BSP eases 'know your customer' rules

THE Bangko Sentral ng Pilipinas said Wednesday, April 1, it eased requirements for low-risk transactions to enable easier access to funds during the mass quarantine.

The easing of rules will be in effect until June 31 to help those "who have no available IDs or transactional account with any financial institution," the central bank said in a statement.

The relaxed requirements apply to over-the-counter, electronic and online transactions, the BSP said.

"This is part of the BSP’s initiatives to ensure that Filipinos have continuous access to basic government and financial services amid the Covid-19 situation," it said.

Proof of identification such as government IDs are usually required for banks' know your customer (KYC) process.

The BSP has set control measures to guard against money laundering and terrorism financing risks such as transactions should not exceed P50,000 per day; qualified customers are those residing or conducting business in areas under enhanced community quarantine and community quarantine; customers must be able to certify that he or she does not have a valid ID; and customer activities will be subject to monitoring. (CSL)


SunStar website welcomes friendly debate, but comments posted on this site do not necessarily reflect the views of the SunStar management and its affiliates. SunStar reserves the right to delete, reproduce or modify comments posted here without notice. Posts that are inappropriate will automatically be deleted.

Forum rules:

Do not use obscenity. Some words have been banned. Stick to the topic. Do not veer away from the discussion. Be coherent. Do not shout or use CAPITAL LETTERS!