171 REPORTING GOVERNANCE FRAMEWORK
a. A management information system and technology infrastructure capable of supporting the bank’s reporting requirements as well as the conduct of its own internal validation prior to the submission of reports to ensure compliance with the Bangko Sentral reporting standards;
b. Written policies and procedures documenting the bank’s standards and processes in generating quality internal and external reports;
c. Timely and periodic review of the systems, policies and procedures to ensure their continuing relevance and effectiveness conducted by an independent unit within the bank (e.g., internal audit) or an external party contracted by the bank for such purpose;
d. A process to implement appropriate enhancements in response to changes in the bank’s operating environment or in the process of addressing weaknesses noted during periodic reviews conducted; and
e. A process for the timely reporting to the board and senior management of significant transactions, events and activities that have material impact on the quality of reports of the bank.
(1) Erroneous report – A report submitted within the prescribed deadline, but is found to be non-compliant with the Bangko Sentral reporting standards described under this Section shall be classified as “Erroneous”. Submission of an Erroneous Report shall be considered as willful failure to comply with a regulation.
(2) Delayed report – A report that was able to comply with the Bangko Sentral reporting standards after the submission deadline for said report shall be classified as “Delayed”. Submission of a compliant report after the submission deadline shall be considered as willful delay in submission of reports.
(3) Unsubmitted – A report that was not submitted, or was submitted but not able to comply with the Bangko Sentral reporting standards, by the time the next report becomes due or upon the lapse of thirty (30) banking days from the report’s submission deadline, whichever comes first shall be classified as “Unsubmitted”. See Table 2 as reference for the defined number of banking days after submission deadline for a report to be considered “Unsubmitted”. Non-submission of reports under this item shall be considered as willful refusal to comply with a regulation.
b. Monetary Penalties
Table 1 – Prescribed fines for reporting violations
|Bank Type||Primary Report||Secondary Report|
Table 2 – Defined number of days for penalty computation of reports considered Unsubmitted
| (Column A)
Defined # of banking days after
submission deadline to be considered “Unsubmitted”
# of days for penalty computation
of reports considered
|(A)||(B) = (A multiplied by 3)|
Table 3 – Determination of demerit point incurred by a bank in a reporting calendar year
|A. Monetary penalties approved for imposition||P180,000||P30,000|
|B. Prescribed fine per applicable category based on Table 1||3,000||600|
|C. Number of demerit points (A/B)||60||50||110|
(Circular No. 963 dated 27 June 2017)
- For instance, a weekly report received on the eighth (8th) banking day after the submission deadline will still be penalized the equivalent of twenty-one (21) days, while it likewise follows that a weekly report received on the twenty-eighth (28th) banking day shall still be penalized for twenty-one (21) days.