The ECB will be able to impose administrative pecuniary penalties of up to twice the amount of the profits gained or losses avoided because of the breach or up to 10 per cent of the amount of the total annual turnover in the preceding business year.
Estimates indicate that remittance transactions average 66 million per year, of which transmission through “credit-to-other banks” accounts for 8% or an average of more than  BIS Review 159/2009  1  5,000 transactions daily. This means savings of at least P75 million in annual remittance fees for overseas Filipinos. At least P75 million.