Source Document
Manual of Regulations for Banks
BSP.MORB.2023.Sec941.a(4).p38.OBL2
Manual of Regulations for Banks > 941 SANCTIONS AND PENALTIES > Monetary penalty guidelines > (4)
Obligation Summary
Also weigh how much pecuniary benefit the offense or omission could produce, whether or not the benefit actually materializes.
Moreover, the amount of pecuniary benefit, which may or may not accrue from the offense or omission, shall also be considered under this factor.
MORB, Sec. 941.a(4), p. 38 (2023 ed.) · Manual of Regulations for Banks · p. 38
(3) Continuation of offense or omission after notification - This pertains to the persistence of an act or omission after the latest notification on the existence of the violation, either from the appropriate department of the Bangko Sentral or from the Monetary Board and/or Deputy Governor, in cases where the violation has been elevated accordingly. This covers the period after the final notification of the existence of the violation until such time that the violation has been corrected and/or remedied. The corrective action shall be reckoned with from the date of notification.
(4) Concealment - This factor pertains to the cover up of a violation. In evaluating this factor, one shall consider the intention of the party/ies involved and whether pecuniary benefit may accrue accordingly. The act of concealing an act or omission constituting the violation carries with it the intention to defraud regulators. Moreover, the amount of pecuniary benefit, which may or may not accrue from the offense or omission, shall also be considered under this factor.
Concealment may be apparent when a covered institution’s personnel purposely complicate the transaction to make it difficult to uncover or refuse to provide information and/or document that would support the violation/offense committed.
What This Requires.
ProfytAI Regulatory Intelligence
Type: requirementBeyond whether a pecuniary benefit could arise, the actual amount of any pecuniary benefit from the violation must also be factored into the same evaluation.
Relationship
Direct continuation of the immediately preceding sentence within item (4) of the numbered guideline-factor list; precedes the following item on using the maximum penalty range when aggravating factors predominate.
Why This Exists
Ensures the penalty assessment captures the scale of any gain from the violation, not just whether one was possible, so the sanction can be proportionate.
Implementation Considerations
Typically involves quantifying, where possible, the pecuniary benefit tied to the violation as part of the penalty-scoring record.
Interpretation Note · 'Moreover' signals this instruction is additive to the preceding sentence, not a separate factor; 'may or may not accrue' clarifies the amount is considered even where the benefit is uncertain or hypothetical.
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Reproduced from the Bangko Sentral ng Pilipinas Manual of Regulations for Banks, retrieved from bsp.gov.ph. Highlighting and the verification stamp were added by ProfytAI; the underlying text is unaltered. This document is freely available from the BSP website.