Legal basis and amending scope
- BSP Circular No. 608 is issued pursuant to Monetary Board Resolution No. 553 dated 8 May 2008.
- The Circular amends BSP Circular No. 564 dated 3 April 2007 on guidelines for accepting valid identification cards for financial transactions by covered institutions.
- BSP Circular No. 564 is amended to include updated identification requirements, including requirements relevant to overseas Filipino workers (OFWs).
- The identification requirements apply to banks and non-bank financial institutions under BSP supervision and are implemented alongside anti-money laundering customer identification requirements.
Policy and purpose for ID rules
- The Circular promotes access of Filipinos to services offered by formal financial institutions, particularly those residing in remote areas.
- The Circular encourages and facilitates remittances of OFWs through the banking system.
- The Circular advances the requirement of valid identification for first-time customers to support customer identification in financial transactions.
Definitions and coverage of transactions
- For this Circular, financial transactions may include remittances, among others, as falling under the definition of transaction.
- Under Republic Act No. 9160, otherwise known as the Anti-Money Laundering Act of 2001, as amended, a financial transaction is any act establishing any right or obligation or giving rise to any contractual or legal relationship between the parties thereto.
- Under Republic Act No. 9160, as amended, financial transaction also includes any movement of funds by any means with a covered institution.
Valid IDs for first-time clients
- Covered institutions must require first-time clients who engage in a financial transaction to present the original and submit a CLEAR copy of at least ONE (1) valid photo-bearing identification document.
- The client’s first ID requirement applies upon the client’s first engagement in a financial transaction with covered institutions.
- For purposes of the Circular, “official authority” means any of the following:
- (i) 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 by the BSP, or the Securities and Exchange Commission (SEC), or the Insurance Commission (IC).
- The following are valid ID examples under the Circular:
- Passport
- Driver’s License
- Professional Regulation Commission (PRC) ID
- National Bureau of Investigation (NBI) Clearance
- Police Clearance
- Postal ID
- Voter’s ID
- Barangay Certification
- GSIS e-Card
- SSS Card
- Senior Citizen Card
- OWWA ID
- OFWID
- Seaman’s Book
- Alien Certification of Registration/Immigrant Certificate of Registration
- Government Office and GOCC ID, e.g. Armed forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- Department of Social Welfare and Development (DSWD) Certification
- Integrated Bar of the Philippines ID
- Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC, or IC
Special ID rule for minors in remittances
- Students who are beneficiaries of remittances/fund transfers and are not yet of voting age may present an ID in lieu of a voting-age ID.
- These student beneficiaries must present the original and submit a CLEAR copy of ONE (1) valid photo-bearing school ID.
- The school ID must be duly signed by the principal or head of the school.
One-time ID submission for institutions’ clients
- Banks and non-bank financial institutions under BSP supervision must require their clients to submit a clear copy of ONE (1) valid ID on a one-time basis only, or at the commencement of a business relationship.
- Covered institutions must require clients to submit an updated photo and other relevant information whenever the need arises.
- These identification submission rules apply in addition to existing customer identification requirements under anti-money laundering rules.
Relationship to anti-money laundering rules
- The identification requirements under this Circular operate in addition to the customer identification requirements under Rule 9.1 C of the Revised Implementing Rules and Regulations (RIRRs) of Republic Act No. 9160 (Anti-Money Laundering Act of 2001, as amended).
Adoption and controlling amendments
- BSP Circular No. 608 amends BSP Circular No. 564 dated 3 April 2007 by updating the identification card guidelines for banks and non-banks financial institutions under BSP supervision.
- The Circular specifically requires the listed identification documentation standards for first-time clients and specifies special handling for eligible minor student remittance/fund transfer beneficiaries.
- The identification submission and update obligations apply to the covered institutions’ client relationships, including where remittances are involved.