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MFBR lawyers and associates care!

In light of the constantly changing social and economic landscape in the world due to COVID-19, everyone at Mallari Fiel Brillante Ronquillo has taken steps to make good our steadfast commitment to serve our clients and our communities.

To this end, we designed a new business model incorporating the traditional “brick and mortar” and “virtual” law offices. This new model is to achieve the continuity of rendering our legal and business consultancy services to clients and friends, and the immediate implementation of our crisis management and business transformation activities.

Thus, we’re glad to announce that for every fortnight, half of our team will be physically present at our offices from Monday thru Friday, 8:00am to 3:00pm. Clients and our friends can reach us through our office phones and online platforms (website, emails, Facebook, LinkedIn, Zoom, etc.). And to ensure the health and safety of our staff, they have the option to be housed in the Firm’s private residence or shuttled back and forth using the company’s private vehicle. Safety protocols are also observed at our offices.

Finally, our team has prepared a series of materials around the impact of COVID-19 and related considerations. Please take time to view our sample articles and research published in our website. A complete listing and discussion of these articles are available in our newsletter to be distributed to our esteemed clients.

Should you have questions, please reach out to our Office Manager, Argie Macawile, at +632 86953395, +63977 8502357; or email our Managing Partner, Atty. Rob Mallari, at mfl@mflegal.com.ph and rpmallari@mflegal.com.ph.

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  • BSP Relaxes KYC Requirements to Facilitate Access to Financial Services

BSP Relaxes KYC Requirements to Facilitate Access to Financial Services

By: Saliha Naila A. Abdullah

Know Your Customer/Client (KYC) is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically update the same.

Recently, the Bangko Sentral ng Pilipinas (BSP) has advised the public that it will order the relaxation of KYC requirements to enable access of all identified beneficiaries to financial services. BSP aims to facilitate the delivery of welfare funds to those beneficiaries who have no available valid identification documents (IDs) or transactional account with any financial institution.

Accordingly, the Monetary Board eased the requirement for the presentation of a valid ID for all customer onboarding and transactions during the period of enhanced community quarantine (ECQ) and until 30 June 2020.
 
Under the recently issued BSP Memorandum No. M-2020-015, any requirement for the presentation of valid IDs shall be relaxed during the above-mentioned period, subject to the following control measures:

(a) The transactions in the account shall not exceed P50,000.00 per day;

(b) Qualified customers are those who reside or conduct business in the area which has been declared to be under ECQ/CQ;

(c)  Customers are required to certify that he/she has no valid ID; and

(d) The customer’s account activities shall be subject to ongoing monitoring. Financial institutions are expected to obtain the required minimum information from the customer and perform risk-based customer due diligence.

Note that the foregoing shall apply to both over the counter and electronic or online transactions. 

BSP has implemented this relief measure on Customer Identification because it considers the accounts involved as low risk. Likewise, BSP has implemented control measures to prevent money laundering and terrorism financing risks.  This initiative by the BSP intends to ensure that Filipinos have continuous access to basic government and financial services amid the ongoing COVID-19 pandemic.

Please stay tuned for new issuances and releases of Bangko Sentral ng Pilipinas. We will accordingly provide updates as new announcements from the BSP are given from time to time.

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