Question & AnswerQ&A (PDIC Regulatory Issuance No. 2015-01)
The main policy consideration is to facilitate the efficient determination by PDIC of its exposure in insured deposits and to enable prompt and accurate reimbursement of deposit insurance claims when necessary by requiring member banks to maintain computerized records of depositor/deposit information.
Depositor information refers to the depositor code, depositor type (individual, corporate, joint, held-in-trust for, or by), depositor full name, depositor's middle name and birthdate (for individual depositors), depositor's complete address, and information on whether the depositor is a borrower, co-maker, and/or guarantor of existing loans with the bank.
Deposit information includes deposit account number, branch where the deposit account was opened, deposit type (Savings, Time, Demand, others), deposit sub-type (product name or code), deposit currency code, available balance, interest rate on deposit, issuance and maturity dates (for term deposits), withholding tax and other bank charges, and info on whether the account is restricted (frozen or with pending legal case).
DAV is an electronically generated report that provides consolidated depositor/deposit information for each and every deposit account in a prescribed form specified by PDIC.
a) A computerized database system maintaining updated and accurate depositor/deposit info and transactions stored safely for five years; b) A facility that can generate DAV in the PDIC specified format; c) A backup and recovery arrangement in accordance with BSP disaster recovery and business continuity plans.
Member banks must submit: a) A Plan of Implementation within 30 days from the effectivity date of the regulation; and b) A Report on Features of Systems Used for Computerized Database, prepared by the bank's IT Head or designated officer and attested to by the Compliance Officer, within 30 days from effectivity or any update/change thereafter.
Violations subject the member bank and/or responsible directors, officers, employees, or agents to administrative fines per Section 21(g) of the PDIC Charter, as implemented by PDIC RI 2012-01 and its amendments, without prejudice to civil or criminal liability.
Section 1.b of Regulatory Issuance 2006-01 on Record Keeping of Bank Deposits and any other PDIC issuances inconsistent with this new issuance are repealed or amended accordingly.
It takes effect fifteen (15) days after its publication in any newspaper of general circulation.