The Rules and Regulations Governing Computerized Records of Bank Deposits (Regulatory Issuance 2015-01) issued by the Philippine Deposit Insurance Corporation (PDIC) is effective starting on February 27, 2015.

Under the new regulation, member-banks are required to have (i) a computerized database system where updated and accurate depositor/ deposit information and deposit transactions for each and every deposit account are maintained and safely stored for five (5) years from the date of transaction, (ii) a facility that can readily generate the Deposit Account View (DAV), a report that provides consolidated depositor/deposit information for every deposit account in a form specified by PDIC, and (iii) a backup and recovery arrangement for the depositor/deposit information and deposit transactions in line with the disaster recovery and business continuity plan guidelines and requirements of the Bangko Sentral ng Pilipinas (BSP).

Under the regulation, member-banks are required to submit a plan of implementation for the aforestated PDIC requirements and a report on the features of systems used for computerized database on or before March 30, 2015. Member-banks and/or any of its responsible employees or agents who do not comply with the Regulatory Issuance will be liable to administrative fines and other sanctions in accordance with Section 21 (g) of the PDIC Charter.

Regulatory Issuance No. 2015-01 is available at the PDIC website, www.pdic.gov.ph.

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