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MB Approves the Liberalization of the Rules on Acceptance of Valid IDs

05.20.2008

The Monetary Board (MB), the policy-making body of the Bangko Sentral ng Pilipinas (BSP), recently relaxed the rules on the acceptance of valid identification documents (IDs) for all types of financial transactions by banks and non-bank financial institutions under the supervision and regulation by the BSP.  Specifically, it has reduced to one, instead of at least two (2), the number of photo-bearing identification documents that clients, who engage in a financial transaction with the covered institutions for the first time, must present and submit. It has also expanded the coverage of the term “official authority” so as to include private entities or institutions registered with or supervised or regulated by the BSP, the Securities and Exchange Commission (SEC) or the Insurance Commission (IC) as issuers of the acceptable IDs.  The new passport which is neither signed by the owner nor by the issuing authority remains acceptable, while the Integrated BAR of the Philippines (IBP) ID is added in the list of acceptable IDs.

Under BSP Circular No. 564 dated 3 April 2007, clients were required to present the original and submit a copy of at least two (2) valid IDs issued and signed by an “official authority”, the scope of which was limited to the Government and its instrumentalities.  

The relaxation of the rules on acceptance of valid IDs shall, however, be without prejudice to the existing rule on proper customer identification or the “Know-Your-Customer” (KYC) rule which requires covered institutions to establish and record the true identities of their clients.

The new policy of the MB is expected to promote access of Filipinos to services offered by the formal financial institutions, particularly those residing in the countryside as well as encourage and facilitate remittances of OFWs through the banking system.

LIST OF VALID IDs

  • Passport
  • Driver’s License
  • Professional Regulation Commission (PRC) ID
  • National Bureau of Investigation (NBI) Clearance
  • Police Clearance
  • Postal ID
  • Voter’s ID
  • Barangay Certification
  • Government Service Insurance System (GSIS) e-Card
  • Social Security System (SSS) Card
  • Senior Citizen Card
  • Overseas Workers Welfare Administration (OWWA) ID
  • OFW ID
  • Seaman’s Book
  • Alien Certification of Registration/Immigrant Certificate of Registration
  • Government Office and GOCC ID, e.g. Armed forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)
  • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
  • Department of Social Welfare and Development (DSWD) Certification
  • Integrated Bar of the Philippines ID
  • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC. 

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