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BSP’s Regulatory and Legal Obligations

Thursday, July 27, 2023

Recently BSP Financial Group Limited (BSP) took a decision to cease its relationship with one of its customers. BSP has allowed the customer time to make alternative arrangements before its relationship with BSP is concluded. The reasons for BSP’s decision are known to the Bank of Papua New Guinea and the Financial Analysis and Supervision Unit and have been communicated to members of government.

Currently the customer has the capacity to operate its accounts with BSP until its relationship with BSP comes to an end.

As a licensed bank in Papua New Guinea, BSP has an obligation to strictly comply with all regulatory requirements. The regulatory framework is essential to ensure Papua New Guinea’s financial system is robust nationally, and critically also to ensure Papua New Guinea is connected to and compliant with the international financial system.

BSP has complied with its regulatory and contractual obligations in making its decision.