December 17, 2014
BSP CIRCULAR NO. 862-14
SUBJECT | : | Amendments to Pertinent Sections of the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) on Examination by the Bangko Sentral |
The Monetary Board, in its Resolution No. 1907 dated 26 November 2014, amended the guidelines on examination of banks and quasi-banks by the Bangko Sentral ng Pilipinas under the MORB and Q Regulations of the MORNBFI, as follows:
SECTION 1. Section X658 of the MORB on examination by the Bangko Sentral is hereby amended to read, as follows:
"X658. Examination by the Bangko Sentral. — The term "examination" shall refer to an investigation of an institution under the supervisory authority of the Bangko Sentral ng Pilipinas (BSP) to determine whether the institution is operating on a safe and sound basis, inquire into its solvency and liquidity, and assess the effectiveness of its compliance function to ascertain that it is conducting business in accordance with laws and regulations. Consistent with a risk-based approach to supervision, the scope of examination may include, but need...