QuestionsQuestions (BSP CIRCULAR NO. 792)
The purpose of BSP Circular No. 792 is to amend the provisions of the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) concerning valid identification cards required for financial transactions.
Customers and the authorized signatories of corporate or juridical entities engaging in financial transactions with covered institutions for the first time are required to present valid photo-bearing ID documents.
'Official authority' refers to the Government of the Republic of the Philippines; its political subdivisions and instrumentalities; government-owned and/or controlled corporations (GOCCs); and private entities or institutions registered with or supervised or regulated either by the BSP, SEC, or IC.
Examples include IDs issued by the National Council on Disability Affairs (NCDA), DSWD certification, IBP ID, company IDs issued by private entities or institutions registered with or supervised by the BSP, SEC, or IC, and the PhilHealth Health Insurance Card ng Bayan.
Yes, the circular's provisions on valid identification cards apply to NBFIs as indicated in the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), including specific sections for Non-Stock Savings and Loan Associations and other NBFIs.
They must present the original and submit a clear copy of at least one valid photo-bearing ID document issued by an official authority.
Yes, company IDs issued by private entities or institutions that are registered with or supervised or regulated by BSP, SEC, or IC are considered valid IDs.
The circular took effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation.
Yes, Section 4695N of the MORNBFI within the circular states that the provisions apply to all financial transactions by NBFIs, including those involving OFWs.
The Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) were amended regarding valid identification cards for financial transactions.