April 2, 2013
BSP CIRCULAR NO. 792-13
SUBJECT : Valid Identification Cards for Financial Transactions
Pursuant to Monetary Board Resolution No. 246 dated 7 February 2013, the provisions of the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) on valid identification cards for financial transactions are hereby amended, as follows:
SECTION 1. Item "a", Subsec. X895 of the MORB on valid identification cards for financial transactions shall read as follows:
"a. Clients who engage in a financial transaction with covered institutions for the first time shall be required to present the original and submit a clear copy of at least one (1) valid photo-bearing identification document issued by an official authority.
"For this purpose, the term "official authority" shall refer to any of the following:
(1) Government of the Republic of the Philippines;
(2) its political subdivisions and instrumentalities;
(3) government-owned and/or controlled corporations (GOCCs); and
(4) Private entities or institutions registered with or supervised or regulated either by the Bangko Sentral ng Pilipinas (BSP) or Securities and Exchange Commission (SEC) or Insurance Commission (IC)."
"Valid IDs...
