the Anti-Money Laundering Council (AMLC) to monitor and implement measures to combat money laundering
- This law sets requirements for customer identification, record keeping, reports on certain transactions
- Relaxes strict bank deposit secrecy laws related to freezing, seizure, or recovery of “dirty money”
- Ensures international cooperation
Bangladesh Bank Heist (2016)
- A highly sophisticated cyberattack targeting the Bangladesh central bank
- Used malware, social engineering, and insider help to steal over $81 million
- Highlighted the need for improved security measures against cybercrime
National Payment Systems Act (2018)
- Provides a comprehensive legal and regulatory framework to support payment systems
- Aims to control systemic risk and encourage economic growth
- A payment system is essential for transferring funds and reducing costs of transactions
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