Amendments to Foreign Exchange Regulations

September 13, 2016BSP CIRCULAR NO. 925-16SUBJECT  :Amendments to Foreign Exchange Regulations Pursuant to Monetary Board Resolution No. 1644 dated 8 September 2016, the following provisions of the Manual of Regulations on Foreign Exchange Transactions (issued under Circular No. 645 dated 13 February 2009, as amended) are further revised as follows:"PART ONE. RULES ON FOREIGN EXCHANGE TRANSACTIONSChapter IGENERAL PROVISIONS1. Regulations governing foreign exchange transactions are hereby consolidated in this Manual of Regulations on Foreign Exchange Transactions hereinafter referred to as the "Manual".2. All foreign exchange transactions, including those of authorized agent banks (AABs)/AAB-subsidiary/affiliate forex corporations (AAB-forex corps), must be compliant with applicable laws, rules and regulations, including the "Know Your Customer" policy.3. The sale of foreign exchange may be freely made: (a) between and among AABs; (b) by AAB-forex corps to AABs; and (c) between and among individuals/entities other than AABs/AAB-forex corps: Provided, that the sale of foreign exchange by non-bank BSP-supervised entities (NBBSEs), including qualified entities operating as foreign exchange dealers/money changers (FXDs/MCs) and remittance agents (RAs) that are neither AABs nor AAB-forex corps, shall...