February 6, 2012
BSP CIRCULAR NO. 747-12
SUBJECT : Revised Compliance Framework for Banks
The Monetary Board, in its Resolution No. 116 dated 20 January 2012, approved the revisions to the compliance framework for banks, amending the entirety of Section X180 ((2008-X170) Compliance System; Compliance Officer) of the Manual of Regulations for Banks (MORB).
1. Section X180 of the MORB is amended to include a statement of policy that shall read as follows:
The Bangko Sentral ng Pilipinas (BSP) actively promotes the safety and soundness of the Philippine banking system through an enabling policy and oversight environment. Such an environment is governed by the high standards and accepted practices of good corporate governance as collectively defined by the BSP and its supervised institutions. Towards this end, a robust, dynamically-responsive and distinctly-appropriate Compliance System shall be put in place as an integral component of an institution's internal controls.
Subject to the provisions of Section § X180.4, a full-time Chief Compliance Officer (CCO) shall be appointed to oversee the design of its Compliance System and promote its effective implementation.
2. Section...
