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REGULATORY ISSUANCE   

REGULATORY ISSUANCE NO. 2021-01
TO :All Banks
SUBJECT :Revised Rules and Regulations on Record-Keeping of Bank Deposits and Reportorial Requirements from Banks

Pursuant to its authority to prescribe and issue rules and regulations under Section 3 (b) of Republic Act (RA) No. 3591, as amended, the Philippine Deposit Insurance Corporation (PDIC) Board of Directors, by virtue of Resolution No. 2021-11-149 dated 25 November 2021, approved the issuance of this Revised Rules and Regulations on Record-Keeping of Bank Deposits and Reportorial Requirements from Banks to implement Sections 10 (c) and (d-1) of RA No. 3591, as amended.

Section 1. Statement of Policy

To safeguard the interest of the depositing public, and to ensure effective evaluation by the PDIC of the deposit insurance risks of banks, as well as to enable the PDIC to efficiently determine the insured deposits of banks, all banks shall keep and maintain a true and accurate record or statement of their daily deposit account transactions consistent with the applicable standards set by the PDIC and the Bangko Sentral ng Pilipinas (BSP), and shall submit to the PDIC the required reports/documents on the condition, income and expenses of the bank, and such other reports/documents and statements in such form and frequency as the PDIC shall require.1

Section 2. Definition of Terms

  1. “Deposit Account View (DAV) Facility” refers to an application that is integrated with the computerized deposit database system of the bank to enable the electronic generation of a report/document in prescribed form referred to as DAV, which contains the consolidated Depositor and Deposit Information for each and every deposit account at any given cut-off period.

  2. “Deposit Information” pertains to the characteristics and/or features of a deposit, as follows:

    • Deposit account number;
    • Branch where deposit account was opened (i.e., name or code);
    • Deposit type (Savings, Time, Demand, Negotiable Order of Withdrawal, or Negotiable Certificate of Time Deposit);
    • Deposit sub-type (i.e., product name or code);
    • Deposit currency code;
    • Interest rate on deposit;
    • Date of last interest payment/posting;
    • Last interest payment cut-off date;
    • Issuance and maturity dates (for term deposits);
    • Withholding tax on interest income and other bank charges;
    • Date of last deduction of withholding tax on interest income;
    • Date of last deduction of dormancy charge from deposit account balance (for dormant account);
    • Date of last deposit/withdrawal transaction;
    • Available balance;
    • Outstanding balance;
    • Information on whether the account is restricted (i.e., frozen, under investigation, with pending legal case or DOSRI accounts); and
    • Account status (i.e., active, dormant, or escheat).
  3. “Depositor Information” refers to the depositor basic personal information containing the following:

    • Depositor code;
    • Depositor type (individual, corporate [for corporations and partnerships], one person corporation, sole/single proprietorships, joint, or held-in-trust or by);
    • Depositor full name;
    • Depositor middle name and date of birth (for individual depositor);
    • Depositor spouse;
    • Depositor mother (maiden name);
    • Depositor Philippine Identification System (PhilSys) Number (once available);
    • Depositor Taxpayer Identification Number (TIN);
    • Depositor Social Security System (SSS) or Government Service Insurance System (GSIS) Number;
    • Depositor mobile number;
    • Depositor landline number;
    • Depositor email address;
    • Depositor complete permanent address; and
    • Information on whether the depositor is a borrower, co-maker, guarantor, and/or owner of an account used as collateral to an outstanding loan(s) with the bank.
  4. “Deposit Account Transaction” refers to any activity and/or event involving a deposit account resulting in any change thereof and/or movement of the deposit balance.

  5. “False Information/Statement” refers to information/statement contained in the submitted documents, reports, certification, and/or supporting schedules/attachments, which are untrue, incorrect, inaccurate, erroneous, and/or misleading, or which are forged or tampered with.

  6. “Incomplete Reports/Documents” refer to reports/documents without the required supporting schedules/attachments, as well as to reports/documents with missing or omitted pages.

  7. “Non-compliant” refers to the condition where a bank fails or refuses to comply with the submission of the required reports/documents, or to adhere to the form, frequency, and deadlines prescribed in this Regulatory Issuance (RI). The term shall likewise refer to a bank whose reports/documents are incomplete, or contain false information/statement.

  8. “Willful refusal” refers to the failure, avoidance or delay in the performance of any of the obligations imposed under this RI upon a bank or its director(s), officer(s), employee(s), or agent(s).

Section 3. Operations Manual on Record-Keeping of Bank Deposits

Banks shall adopt and maintain an Operations Manual on Record-Keeping of Bank Deposits, duly approved by the Board of Directors of the bank and implemented, which shall contain the policies, procedures, and controls observed by the bank in the processing and recording of Depositor and Deposit Information, and Deposit Account Transactions, as well as in the safekeeping of bank deposit related files, records, and documents. The policies, procedures, and controls contained in the manual shall be consistent with the Guidelines for Crafting the Operations Manual on Record-Keeping of Bank Deposits, attached hereto as Annex "A".

The manual shall be submitted to the PDIC, in the manner and form prescribed in Annex "B", not later than thirty (30) calendar days from the effective date of this RI.

For newly established banks, the manual shall be submitted within ninety (90) calendar days, reckoned from the start of its operations as indicated in the corresponding Circular Letter issued by the BSP.

In case of any change or amendment to the manual, the revised manual shall be submitted to the PDIC within thirty (30) calendar days from the effective date of such change or amendment thereto.

Section 4. Computerized Records of Bank Deposits

To facilitate the efficient determination by the PDIC of its exposure in insured deposits, and to enable prompt and accurate settlement of deposit insurance claims, banks shall adopt and maintain a computerized records of the Depositor and Deposit Information, including Deposit Account Transactions. Towards this, banks shall have:

  1. a computerized database system where updated and accurate Depositor and Deposit Information, including Deposit Account Transactions, for each and every deposit account are maintained and safely stored for at least five (5) years from the date of transaction;

  2. a DAV Facility that can readily generate all Depositor and Deposit Information, including Deposit Account Transactions, in the form specified in Annexes "C" and "C-1" hereof; and

  3. a backup and recovery system for the Depositor and Deposit Information, including Deposit Account Transactions, in accordance with the disaster recovery and business continuity plan guidelines and requirements of the BSP.

Further, to preserve the integrity, confidentiality, and availability of Depositor and Deposit Information, including Deposit Account Transactions, the bank shall likewise have a documented and well-defined information technology (IT) related policies and procedures in accordance with the guidelines on IT risk management of the BSP that should include, at least, the following areas:

  1. IT governance/management;
  2. development and acquisition;
  3. IT operations;
  4. communication networks;
  5. information security;
  6. electronic banking/electronic products and services; and
  7. IT outsourcing/vendor management.

Section 5. Certification of Compliance

Banks shall submit to the PDIC a notarized Certificate of Compliance (Annex "D") signed by the President of the bank or officer of equivalent rank and its Chief Compliance Officer, attesting to the following:

  1. The full compliance of the bank with this RI, and other rules and regulations on record-keeping of bank deposits such as, but not limited to, those enumerated in Annex "E" hereof, including any amendment thereto;

  2. The submission of the bank to the PDIC of the required document under Section 3 of this RI, including any amendment/update thereto; and, its faithful compliance with the requirements, procedures, and guidelines therein;

  3. The full compliance of the bank with the requirements of Section 4 of this RI; and

  4. The records of the bank are constantly updated, and are at all times kept in a secure, organized, and orderly manner consistent with the standards set by the PDIC and the BSP.

The Certification of Compliance, the Report on the Features of the Bank Computer Systems (Annex "F"), and the Technical Specifications of the DAV (Annex "G") prepared by the IT Head of the bank or its duly designated officer and duly attested to by the President of the bank or officer of equivalent rank and its Chief Compliance Officer, shall be submitted to the PDIC, in the manner and form prescribed in Annex "B", within ninety (90) calendar days from the effective date of this RI.

For newly established banks, the Certificate of Compliance, the Report on the features of the Bank Computer Systems, and the Technical Specifications of the DAV shall be submitted within ninety (90) calendar days, reckoned from the start of its operations as indicated in the corresponding Circular Letter issued by the BSP.

Thereafter, the Certification of Compliance shall be submitted on an annual basis, i.e., every January 31 of each year. The Certification of Compliance, the Report on the Features of the Bank Computer Systems, and the Technical Specifications of the DAV shall be re-submitted within thirty (30) calendar days from the effective date of any change or amendment thereto, including changes in the certifying officers of the bank.

Section 6. Regular Reports

Banks shall submit to the PDIC, in the manner, prescribed form, and on the schedule specified in Annex "B", the following reports:

  1. PDIC Reporting Package (Annex "H-1"), which shall consist of the following:

    1. Schedule of Deposit Products (Annex “H-2”) – includes information on all types of deposit products offered to the public, including a description of each product, interest rate, maturity, date of launch, the required minimum balance, and other pertinent data concerning the product.

    2. Breakdown of Deposit Liabilities by Banking Office (Annex “H-3”) – includes information on the number of accounts and the total amount of deposit liabilities per banking office classified by type of deposits. A banking office without deposit-taking activities shall also be reported in the Breakdown of Deposit Liabilities.

    The PDIC Reporting Package must be notarized and signed by the President of the bank or officer of equivalent rank and its Chief Compliance Officer, attesting that the contents of the foregoing reports are up-to-date, truthful, accurate, and correct.

  2. Bank Information Sheet (Annex "I"). This shall contain information regarding the basic profile of the bank, the list of its Board of Directors, its principal officers, shareholders and their shareholdings. The information sheet shall likewise contain the specimen signatures of the authorized signatories of the bank to the reports submitted to the PDIC, list of depository bank, and agreement to the PDIC privacy policy. The Bank Information Sheet must be notarized and duly signed by the President of the bank or officer in equivalent rank and its Chief Compliance Officer attesting that the information contained therein are up-to-date, truthful, accurate, and correct.

  3. Financial Audit Report. This shall cover the:

    1. Audited Financial Statements of the bank for the past year;

    2. Opinion of the external auditor;

    3. Management Letter/Summary of Audit Findings submitted by the external auditor to inform the bank of comments and recommendations to improve internal controls, as well as financial and administrative practices and procedures; and

    4. Letter of Comments by the external auditor indicating any material weakness or breach in the internal control and risk management system of the bank or, if no material weakness or breach is noted, a certification under oath by the external auditor stating that no material weakness or breach was noted.

  4. Deposit Account View in comma-separated values (CSV) file without depositor information and deposit account number.

The PDIC may, in the exercise of its regulatory authority, require banks to submit other document(s)/information which may be necessary or relevant to the aforementioned documents/reports, as determined by the PDIC.

Section 7. Period, Form, Manner, and Frequency of Submission

Should any of the deadlines prescribed for the submission of the documents required herein fall on a non-banking day in the locality where the reporting bank or PDIC is situated, the applicable deadline shall be the next banking day.

PDIC may, upon proper notice, change the deadlines for the submission of the required documents, including the prescribed form, manner, and frequency, as it may deem appropriate and necessary.

Section 8. Sanctions and Penalties

Any submission that does not conform to the form and manner prescribed herein shall not be accepted, and the bank shall be treated as not having submitted the same, and shall accordingly be made subject to the applicable sanctions and penalties.

The failure or refusal of a bank to submit the required reports/documents within the period, form, and manner herein prescribed, or any making of a false statement or entry in the required reports/documents, shall, after due notice, constitute willful failure or refusal to submit the required reports/documents and/or willful making of a false information/statement or entry in the required reports/documents, and shall subject the bank and/or the director(s), officer(s), employee(s), or agent(s) liable thereto to the following cumulative sanctions and penalties:

  1. Administrative Fine 2

  2. The non-compliant bank and/or its director(s), officer(s), employee(s), or agent(s) responsible for such act or omission may be imposed an administrative penalty for each day that the violation subsists in such amount prescribed under the PDIC RI No. 2012-01 (Revised Rules on Administrative Offenses, Fines and Procedure in Administrative Investigation).

  3. Criminal Liability 3

  4. The director(s), officer(s), employee(s), or agent(s) of the non-compliant bank responsible for such act or omission shall be held liable to a penalty of not less than six (6) years but not more than twelve (12) years of imprisonment or a fine of not less than fifty thousand pesos (P50,000.00) but not more than ten million pesos (P10,000,000.00), or both, at the discretion of the court under Section 26 (f) of RA No. 3591, as amended.

Additionally, a non-compliant bank may be considered for the PDIC on-site examination.4

Section 9. Repealing Clause

The PDIC RI No. 2006-01 on Record-Keeping of Bank Deposits, the PDIC RI No. 1999-01 on Revised Reportorial Requirements of the PDIC, and the PDIC RI No. 2015-01 on Computerized Records of Bank Deposits, including all other related rules and/or regulations issued by the PDIC which are inconsistent herewith, are hereby repealed or amended accordingly.

Section 10. Effectivity

This RI shall take effect fifteen (15) calendar days after its publication in a newspaper of general circulation.

For strict compliance.

(Sgd.) ROBERTO B. TAN
President and CEO

Publication: Manila Bulletin, January 24, 2022

Date of Effectivity: February 8, 2022

Addendum to Annex H-1

1 Sections 10 (c) and (d-1), RA No. 3591, as amended.
2 Section 26 (g), RA No. 3591, as amended.
3 Section 26 (f), RA No. 3591, as amended.
4 Sections 8 and 9 (Eight), RA No. 3591, as amended.
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