Amendment of FCDU Operational Requirements

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BSP CIRCULAR NO. 582: Amendment of FCDU Operational Requirements

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Title Supreme Court: Amendment of FCDU Operational Requirements

Law: Bsp Circular No. 582

Decision Date: Sep 17, 2007

BSP Circular No. 582 amends the requirements for thrift banks and rural/cooperative banks to operate Foreign Currency Deposit Units (FCDUs), stipulating that the officer in charge must have either one year of relevant experience or specialized training accredited by the Bangko Sentral ng Pilipinas.

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Capacity and Qualification for FCDU Operations in Rural and Cooperative Banks

Rural and cooperative banks must have the capacity to operate an FCDU.
To enhance their capacity, these banks may appoint an officer for FCDU operations who meets either:
- One (1) year of direct experience as in-charge or assistant in-charge of FCDU operations in another bank.
- Completion of specialized FCDU training conducted by BSP Institute or an accredited institution.

Effectivity and Implementation

This amendment takes effect fifteen (15) days after its publication in the Official Gazette or a newspaper of general circulation in the Philippines.
The amendment was adopted pursuant to Monetary Board Resolutions Nos. 966 and 966.A dated August 30, 2007, and formalized on September 17, 2007 by BSP Governor Amando M. Tetangco, Jr.

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