The Bangko Sentral ng Pilipinas (BSP) has announced plans to implement an agent registry system aimed at enhancing monitoring and simplifying the submission of reports by banks and non-bank financial institutions (NBFIs).
According to a draft circular released by the BSP, the proposed system will focus on the Agent Registry Report by BSP supervised financial institutions (BSFIs), with a feedback deadline of Dec. 15.
The report is intended to build and update information on agents and service points in the BSP’s proposed Agent Registry System, allowing for effective monitoring of the physical access points of BSFIs enabled by agent operations.
The draft circular will cover banks and NBFIs with active cash and e-money agents, as well as money service businesses (MSBs), requiring them to submit detailed information on agents and service points in the prescribed form, mode, and manner.
Once approved, banks and NBFIs will be expected to submit a baseline agent registry report as of June 30, 2024, followed by quarterly reports thereafter.
The circular also outlines definitions for agents and service points, as well as requirements for reporting existing, new, blacklisted, and delisted agents and service points.
In addition to banks and NBFIs, the circular also imposes requirements on covered MSBs, including active remittance subagents.
The BSP’s move to establish an agent registry system demonstrates its commitment to enhancing transparency and oversight in the financial sector, ultimately working to ensure the stability and security of the Philippine financial system.