(Bangko Sentral ng Pilipinas logo)

MANILA  (Mabuhay) – The Bangko Sentral ng Pilipinas (BSP) has relaxed the “know your customer” requirement until the end of the year, as the onslaught of super typhoon Yolanda destroyed essential documents.

The monetary board, the policy making body of the BSP, approved to waive temporarily, the presentation of official identification documents in processing transactions of typhoon victims.

Under the Anti-Money Laundering Act, the know your customer is a requisite among financial institutions to prevent banks from money laundering activities. It establishes a means of verifying their clients’ identities.

It covers residents of affected areas namely Leyte, Samar, Cebu, Iloilo, Capiz, Aklan and Palawan provinces, with daily transactions of up to P50,000 or its foreign currency equivalent.

The clients however, should present written certification that they are typhoon victims, although notarization is not required.

Once the relaxed period lapses, identification documents will be required and records will be updated. (MNS)