The BSP last year set a Janudeadline for BSFIs to meet the EMV chip technology requirement, and directed banks to full responsibility should clients fall prey to fraudsters. "BSFIs (BSP-supervised financial institutions) are given until 30 June 2018 to fully comply with the EMV requirement," it said in an emailed statement. Philippine banks must completely shift to the Europay, MasterCard, Visa (EMV) system by June 30, or face monetary sanctions, the Bangko Sentral ng Pilipinas (BSP) said Thursday.
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