Definition of Terms
- Depositor information includes code, type (individual, corporate, joint, held-in-trust), full name, middle name, birthdate (for individuals), complete address, and borrower/guarantor status.
- Deposit information covers account number, branch, type (Savings, Time, Demand, others), sub-type, currency code, available balance, interest rate, issuance and maturity dates (for term deposits), withholding tax, bank charges, and account restrictions.
- Facility: An application integrated with the bank’s computerized deposit system to generate reports.
- Deposit Account View (DAV): Electronically generated report consolidating depositor/deposit information per account.
Requirements for Member Banks
- Maintain a computerized database system with accurate depositor/deposit data and transaction records stored safely for 5 years.
- Implement a facility to generate DAV reports as specified by PDIC.
- Establish backup and recovery arrangements compliant with Bangko Sentral ng Pilipinas guidelines.
- Submit to PDIC:
- Plan of Implementation within 30 days from effectivity.
- Report on System Features prepared by IT head or designated officer, attested by Compliance Officer, within 30 days from effectivity and upon updates.
Penalties
- Violations subject member banks and responsible individuals (directors, officers, employees, agents) to administrative fines per Section 21(g) of the PDIC Charter and PDIC RI 2012-01.
- Civil or criminal liabilities may also be imposed beyond administrative sanctions.
Repealing Clause
- Section 1.b of Regulatory Issuance 2006-01 on Record Keeping of Bank Deposits and other inconsistent PDIC issuances are repealed or amended.
Effectivity Date
- The regulation takes effect 15 days after publication in a newspaper of general circulation.