Advisory on Reimposition of Monetary Penalties for Delays Incurred in the Submission of Reports to the BSP-IOD

On 29 June 2023, the Bangko Sentral ng Pilipinas (“BSP”) issued Memorandum No. M-2023-021 titled “Advisory on Reimposition of Monetary Penalties for Delays in Submitting Reports to the BSP – International Operations Department (“IOD”).”

According to Section 3 (Repealing Clause) of BSP Circular No. 1171 dated 29 March 2023, which pertains to amendments to foreign exchange (“FX”) regulations, the waiver of monetary penalties for delays in submitting reports to the BSP-IOD will remain in effect until 30 June 2023, unless extended by the BSP.

In this regard, all Authorized Agent Banks (“AABs”) and their Subsidiary/Affiliate Foreign Exchange Corporations (“AAB Forex Corps”) are notified that any delays in the submission to the BSP-IOD of reports due after 30 June 2023 shall be subject to applicable fines as provided in Section 103 of the Manual of Regulations on Foreign Exchange Transactions (“FX Manual”), as amended, and BSP Circular No. 1154 dated 14 September 2022.

AABs/AAB Forex Corps are also reminded to ensure the accuracy, completeness, and correctness of the reports submitted to the BSP-IOD.