I have encountered many visitors and readers of my blog asking what requirements they should present at the bank when opening a new savings or any type of account. Basically, the bank needs your ID, photo and proof of billing to verify your identity and place of residence.
In this post, I just re-post the valid identification (IDs) that you could submit to the bank when applying a new account. This guideline was issued by Bangko Sentral ng Pilipinas on May 20 , 2008 to ease the application requirements for OFWs and those people who have limited access in getting ID.
The highlight of Circular No. 608 of BSP is informing the bank and non-banks institution under the supervision of BSP to require or collect just ONE valid PHOTO-bearing ID for the first time customer who wants to transact with them. This includes opening a savings account or checking account, applying for a loan with the bank or opening a stock and mutual fund account.
Below you can see the details of Circular No. 608 which in fact released more than three years ago. However, some banks don’t follow this guideline and still require two ID from their customers.
Date Issued: 05.20.2008
CIRCULAR NO. 608
Series of 2008
Subject : Valid Identification Cards (IDs) for Financial Transactions
Pursuant to Monetary Board Resolution No. 553 dated 8 May 2008, the provisions of Circular No. 564 dated 3 April 2007 on the guidelines governing the acceptance of valid identification cards for all types of financial transactions by banks and non-banks financial institutions under BSP supervision, including financial transactions involving overseas Filipino workers (OFWs), in order to promote access of Filipinos to services offered by formal financial institutions, particularly those residing in the remote areas, as well as to encourage and facilitate remittances of OFWs through the banking system, are hereby amended to 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: (i) GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES; (ii) ITS POLITICAL SUBDIVISIONS AND INSTRUMENTALITIES; (iii) GOVERNMENT-OWNED AND/OR CONTROLLED CORPORATIONS (GOCCs); AND (iv) 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:
- Driver’s License
- Professional Regulation Commission (PRC) ID
- National Bureau of Investigation (NBI) Clearance
- Police Clearance
- Postal ID
- Voter’s ID
- Barangay Certification
- Government Service Insurance System (GSIS) e-Card
- Social Security System (SSS) Card
- Senior Citizen Card
- Overseas Workers Welfare Administration (OWWA) ID
- OFW ID
- Seaman’s Book
- Alien Certification of Registration/Immigrant Certificate of Registration
- Government Office and GOCC ID, e.g. Armed forces of the Philippines (AFP ID), Home Development Mutual Fund
- (HDMF ID)
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- Department of Social Welfare and Development (DSWD) Certification
- Integrate Bar of the Philippines ID
- Company IDs issued by private entities or institutions registered wit or supervised or regulated either by the BSP, SEC or IC
b) Students who are beneficiaries of REMITTANCES/FUND TRANSFERS who are not yet of voting age may be allowed to present THE ORIGINAL AND SUBMIT A CLEAR COPY OF ONE (1) VALID photo-bearing school ID duly signed by the principal or head of the school.
c) Banks and non-bank financial institutions under BSP supervision shall require their clients to submit clear copy of the ONE (1) valid ID on a one-time basis only, or at the commencement of a business relationship. They shall require their clients to submit an updated photo and other relevant information whenever the need for it arises.
THE FOREGOING SHALL BE IN ADDITION TO THE CUSTOMER IDENTIFICATION REQUIREMENTS UNDER RULE 9.1.C OF THE REVISED IMPLEMENTING RULES AND REGULATIONS (RIRRS) OF R.A. NO. 9160, OTHERWISE KNOWN AS THE “ANTI-MONEY LAUNDERING ACT OF 2001”, AS AMENDED.
For purposes of this Circular, financial transactions may include remittances, among others, as falling under the definition of transaction. Under the Anti-Money Laundering Act of 2001, as amended, a financial transaction is “any act establishing any right or obligation or giving rise to any contractual or legal relationship between the parties thereto. It also includes any movement of funds by any means with a covered institution.”
This Circular shall take effect fifteen (15) days following its publication either in the Official Gazette or in a newspaper of general circulation.
FOR THE MONETARY BOARD:
AMANDO M. TETANGCO, JR.