Valid Identification Cards for Financial Transactions
BSP Circular No. 792-13, issued on April 2, 2013, updates the regulations regarding valid identification cards required for financial transactions in the Philippines. Clients engaging in their first financial transaction with covered institutions must present an original and a clear copy of at least one valid photo-bearing ID from an official authority, which includes various government entities and registered private institutions. Acceptable forms of ID include those issued by the National Council on Disability Affairs, DSWD certifications, IBP IDs, company IDs from regulated entities, foreign passports, and PhilHealth cards. The circular will take effect 15 days after publication in the Official Gazette or a general circulation newspaper.
Quick Answers
- What is Valid Identification Cards for Financial Transactions about?
- BSP Circular No. 792-13, issued on April 2, 2013, updates the regulations regarding valid identification cards required for financial transactions in the Philippines. Clients engaging in their first financial transaction with covered institutions must present an original and a clear copy of at least one valid photo-bearing ID from an official authority, which includes various government entities and registered private institutions. Acceptable forms of ID include those issued by the National Council on Disability Affairs, DSWD certifications, IBP IDs, company IDs from regulated entities, foreign passports, and PhilHealth cards. The circular will take effect 15 days after publication in the Official Gazette or a general circulation newspaper.
- What type of law is BSP Circular No. 792-13?
- Valid Identification Cards for Financial Transactions (BSP Circular No. 792-13) is a Philippine Other Rules and Procedures enacted by the Congress of the Philippines.
- When was Valid Identification Cards for Financial Transactions enacted?
- Valid Identification Cards for Financial Transactions (BSP Circular No. 792-13) was enacted on Apr 2, 2013.
- What is the citation for Valid Identification Cards for Financial Transactions?
- Valid Identification Cards for Financial Transactions, BSP Circular No. 792-13, Apr 2, 2013 (Philippines)
Law Information
- Reference Number
- BSP Circular No. 792-13
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Banks and Banking
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
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 include the following:
"xxx xxx xxx
(q) ID issued by National Council on Disability Affairs (NCDA);
(r) DSWD certification;
(s) IBP ID;
(t) Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC;
(u) Passports issued by foreign governments; and
(v) PhilHealth Health Insurance Card ng Bayan.
SECTION 2. Item "a" of Sections 4695S (Non-Stock Savings and Loan Associations) and 4695Q (NBFIs with Quasi-Banking Functions) of the MORNBFI, 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 supervise or regulated either by the Bangko Sentral ng Pilipinas (BSP) or Securities and Exchange Commission (SEC) or Insurance Commission (IC)."
"Valid IDs include the following:
"xxx xxx xxx
(q) ID issued by National Council on Disability Affairs (NCDA);
(r) DSWD certification;
(s) IBP ID;
(t) Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC;
(u) Passports issued by foreign governments; and
(v) PhilHealth Health Insurance Card ng Bayan.
This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation.
FOR THE MONETARY BOARD:
(SGD.) JUAN D. DE ZUÑIGA, JR.Officer-in-ChargeBangko Sentral ng Pilipinas
Cite This Law
Valid Identification Cards for Financial Transactions, BSP Circular No. 792-13, Apr 2, 2013 (Philippines)
Valid Identification Cards for Financial Transactions, BSP Circular No. 792-13 (Phil. 2013)
Related Laws
- Valid Identification Cards for Financial TransactionsBSP Circular No. 608-08 • May 20, 2008 • Other Rules and Procedures
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- Guidelines on the Release, Distribution and Regeneration of the Voters' Identification CardsCOMELEC Resolution No. 9387 • Apr 13, 2012 • Other Rules and Procedures
- Amended Requirements, Guidelines and Procedures for the New Postal Identification CardPhlpost Circular No. 85B-14 • Mar 12, 2015 • Other Rules and Procedures
- Amended Guidelines on the Migration to the New Postal Identification CardPHLPost Circular No. 85-A-14 • Nov 26, 2014 • Other Rules and Procedures
- Revised Guidelines on the Printing, Reprinting, Release, and Distribution of the Voters' Identification Cards and the Submission of Reports ThereonCOMELEC Resolution No. 9964 • Apr 30, 2015 • Other Rules and Procedures
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