BPI clarifies not all clients are required to update account info

ABS-CBN News

Posted at Aug 30 2016 12:02 PM | Updated as of Aug 30 2016 06:18 PM

MANILA (UPDATE) – The Bank of the Philippine Islands clarified Tuesday that not all account holders are required to update their customer information details, after an earlier issued advisory caused panic among its clients. 

In a statement, BPI said not all are required to submit an updated Customer Information Sheet (CIS) and Foreign Account Tax Compliance Act (FATCA) Form to avoid the deactivation of services from electronic channels such as online banking and automated teller machines (ATM).

“Recent announcements apply only to a limited number of individuals, with whom we have already communicated separately,” BPI said in a statement posted on its official Facebook page. The bank said it is also sorry for the confusion. 

READ: BPI asks clients to update account info or risk losing access

BPI now emphasize that only 5 percent or about 100,000 clients who received notification from BPI will be required to update their information by September 30, said Randy Maranan, chief customer experience officer at BPI.

The bank's customer data was neither hacked nor deleted, and the requirement to update is a routine procedure mandated by the Bangko Sentral ng Pilipinas (BSP), Maranan added.

The announcement came a day after BPI clients took to social media their frustrations and misgivings about the confusing short-notice that appeared to require all bank account owners to update their account information at any BPI branch pursuant to a circular issued by the BSP.  -- With a report from Jekki Pascual, ABS-CBN New