May 9, 2003
BSP MEMORANDUM
TO | : | All Banks and NBQBS |
Attached is a paper on the Account Opening and Customer Identification Guidelines issued by the BASEL Committee on Banking Supervision.
The guidelines represent the starting point, which can be used by banks in the area of customer identification.
For your guidance and immediate implementation.
(SGD.) ALBERTO V. REYES
Deputy Governor
ATTACHMENT
February 2003
General Guide to Account Opening and Customer Identification
1. The Basel Committee on Banking Supervision in its paper on Customer Due Diligence for Banks published in October 2001 referred to the intention of the Working Group on Cross-border Banking 1 to develop guidance on customer identification. Customer identification is an essential element of an effective customer due diligence programme which banks need to put in place to guard against reputational, operational, legal and concentration risks. It is also necessary in order to comply with anti-money laundering legal requirements and a prerequisite for the identification of bank accounts related to terrorism.
2. What follows is account opening and customer identification guidelines and a general guide to good practice based on the principles of the Basel...