The BSP has just released Circular 747, amending the entirety of Section X180 of the Compliance System under the Manual of Regulations for Banks. These revisions were approved by the Monetary Board in its resolution signed on the 20th of January 20, 2012.
Please take note that all should comply on or before July 1, 2012.
Among those revised are the following:
1. The inclusion of statement of policy;
2. Mitigation on business risk;
3. Renumbering and amendments on of sections X180.5, X180.1, X180.2, X180.4
4. Removal of “Role and Responsibilities of the Compliance Function under x180.7
5. Renumbering of Section x180.8, or the Cross Border Compliance Issue and Section X180.9, or the Outsourcing of Risk Compliance Assessment and Testing.
For more details, please download the 6-page PDF file from our Slideshare account.