Question & AnswerQ&A (BSP CIRCULAR LETTER, MARCH 13, 2002)
Books of accounts and audited financial statements (PS) including annual reports have a permanent retention period and should be preserved indefinitely.
Tickets and supporting papers should be retained for a period of 10 years.
Yes, organizational papers for the establishment of rural/cooperative banks and branches, special licenses, and authority granted by BSP are to be preserved permanently.
Minutes of meetings of the stockholders/general assembly and board of directors must be retained permanently.
No rural/cooperative bank shall dispose of any records without the prior approval of its board of directors.
The bank must submit a Notice for disposal of records and documents in the DRB-prescribed form (Form No. 1), including the proposed date of disposal and list of records to be disposed of, along with a certified copy of the board resolution authorizing disposal.
The bank may proceed to dispose of records if after thirty (30) banking days from the date the notice was received by the DRB, no advice against the disposal has been received.
Records and documents for disposal must be burned or shredded in the presence of designated officers including a director of the bank, the Chief Operating Officer or equivalent, and the Compliance Officer.
A joint affidavit (Form No. 2) must be executed by the designated director, Chief Operating Officer, and Compliance Officer attesting to the destruction. The original and triplicate copies are kept permanently by the Treasurer or Cashier, and the duplicate is submitted to the DRB within ten banking days.
Human resources files of officers and staff with derogatory information must be retained permanently.