Bangko Sentral relaxes 'know your customer' rules to move cash during lockdown

ABS-CBN News

Posted at Apr 01 2020 05:24 PM

ATM money. Alec Corpuz, ABS-CBN News

MANILA - The Bangko Sentral ng Pilipinas said Wednesday it eased requirements for transactions of low-risk accounts to provide easier access to funds during the COVID-19 lockdown.

The easing of requirements will be in effect until June 31 to help those "who have no available IDs or transactional account with any financial institution," the BSP said in a statement. The relaxed rules apply to over-the-counter, electronic and online transactions, it said.

"This is part of the BSP’s initiatives to ensure that Filipinos have continuous access to basic government and financial services amid the COVID-19 situation," the statement said.

Proof of identification, such as government IDs are usually required for banks' know your customer (KYC) process.

The following measures were also set to prevent money laundering and terrorism financing:

1. Transactions should not exceed P50,000 per day
2. Qualified customers are those residing or conducting business in areas under enhanced community quarantine, community quarantine
3. Customers must be able to certify that he or she does not have a valid ID
4. Activities will be subject to monitoring