QuestionsQuestions (BSP MEMORANDUM)
The memorandum is dated July 18, 2005 and is titled “CERTIFICATE OF REGISTRATION OF FOREIGN EXCHANGE DEALERS (FXDS)/MONEY CHANGERS (MCS) AND REMITTANCE AGENTS (RAS).”
Foreign Exchange Dealers (FXDs), Money Changers (MCs), and Remittance Agents (RAs).
The memorandum enjoins the recipient/party addressed in the memorandum to require their clients (FXDs/MCs and RAs) to submit a copy of their BSP certificate of registration.
The requirement is considered part of “know your customer” (KYC) compliance procedures.
They can be confirmed or verified with the BSP Supervision and Examination Department III.
Circular No. 471 dated 24 January 2005.
Yes. It is characterized as being part of “know your customer” compliance procedures.
A copy of their certificate of registration issued by the Bangko Sentral ng Pilipinas (BSP).
BSP’s registration (under Circular No. 471) provides the certificate that clients must submit; submission of the certificate supports the KYC compliance procedure.
The absence of the BSP certificate of registration would mean the KYC compliance procedure—specifically the verification/submission requirement—has not been met.
The certificates can be confirmed or verified with BSP Supervision and Examination Department III.
It was signed by (SGD.) Nestor A. Espenilla, Jr., Deputy Governor.
BSP Supervision and Examination Department III.
It provides for the registration of FXDs/MCs and RAs with the BSP, which the memorandum then ties to KYC compliance through submission/verification of the certificate.
It would likely constitute failure to follow the BSP-enjoined KYC compliance procedure, potentially resulting in regulatory non-compliance (though the memorandum itself does not enumerate penalties).