BSP Relaxes KYC Requirements During Enhanced Community Quarantine

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April 3, 2020 – The Bangko Sentral ng Pilipinas (BSP) is relaxing Know-Your-Customer (KYC) requirements during the enhanced community quarantine (ECQ) and until June 30, 2020. This is to facilitate delivery of funds to identified beneficiaries who have no available valid IDs or transactional account with any financial institution.

The following guidelines will be followed on the relaxing of the KYC:

  • Transactions in the account must not exceed Php 50,000 per day
  • The qualified customers are those who reside or those who conduct business in places under enhanced community quarantine or community quarantine
  • The customers must certify that they do not have a valid ID
  • The customer’s account will be subject to ongoing monitoring.

It will be the responsibility of the financial institution to obtain the required minimum information from the customer and perform due diligence.

The BSP said the accounts that will be part of relaxed KYC measures are those that are considered low risks. This is applied to both over-the-counter and online transactions.

The BSP said this is part of their initiative to ensure financial service access during the COVID-19 situation. Recently they assured the public of continued banking services during the quarantine. BSP said banks have already activated business continuity plans, ensuring activities like taking deposits, withdrawing from ATMS, clearing checks and other related banking activities are continuing despite the implementation of the Enhanced Community Quarantine in Luzon.

BSP has also urged the banks to make sure they have necessary protocols to protect their personnel, especially frontliners, against COVID-19.

This article is published on BitPinas: BSP Relaxes KYC Requirements During Enhanced Community Quarantine

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