Key facts
- Philippine e-payment firms are being pushed to improve their merchant vetting processes.
- The Bangko Sentral ng Pilipinas (BSP) is urging these firms to adopt stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols.
- The goal is to prevent the use of e-payment platforms for illicit activities.
The Bangko Sentral ng Pilipinas (BSP) is pressing e-payment companies in the Philippines to strengthen their merchant vetting procedures. The central bank's directive aims to curb the use of these platforms for illegal transactions by implementing more robust Know Your Customer (KYC) and Anti-Money Laundering (AML) measures. This initiative reflects a broader effort to enhance financial security and integrity within the country's digital payment ecosystem.