BSP to penalize erring peso RTGS participants

The Bangko Sentral ng Pilipinas (BSP) has updated its policy on penalties and sanctions for erring participants in the Peso Real-Time Gross Settlement System (RTGS), a large value-payment system that enables fund transfers between financial institutions on a real-time basis.

- By KEISHA TA-ASAN

This follows Monetary Board Resolution 1368, which approved amendments to Section 621 of the Manual of Regulations for Payment Systems (MORPS).

"Depending on the gravity of the offense committed by a participant, the BSP may impose penalties and sanctions," the central bank said.

"This may include fines, suspension of the participant's privilege to avail themselves the intraday settlement facility and suspension or termination of the participant's access to the Peso RTGS payment system. Repeat offenders shall be meted with stiffer penalties and sanctions," it said.