Central Bank of Philippines - Circular No. 649 - Guidelines Governing the Issuance of Electronic Money (E-Money) and the Operations of Electronic Money Issuers (EMI)

It is the policy of the Central Bank of Philippines (Bangko Sentral ng Pilipinas [BSP]) to foster the development of efficient and convenient retail payment and fund transfer mechanisms in the Philippines. The availability and acceptance of e-money as a retail payment medium will be promoted by providing the necessary safeguards and controls to mitigate the risks associated in an e-money business. As a result, the following guidelines have been approved governing the issuance of electronic money (e-money) and the operations of electronic money issuers (EMI) in the Philippines. This document covers the following topics:

1. Electronic Money Issuer Classification
2. Record Keeping Requirements
3. Minimum Systems and Controls
4. Customer Complaints
5. Licensing Requirements
6. Liquidity Requirements
7. Reporting Requirements
8. Consumer Rights
9. Prior BSP Approval
10. Limitations of Operations
11. Anti-Money Laundering Laws Compliance
12. Sanctions and Penalties

Document Details

Document Type: 
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Year of Document: 
2009
Date of Document: 
Thursday, January 1, 2009
Document Authors: 
Central Bank of Philippines
Language (This Document): 
English

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