BBA: Bank deposits secure amid client info update

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BBA: Bank deposits secure amid client info update

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An ongoing updating of client information by banks has sown apprehension among depositors over the safety of their deposits and the status of their transactions.

Bohol Bankers Association (BBA) spokesperson and Bank of the Philippine Islands (BPI), Tagbilaran Branch Manager Deo Butawan immediately squelched rumors that started to circulate after letters from banks were sent to their clients informing them of a September 30, 2016 deadline to update their bank records.

Clients feared that failure to comply with the deadline will hamper their bank transactions or worse put at risk their deposits.

Butawan, in an interview with DYRD “Patrol Balita” assuaged the anxieties of bank clients saying “this updating of records is in compliance with Banko Sentral ng Pilipinas (BSP) and Anti-Money Laudering Council (AMLC) orders and has nothing to do with the stability of the banking sector”.

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BSP Circular 706 series of 2011 on “Updated Anti-Money Laundering Rules and Regulations” requires all banks to implement procedures to comply with a customer identification process to include acceptance policies and on going monitoring procedures.

These procedures cover record keeping and retention and transaction reporting with sanctions and penalties imposed on bank officers who fail to comply with the BSP circular.

Butawan clarified that the updating of records has been ongoing for more than three years and is part of the banking sector’s effort to know their clients better.

Failure to comply would put a clients bank transactions on a very brief interruption especially those who rely on online transactions with automated teller machines (ATM), according to Butawan.

Clients transactions shall be serviced through over the counter after August 31, 2016 but was extended by BPI to September 30, 2016.

When transacting with the bank’s ATM’s, a “prompt” or a cue to customers to go to their respective banks to update their records, added Butawan.

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The updating of records of bank clients is in compliance with BSP Circular 706 and covers all banks in the country. (Chito M. Visarra)

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