Anti-money laundering, sustainable finance are banks' top concerns – BSP

Compliance with anti-money laundering (AML) regulations and sustainable finance guidelines proved to be the most challenging areas for banks and financial institutions, according to the Bangko Sentral ng Pilipinas (BSP).

- KEISHA TA-ASAN

In its Banking Sector Outlook Survey for 2023, the BSP said diverse responses emerged across banking groups when asked to identify top three challenges in terms of regulatory compliance.

This is in contrast to last year's predominant concern over compliance with the mandatory credit to agri-agra. The BSP earlier said the level of compliance with the mandatory agriculture, fisheries and rural development (AFRD) financing sharply improved due to amendments to Republic Act 11901.