Philippines: Final Extension of Deadline for Compliance with The Guidelines on Digitalization of Customer Records
On 05 October 2021, the Bangko Sentral ng Pilipinas (“BSP”) issued Circular Letter (“CL”) No. 2021-72, disseminating to all BSP-Supervised Financial Institutions (“BSFIs”) the AMLC Regulatory Issuance (“ARI”) No. 6-2021 on the final extension of the deadline for compliance with the Guidelines on Digitalization of Customer Records (“DIGICUR”).
ARI No. 6 specifically provides:
- All covered persons are granted a final extension of the deadline for compliance with DIGICUR until 30 September 2020. Such deadline is non-extendable.
- All covered persons are required to submit on or before 31 October 2021 to the AMLC, through email or AMLC portal, a Quarterly DIGICUR Status Report of Compliance (“QUADSREC”). The QUADSREC shall be certified correct by the Chief Compliance Officer and attested by the President or Chief Executive Officer or its equivalent. The covered persons shall submit the QUADSREC within 15 calendars after each reference quarter until such time that the covered persons have fully completed and complied with all the requirements of the DIGICUR. However, if the covered person has completed and complied with all the requirements of the DIGICUR, a one-time submission of the QUADSREC, on or before 31 October 2021 shall be sufficient.
- Failure to submit the QUADSREC shall constitute a violation, and a penalty of Php 15,000 to Php 150,000 per account shall be imposed to covered persons.
- Non-compliance with the DIGICUR shall constitute a grave violation, and a penalty of Php 37,500 to Php 375,000 per customer shall be imposed.
ARI No. 6-2021 is effective 1 October 2021.
The information provided here is for information purposes only, and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.
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