Required BSP certificate for onboarding
- Regulated counterparties must require their clients who are Foreign Exchange Dealers (FXDs) and Money Changers (MCs) to submit a copy of their certificate of registration issued by the BSP.
- Regulated counterparties must require their clients who are Remittance Agents (RAs) to submit a copy of their certificate of registration issued by the BSP.
- The submission requirement applies as part of client onboarding and compliance with customer verification expectations.
“Know your customer” compliance effect
- The Memorandum treats the certificate-submission requirement as part of “know your customer” compliance procedures.
- Client verification must therefore include obtaining and keeping a copy of the BSP certificate of registration for applicable FXDs/MCs/RAs.
Verification with BSP office
- The certificates may be confirmed or verified through the BSP Supervision and Examination Department III.
- Verification with BSP Supervision and Examination Department III supports compliance with the certificate requirement.
Legal/regulatory anchor cited
- Registration of FXDs/MCs and RAs with the BSP is provided for under BSP Circular No. 471, dated 24 January 2005.
- The Memorandum directs regulated parties to be guided by that Circular No. 471 registration framework when implementing the certificate requirement.