business
Philippines’ BSP orders stronger controls for QR-enabled payments
Key takeaways
- The guidance comes amid steps to address risks linked to money laundering, fraud and illegal financial activities, according to a report by local publication The Manila Times.
- The directive was issued through Memorandum M-2026-017.
- In the memorandum, the BSP said BSIs must ensure controls remain “effective and commensurate with risk” as payment activity expands across digital channels.
Philippines’ BSP orders stronger controls for QR-enabled payments Aninda Chakraborty Mon, May 11, 2026 at 5:11 PM GMT+7 2 min read The Bangko Sentral ng Pilipinas (BSP) has instructed banks and payment firms to strengthen safeguards for QR-enabled payments and merchant accounts.
The guidance comes amid steps to address risks linked to money laundering, fraud and illegal financial activities, according to a report by local publication The Manila Times.
The directive was issued through Memorandum M-2026-017. It applies to BSP-supervised institutions (BSIs) and covers account onboarding, merchant monitoring and payment settlement arrangements.
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