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Philippines sees progress in digital PhilID rollout, revises KYC rules

Philippines sees progress in digital PhilID rollout, revises KYC rules

Officials of the Philippines Statistics Authority (PSA) says there is continued progress in issuing the two digital versions of the Philippines ID card (PhilID) as the push to enhance user experience in accessing public services advances.

The digital PhilID has the printed and downloadable versions. The PSA Undersecretary, National Statistician and Civil Registrar General, Dennis S. Mapa, says 27,980,515 printed versions have been issued and 913,350 downloadable ones were also issued as of 24 March.

“We, at the PSA, hope that more Filipinos can experience the convenience of using a valid and sufficient ID — whether printed or stored in a mobile device — for improved access to countless services,” says Mapa in a PSA press release.

The two versions of the digital PhilID have the same functionality and PSA officials say the downloadable version, which is in PDF format on mobile phones, will contribute to furthering the country’s ambitions of having a highly digital society.

In the meantime, the Central Bank of the Philippines (BSP) recently revised its digital Know Your Customer (KYC) rules for customer due diligence (CDD), making the PhilID as one of the digital ID credentials required for customer onboarding.

The adjustments fall in line with the BSP’s financial inclusion strategy which aims to allow holders of the PhilID have access to bank accounts and other financial services, according to an industry Insight by fraud and anti-money laundering risk detection firm ComplyAdvantage.

Per the new requirements, when the PhilID is presented for KYC, the front section which has the photo of the holder is scanned and the number on the back of the card must not be disclosed.

The amendment also sets out certain rules which entities carrying out digital KYC through digital ID systems must take note of.

Such firms, according to the new rules, are expected to understand the basic components of the digital ID system particularly how they apply to the CDD requirements; utilize anti-fraud and cyber-security processes to support digital identity authentication; utilize anti-fraud and cyber-security processes to support digital identity authentication, and ensure all practices digital KYC comply with relevant data sharing and protection privacy laws and rules about data processing, storage, and management.

Institutions have one year to comply with the new rules.

The publication notes that the Philippines is the latest country in the Asia Pacific region to adjust its digital KYC rules to enable financial institutions meet requirements of anti-money laundering and the fight against the financing of terrorism.

It also cites Hong Kong and Malaysia as the other nations having done similar rule changes for digital KYC recently in the region.

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