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Manila Bulletin devider Business devider Banking & Finance devider BSP okays new e-KYC rules

BSP okays new e-KYC rules

Published Apr 3, 2023 08:09 am
The Bangko Sentral ng Pilipinas (BSP) has amended existing rules on how banks and non-banks conduct customer due diligence (CDD) including electronic “Know Your Customer” or e-KYC guidelines on the use of the digital ID. BSP Governor Felipe M. Medalla said on Monday, April 3, that the enhanced e-KYC rules should promote a “seamless remote identity verification” process. “The policy enhancements promote seamless remote identity verification by leveraging on the use of technology and existing e-KYC systems. E-KYC is one of the key enablers to promote innovation and digital transformation aimed at advancing our financial inclusion agenda,” said Medalla. By BSP definition, e-KYC refers to the use of electronic or digital methods in the customer identification and verification process. Customer identification is a key element of KYC standards. To ensure a smooth transition, BSP Circular No. 1170 which amended CDD and e-KYC procedures will give all BSP surpervised financial institutions (BSFIs) one year to comply with the prescribed e-KYC requirements. BSFIs that intend to shift to an e-KYC system should comply with the new guidelines before the system is implemented. The BSP also clarified that the amended rules “highlight” the Philippine Identification System (PhilSys)-enabled e-KYC which will be launched by the Philippine Statistics Authority (PSA). The BSP is stressing on the point – as it did in the past year – that PhilSys is an acceptable ID for e-KYC under Republic Act No. 11055 or the PhilSys Act, “PhilSys-enabled e-KYC shall be allowed subject to PSA’s applicable guidelines and full implementation of the authentication procedures/methods and other related systems under the PhilSys,” said the BSP. The BSP’s Monetary Board approved a resolution on March 23 to adopt the new circular which was signed on March 30 by Deputy Governor Eduardo G. Bobier. The amendments covered CDD regulations which include guidelines on e-KYC using digital identity system. Basically, it detailed the requirements for the use of digital identification and verification as part of BSFIs’ customer onboarding process. “The guidelines recognize the use of e-KYC through the digital ID system and provide the minimum requirements for BSFIs in the conduct of e-KYC. In particular, the latter should be anchored on robust information and communication technology architecture and tiered or risk-based e-KYC policies and procedures with commensurate onboarding requirements and authentication assurance levels,” the BSP explained. Since 2021, the BSP has been enancing e-KYC rules and has included the national ID as an independent source of proving one’s identity in the CDD. Under CDD, PhilSys has been added and recognized as the government’s central identification platform. PhilSys records are considered as official and sufficient proof of identity and a reliable and independent source of verification. The national ID or the Philippine Identification (PhilID) has undergone identity proofing, enrollment, authentication and “identity life cycle management processess”. It contains the PhilSys number, date and place of birth of the BSFI customer, nationality, address, and biometrics, among others.
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