Standards,

final judgment for violating the payment systems law, and those found to be blamed behind the closure of an OPS based on findings by the Monetary Board.

Meanwhile, grounds for temporary disqualification include unwillingness to pay financial obligations, being involved in a previous OPS closure whose case is still pending before the Monetary Board, failure to discharge duties that in turn threaten the reliability of a payment system, as well as those already engaged in businesses similar to the OPS.

Persons that were involved in violations that could result in dismissal or termination under the Labor Code of the Philippines and those with pending cases related to financial crimes could also be subject to temporary disqualification.

OPS are given six months to comply with the circular, except for the provisions on temporary disqualification of directors and officers of OPS, which shall take effect immediately.

The issuance will complement the adoption of international standards under the Principles for Financial Market Infrastructures, the BSP said.

The circular is also in line with the phased-in implementation of Republic Act 11127 or the National Payment Systems Act which was enacted in 2018.

There are 160 BSP-registered OPS as of Sept. 10.