Important Advisory on Telegraphic Transfer/ Inward Remittance Transactions

Bangko Sentral ng Pilipinas (BSP) has issued Circular No. 706 Series of 2011 on Updated Anti-Money Laundering Rules and Regulations, specifically Section X806.2.i. (e) on Fund/ Wire Transfer.  Effective 01 July 2011, Banks will require from the Remitter all of the following information for remittance transactions:

1.       Name of the Originator/ Remitter

2.       Address of the Originator/ Remitter.  In lieu of the address, any of the following should be provided:

·          National Identity Number of the Originator/ Remitter

·          Date and Place of Birth of the Originator/ Remitter

3.       Account Number of the Originator/ Remitter.  In its absence, the Unique Reference Number which can be secured from the Remitting Bank

In this light, please remind your Remitter to be ready with the information mentioned above and provide these to his Remitting Bank when sending funds to your account.  This will prevent delays in the processing of your remittance transactions.

Click here to see a copy of Section X806.2.i.(e) of the Circular No. 706 issued by the BSP

Click here to see a copy of Circular No. 706 issued by the BSP