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THE Bangko Sental ng Pilipinas (BSP) is set to compel
banks to require one identification card for banking transactions.
BSP Deputy Governor Nestor A.
Espenilla Jr. said the central bank will release the amended
circular on the list of ID requirements.
Espenilla said the Monetary Board
will require only one ID instead of two and the expansion of the
list of valid IDs which clients can use for banking transactions.
Banks’ clients can use the
issued IDs of the regulated agencies of the BSP, Securities and
Exchange Commission (SEC), and Insurance Commission (IC), as well as
the Integrated Bar of the Philippines, Espenilla said.
“The main reason is [to]
promote [and] facilitate convenience in banking transactions without
undermining the commitment to anti-money laundering,” he told
reporters.
The original bank requirement
pertaining to consumer transactions for new accounts such as deposit
products and encashment for checks, required two IDs.
With the relaxation of the know
your customer (KYC) rules, transactions will be convenient for a lot
of people particularly in the rural areas, wherein the multiple ID
requirement hampered bank patronage, Espenilla said.
Banks required government IDs as
valid, including membership-cards of the Social Security System (SSS)
and Government Service Insurance System (GSIS), as well as
drivers’ licenses.
For the prevention of money
laundering, the BSP directed financial institutions to strictly
comply with the requirements for record keeping and customer
identification.
--Maricel E. Burgonio
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