QuestionsQuestions (BSP CIRCULAR NO. 657, SERIES OF 2009)
It further amends the rules on the valid identification documents (IDs) required for clients engaging in financial transactions with “covered institutions,” particularly for first-time clients.
It is pursuant to Monetary Board Resolution No. 827 dated 04 June 2009.
Item aaa of Circular No. 564 dated 03 April 2007, as amended by Circular No. 608 dated 20 May 2008.
The client must present the original and submit a clear copy of at least one (1) valid photo-bearing identification document.
At least one (1) valid photo-bearing identification document.
It refers to: (i) the Government of the Republic of the Philippines; (ii) its political subdivisions and instrumentalities; (iii) government-owned and/or controlled corporations (GOCCs); and (iv) private entities or institutions registered with or supervised or regulated either by the BSP or SEC or Insurance Commission.
To ensure verification (original) and recordkeeping (clear copy) when establishing the client’s identity for financial transactions.
They are IDs that include a photograph, helping verify the identity of the person conducting or being involved in the financial transaction.
The Government of the Republic of the Philippines; its political subdivisions and instrumentalities; and government-owned and/or controlled corporations (GOCCs).
It imposes the requirement that first-time clients must present the original and submit a clear copy of at least one valid photo-bearing ID issued by an “official authority,” as defined.
Fifteen (15) days following its publication in the Official Gazette or in a newspaper of general circulation.
Count fifteen (15) days from the date the circular is published in either the Official Gazette or a newspaper of general circulation—whichever is the publication basis.
Circular No. 657 further amends the specific provision of Circular No. 564, which was already amended by Circular No. 608.