The Bangko Sentral ng Pilipinas (BSP) is proposing to require banks, e-wallet providers, crypto platforms, and other financial institutions to integrate with the Philippine Statistics Authority’s National ID Authentication Services (NIDAS).
Under the draft memorandum, NIDAS could be used for customer onboarding, account opening, and updates to customer information.
The system allows institutions to verify a person’s identity using biometric and demographic information (facial recognition, fingerprint scans, and others) from the National ID system.
Virtual asset service providers (VASPs), e-wallets, digital banks, and retail-focused banks will have three months to integrate with NIDAS once the rule takes effect.
Meanwhile, other banks and payment system operators will be given up to six months.
Other valid IDs and verification methods may still be used if a customer does not have a National ID or if NIDAS is unavailable.
Failure to comply may result in supervisory enforcement actions by Bangko Sentral ng Pilipinas (BSP).
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