During the BSP- Bank for International Settlements (BIS) Conference on Financial Inclusion and Central Banks held in Cebu, the Bangko Sentral ng Pilipinas (BSP) expressed their support to pass both the Payment System Act and the revisions in the Anti-Money Laundering Act (AMLA) to the Congress.
Payment System Act has already been approved and is set for its final reading in the House of the Representatives. On the other hand, a bill has been passed to the Congress for the approval of the Anti-Money Laundering Act along with the Bank Secrecy Law.
BSP Governor Amando Tetangco Jr. mentioned that along with the unification of other regulators, the approval of the laws can contribute a lot in the monitoring of the payment transactions done in the Philippines. Furthermore, it can also help BSP secure the financial system of the country.
