March 09, 2017

BSP relaxes rules on client verification

According to an article from BusinessWorld, Filipinos may soon open bank accounts even without presenting government-issued IDs. The BSP has approved simpler rules in verifying client identity, with a circular to be released in the coming week.

The new rules will allow flexibility on online know-your-customer (KYC) verification and that prospective clients will need to present any official document or certificate issued by local government units in lieu of government-issued IDs. The forthcoming rule changes will facilitate the acquisition of new customers by allowing banks to better target unbanked segments of the country.