Banks that habitually fail to submit their reportorial requirements on time will face stricter monetary and non-monetary sanctions next year, the Bangko Sentral ng Pilipinas (BSP) said.

The banks’ responsibility for the generation and timely submission of required reports to the BSP will be subject to provisions of Section X184 of the Manual of Regulations for Banks beginning January 1, 2018, the central bank said in an October 13 memorandum.

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