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BSP approves new rules on electronic KYC using digital IDs

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<p>MANILA - The Bangko Sentral ng Pilipinas said on Monday it has approved electronic Know-Your-customer (e-KYC) guidelines using a digital identity system.</p><p>The e-KYC guidelines are part of the amendments to the customer due diligence (CDD) regulations, the BSP said in a statement. </p><p>The new guidelines recognize the use of e-KYC through the digital ID system and provide the minimum requirements for banks in the conduct of e-KYC, it said.</p><p>Under the new rule, the Philippine Statistics Authority will launch a PhilSys-enabled e-KYC. </p><p>PhilSys-enabled e-KYCs will be allowed subject to the PSA&#x27;s applicable guidelines and full implementation of the authentication procedures and other related systems under the PhilSys, the BSP said. </p><p>&quot;The new rules set out the requirements for the use of digital identification and verification as part of the customer onboarding process of BSP-supervised financial institutions (BSFIs),&quot; it said. </p><p>“The policy enhancements promote seamless remote identity verification by leveraging on the use of technology and existing e-KYC systems. E-KYC is one of the key enablers to promote innovation and digital transformation aimed at advancing our financial inclusion agenda,&quot; Bangko Sentral Governor Felipe M. Medalla said. </p><p>Banks with existing e-KYC system have 1 year to comply while those that intend to shift to an e-KYC system are expected to comply with the provisions set by the BSP before the implementation of the new system, it said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/02/23/23/govt-implements-full-walk-in-system-for-national-id-registration">Gov&#x27;t implements full walk-in system for national ID registration, shuts online portal</a></li>	<li><a href="https://news.abs-cbn.com/business/09/20/22/72-m-filipinos-now-registered-in-national-id-psa">72 million Filipinos now registered under national ID system: PSA</a></li>	<li><a href="https://news.abs-cbn.com/business/03/06/23/over-50-million-physical-electronic-national-ids-delivered-as-of-feb-28-psa">Over 50 million physical, electronic national IDs delivered as of Feb. 28: PSA</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1922403" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Bangko Sentral ng Pilipinas said on Monday it has approved electronic Know-Your-customer (e-KYC) guidelines using a digital identity system.