Local lenders scramble for anti-fraud deadline

Several banking institutions are seeking more time to comply with the Bangko Sentral ng Pilipinas’ (BSP) mandate to implement sophisticated fraud management systems, even as the regulator warns of potential license suspensions for those that fall behind.

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BSP General Counsel Roberto L. Figueroa said during the annual reception for the banking community that a "couple" of lenders have approached the central bank to request an extension of the current deadline.

While the BSP is internally discussing the merits of these appeals, Figueroa noted that the regulator is currently maintaining its original timeline. The industry’s overall readiness will be closely reviewed before any decision on a grace period is finalized.

He emphasized, however, that banks failing to comply while the majority meet the requirements will be subject to questioning.