BSP tells banks to ease up on client ID requirements in typhoon-devastated areas

November 24, 2013 2:48 PM

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By: Maricel E. Burgonio, November 24, 2013 11:30 PM

MANILA - The Bangko Sentral ng Pilipinas (BSP) will allow banks to relax their client identification requirements in areas devastated by Typhoon ‘Yolanda’.

BSP Deputy Governor Nestor A. Espenilla, Jr. said the Monetary Board has approved the relaxation of know-your-customer (KYC) rules, particularly banks’ identification requirements for customers’ financial transactions such as loans, withdrawals, and deposits.

“The Monetary Board approved a relief on the KYC rules. The BSP has relaxed ID requirements for a temporary period of time. If you are transacting, you need to produce an ID. The IDs could have been lost,” Espenilla said.

He said the purpose of the regulatory relief is for banks to observe leniency with regards clients who have outstanding loans.

“Banks need to identify properly. Any identification acceptable to the bank is okay. The regulations should be issued Monday. Banks should also be responsible in protecting their clients,” Espenilla said.

Deposits went up last week based on reports from banks that reopened in Tacloban City, one of the areas hardest hit by Yolanda.

Land Bank of the Philippines, Development Bank of the Philippines, Bank of the Philippines Islands (BPI) and Rizal Commercial Banking Corp (RCBC) had reopened some of their branches in Tacloban.


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