The Board of the Philippine Deposit Insurance Corp. (PDIC) recently approved a new set of regulations that will make member-banks’ computerized deposit record-keeping more efficient.
The new rules will make it easier for PDIC to see its exposure in insured deposits, and to enable prompt and accurate reimbursement of deposit insurance claims when necessary.
Under the regulation, each member-bank should have a computerized database system where updated and accurate depositor/deposit information and deposit transactions for each and every deposit account are maintained and safely stored for five years from date of transaction.
They should also have a facility that can readily generate Deposit Account View (DAV) with the depositor/deposit information in the form specified by PDIC.
Banks should also have a backup and recovery arrangement for the depositor/deposit information and deposit transactions in accordance with the disaster recovery and business continuity plan guidelines and requirements of the Bangko Sentral ng Pilipinas (BSP).
This set of regulations will take effect on February 27, 2015.