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Philippine financial institutions given one year to comply with new e-KYC requirements

( April 3, 2023, 06:54 GMT | Official Statement) -- MLex Summary: The Philippine central bank has outlined the requirements for the use of digital identification and verification as part of the customer onboarding process for financial institutions. The requirements are part of amendments to the central bank's customer due diligence regulations, which includes guidelines on how to conduct electronic Know-Your-Customer, or e-KYC, procedures through the Philippine Identification System, or PhilSys. Existing e-KYC systems have one year to comply with the new requirements.The full statement follows and the circular is attached: ...

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