QuestionsQuestions (BSP CIRCULAR NO. 608)
It was issued pursuant to Monetary Board Resolution No. 553 dated 8 May 2008, amending BSP Circular No. 564 dated 3 April 2007.
It amends the provisions of BSP Circular No. 564 (3 April 2007) on guidelines for accepting valid identification cards for financial transactions, while expressly stating that it is in addition to the customer identification requirements under Rule 9.1(c) of the Revised Implementing Rules and Regulations (RIRRs) of R.A. 9160.
The client must present the original and submit a clear copy of at least one (1) valid photo-bearing identification document issued by an “official authority.”
“Official authority” includes: (i) the Government of the Republic of the Philippines; (ii) its political subdivisions and instrumentalities; (iii) government-owned and/or controlled corporations (GOCCs); and (iv) private entities or institutions registered with or supervised or regulated by the BSP, SEC, or IC.
Examples include Passport, Driver’s License, PRC ID, NBI Clearance, Police Clearance, Postal ID, Voter’s ID, Barangay Certification, GSIS e-Card, SSS Card, Senior Citizen Card, OWWA ID/OFWID, Seaman’s Book, and other government or specified private IDs.
Both are required: the client must present the original and submit a clear copy of the ID.
They may present the original and submit a clear copy of one (1) valid photo-bearing school ID duly signed by the principal or head of the school.
Yes, for students who are beneficiaries of remittances/fund transfers and are not yet of voting age, the Circular allows the school ID rule described above.
They shall require submission of the clear copy of one valid ID on a one-time basis only (or at the commencement of the business relationship), and they shall require updated photo and other relevant information whenever the need arises.
It means the clear copy submission of the one required valid ID is collected only once, typically at the start/commencement of the business relationship, rather than repeatedly for every transaction.
Customer identification requirements under Rule 9.1(c) of the Revised Implementing Rules and Regulations (RIRRs) of R.A. 9160 (Anti-Money Laundering Act of 2001), as amended.
It clarifies that financial transactions include remittances, among others, as falling under the AML Act definition of “financial transaction.”
It is “any act establishing any right or obligation or giving rise to any contractual or legal relationship between the parties thereto,” and it also includes “any movement of funds by any means with a covered institution.”
To promote access of Filipinos to services offered by formal financial institutions, especially those in remote areas, and to encourage/facilitate remittances of OFWs through the banking system.
It takes effect fifteen (15) days following its publication either in the Official Gazette or in a newspaper of general circulation.
Banks and non-bank financial institutions under BSP supervision that conduct the covered financial transactions.