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BSP sets rules for nonbanks’ crime reporting

bsp sets rules for nonbanks crime reporting - BSP sets rules for nonbanks’ crime reporting

THE CENTRAL BANK has laid out guidelines for the reporting of crimes and its resulting losses for nonbank financial institutions (NBFIs).

Circular No. 1104 signed by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Nov. 27 requires pawnshops, money service businesses, and nonstock savings and loan associations to file reports on crime and losses within 10 calendar days since their knowledge of the incident.

“Previously, deadline is five working days from date of the knowledge of the crime, now the reporting timeline is 10 calendar days from knowledge of the crime/incident. This is to align with the reporting deadline for banks,” BSP Deputy Governor Chuchi G. Fonacier said in a text message.

Ms. Fonacier said the 10-day deadline is not applicable to reporting of event-driven reports that are IT-related or cyber-related, which need to be reported within two hours.

“Monetary penalty is imposed for delayed submission of reports,” Ms. Fonacier said.

NBFIs need to report to the BSP crimes involving amounts of P20,000 or more, whether these are fulfilled, frustrated or attempted. Such incidents include those that result in loss or destruction of properties and pawned articles.

In filing the report, pawnshops are required to include a notarized list of lost items, police reports, and files related to the settlement of the pawned items as supporting documents.

In the event that an investigation and evaluation of the initial report is needed, a complete report should be submitted as a follow-up not later than twenty days after the conclusion of an investigation. — L.W.T. Noble

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