THE Bangko Sentral ng Pilipinas (BSP) has eased the requirement for the presentation of a valid identification document (ID) for select transactions while an enhanced community quarantine (ECQ) is placed over Luzon.
In a statement on Wednesday, the central bank said it will relax the requirement of the presentation of a valid ID for customer onboarding and transactions until June 30, 2020.
“The Bangko Sentral relaxed the Know Your Customer (KYC) requirements since the accounts involved are low risk,” it explained.
In line with this, the BSP announced the following measures under the eased KYC regulations:
* the transactions in the account shall not exceed P50,000.00 per day;
* qualified customers are those who reside or conduct business in the area which has been declared to be under ECQ/CQ;
* customers are required to certify that he/she has no valid ID; and
* the customer’s account activities shall be subject to ongoing monitoring.
Financial institutions are expected to obtain the required minimum information from the customer and perform risk-based customer due diligence.
“The relaxed KYC requirements apply to both over the counter and electronic or online transactions,” it 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,” the central bank added.(GMA News)
