The Bangko Sentral ng Pilipinas (BSP) reminded banks to always observe a thorough client-identification process through proper verification and documentation procedures.
In a memorandum released on Friday, the central bank called on banks to “protect the safety, soundness and integrity of the Philippine financial system” by observing secure identification procedures.
“All banks shall maintain a system of verifying the true identity of their customers and, in case of corporate and juridical entities, require a system of verifying their legal existence and organizational structure, as well as the authority and identification of all persons purporting to act on their behalf,” the central bank said in Memorandum M-2014-043 made public on Friday.
The memorandum, signed by Supervision and Examination Sector Deputy Governor Nestor Espenilla Jr., listed specific guidelines reminding banks to check individual, corporate and trust clients for proper identification. For individual customers, the BSP said client accounts must be under the “true and full name” of their owner or owners.
“The use of alias shall be allowed only if the alias is duly registered with the relevant government agency pursuant to existing laws and regulations,” the central bank said.
Bianca Cuaresma