Definition of Official Authority
- Official authority includes:
- Government of the Republic of the Philippines;
- Its political subdivisions and instrumentalities;
- Government-owned and/or controlled corporations (GOCCs);
- Private entities or institutions registered with, supervised, or regulated by the BSP, SEC, or IC.
Valid Photo-Bearing Identification Documents
- Customers and authorized signatories must present the original and submit a clear copy of at least one valid photo-bearing ID issued by an official authority.
- Examples of valid IDs include but are not limited to:
- ID issued by the National Council on Disability Affairs (NCDA);
- Department of Social Welfare and Development (DSWD) certification;
- Integrated Bar of the Philippines (IBP) ID;
- Company IDs issued by private entities or institutions registered with or supervised or regulated by the BSP, SEC or IC;
- PhilHealth Health Insurance Card ng Bayan.
Specific Provisions for Non-Stock Savings and Loan Associations
- The provisions on valid identification documents as stated in Part 8 of the Q Regulations are adopted for Non-Stock Savings and Loan Associations under Section 4695S of the MORNBFI.
Provisions for Other Non-Bank Financial Institutions (NBFIs)
- Section 4695N applies Part 8 of the Q Regulations to all financial transactions by NBFIs.
- This includes financial transactions involving Overseas Filipino Workers (OFWs).
Effectivity
- The Circular takes effect fifteen (15) calendar days after publication either in the Official Gazette or in a newspaper of general circulation.
Legal Authority
- Issuance pursuant to Monetary Board Resolution No. 246 dated 7 February 2013.
- Signed by Officer-in-Charge Juan D. De Zuaiga, Jr., reflecting the formal adoption by the Monetary Board.