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

The e-KYC guidelines are part of the amendments to the customer due diligence (CDD) regulations, the BSP said in a statement.

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.

Under the new rule, the Philippine Statistics Authority will launch a PhilSys-enabled e-KYC.

PhilSys-enabled e-KYCs will be allowed subject to the PSA's applicable guidelines and full implementation of the authentication procedures and other related systems under the PhilSys, the BSP said.

"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)," it said.

“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," Bangko Sentral Governor Felipe M. Medalla said.

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.

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