Question & AnswerQ&A (GSIS Resolution No. 60)
They are required to submit a copy of their Certificate of Registration issued by the Bangko Sentral ng Pilipinas (BSP).
The registration is provided under BSP Circular No. 471 dated January 24, 2005.
This requirement is part of the 'know your customer' compliance procedures to ensure proper verification and regulatory compliance.
The Certificates can be confirmed or verified with the BSP Supervision and Examination Department III.
Circular No. 471 mandates the registration of FXDs, MCs, and RAs with the BSP to regulate their operations and enforce compliance with BSP rules.
Requiring registration is part of the 'know your customer' (KYC) framework, which helps prevent money laundering by verifying the legitimacy of financial service providers.
Though not explicitly stated in the memorandum, failure to comply may result in penalties or sanctions under BSP regulations including possible suspension or revocation of authorization to operate.