BSP CIRCULAR NO. 258

: It amends Section 77 of Circular No. 1389 dated April 13, 1993.
: A numbered account is a banking account wherein the identity of the client is represented by a number or code instead of their name, allowing for confidentiality.
: Yes, authorized banks may adopt a numbered account system as per the amended Section 77.
: Banks and Non-Bank Financial Institutions (NBFIs) must take necessary measures to establish and record the true identity of their clients, based on official or other reliable documents and records.
: Both banks and Non-Bank Financial Institutions (NBFIs) are required to do so.
: Circular 251 dated July 7, 2000 is referenced as a guide for measures to establish client identity.
: It took effect immediately on September 6, 2000, the date it was adopted.
: To ensure compliance with regulations, prevent money laundering and illicit activities, and maintain transparency despite the confidentiality of numbered accounts.