The electronic Know-Your-Customer (e-KYC) to be launched by the Philippine Statistics Authority (PSA) is now part of the latest amendments to the Bangko Sentral ng Pilipinas (BSP) customer due diligence (CDD) regulations.
THE electronic Know-Your-Customer to be launched by the Philippine Statistics Authority is now part of the latest amendments to the Bangko Sentral ng Pilipinas customer due diligence regulations.
“The policy enhancements promote seamless remote identity verification by leveraging on the use of technology and existing e-KYC systems. [The] e-KYC is one of the key enablers to promote innovation and digital transformation aimed at advancing our financial inclusion agenda,” Bangko Sentral Governor Felipe M. Medalla was quoted in a statement as saying.
The central bank said that BSFIs with existing e-KYC systems are given one year to comply with the prescribed e-KYC requirements. Of this number, some 33.55 million are PhilIDs dispatched for delivery to registered persons while 26.78 million are ePhilIDs printed at registration centers.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BSP: PHL’s net liability position hits $40B as of Dec | Cai U. OrdinarioTHE net international investment position (IIP) of the Philippines indicated a net liability position of $40.1 billion as of December 2022, based on preliminary data from the Bangko Sentral ng Pilipinas (BSP). The data showed that this was 30.3 percent higher than the $30.8 billion in the end-September period in…
Read more »
Salary, credit card loans soar amid rate hikes–BSP | BusinessMirrorFILIPINOS continued obtaining salary and credit card loans in February, amid the increases in key policy rates, according to data released by the Bangko Sentral ng Pilipinas (BSP). Salary loans surged 69.3 percent in February while credit card loan growth was in double-digit at 29.4 percent. The growth in salary…
Read more »
PH banks maintain positive outlook – BSP surveyPhilippine banks remain resilient and expect to sustain its growth path in the next two years with a recovering economy post-pandemic, adequate liquidity and capital buffers which can shield it against any external risks. ManilaBulletin
Read more »
BSP OKs digital identification, verification of bank clientsThe Bangko Sentral ng Pilipinas has allowed digital identification of bank clients and the verification of this under the rules of CDD, which requires banks to know their customers. | RonWDomingoINQ /PDI
Read more »
Liquidity grows 6% to P16.1T in February | Cai U. OrdinarioDOMESTIC liquidity or M3 grew 6 percent in February 2023, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP). The data showed M3 reached P16.1 trillion in February 2023, higher than the P15.17 trillion in February 2022. The BSP said this was also 0.6 percent higher…
Read more »
Bank lending up 10%; money supply at P16TBig banks’ total outstanding loans grew 10 percent year-on-year in February on sustained credit demand despite high inflation, but the growth was slower compared to January’s 10.4 percent expansion, according to the Bangko Sentral ng Pilipinas (BSP).
Read more »