BSP Deputy Governor Chuchi Fonacier issued Memorandum 2017-033 reminding banks of their responsibility to generate and make timely submissions of required reports to the central bank. Violations include the non-submission of the required reports, the submission of erroneous reports, and the delayed submission of the required reports. For each violation, the BSP imposes a fine of P3,000 for primary reports on universal and commercial banks or big banks; P1,500 for thrift banks; and P450 for rural and cooperative banks per error or per day of delay of the submission. The BSP has also adopted the demerit system to identify banks that repeatedly incur reporting violations. When a bank is considered habitual in incurring reporting violations, the BSP would require the bank to undertake measures to address the root causes of the problem.

Source: Philippine Star October 22, 2017 16:18 UTC