QuestionsQuestions (BSP MEMORANDUM NO. M-2013-020)
It directs all pawnshops to strictly comply with the MORNBFI-P rules on (a) acceptance of pawn items and (b) the Know Your Pawner (KYP) policy, particularly the requirements to verify ownership and to require presentation of a valid photo-bearing ID.
Subsection 4301P.1 and Subsection 4301P.3 of the MORNBFI-P.
They must ascertain whether the pawner is the true owner of the article/s offered as pawn and ensure there is no ground to suspect that the article/s were objects of robbery or theft.
Pawnshops must require the presentation of a valid photo-bearing identification document (ID) from the pawner.
Rule 9.1.c of the Revised Implementing Rules and Regulations (RIRRS) of R.A. 9160, as amended.
It adds a specific KYP requirement for pawnshops: presentation of a valid photo-bearing ID, in addition to the AML customer identification requirements under Rule 9.1.c of the RIRRS of R.A. 9160.
ALL PAWNSHOPS, including their owner(s), partners, board of directors, management, and employees concerned.
The memorandum states that those found to have wilfully and/or deliberately violated the rules and regulations shall be subject to sanctions and penalties.
Sections 17 and 18 of Presidential Decree No. 114; Sections 4199P and 4399P of MORNBFI-P; Section 14 of R.A. 9160; and Section 36 of R.A. 7653.
It provides the sanction/penalty provisions applicable to pawnshops and their responsible persons under Sections 17 and 18.
It references R.A. 9160 and its implementing rules by requiring pawnshops to follow KYC/KYP-style identification measures, including valid photo-bearing ID presentation, and cites Section 14 of R.A. 9160 for penalties.
It is cited as an additional legal basis for sanctions/penalties for violations of central bank regulations.
The requirement under Subsection 4301P.3 for presentation of a valid photo-bearing ID, as a core part of adherence with the Know Your Pawner Policy.
To prevent pawnshop transactions from facilitating criminal activities such as fencing stolen property and to ensure proper due diligence consistent with KYP.
Whether staff verify the pawner’s true ownership, whether they check for grounds to suspect stolen/robbed goods, whether they require a valid photo-bearing ID, and whether they observe AML customer identification requirements under the RIRRS.