After the Anti-Money Laundering issue that RCBC cardholders had, BPI gave their clients a heads up about information security. The Bank of the Philippine Islands (BPI) urged its clients to update their account information or risk losing access to its electronic services, including automated teller machines.
BPI clients should submit an updated Customer Information Sheet (CIS) and Foreign Account Tax Compliance Act (FATCA) Form at any BPI branch on or before Friday, September 30, BPI said in an advisory posted on its website.
BPIs' earlier deadline was August 31, 2016. It moved the deadline amid complaints on social medial by the bank's clients.
Previously, pursuant to the Bangko Sentral ng Pilipinas Circular 706 which required financial institutions to regularly update its customer information records, BPI requested all clients to update their account information.
An original copy of the forms should be presented along with a photocopy of one valid, recent, and photo-bearing ID.
Here's how:
If you have updated your client information this year, you may disregard this advisory. Failure to comply with the immediate requirement, transactions will only be serviced over-the-counter of their branches and they will not be able to access their accounts via any of BPI’s 24/7 electronic channels (i.e. ATM , Online and Mobile) until they have submitted their CIS and ID.
- Fill out and sign the Customer Information Sheet (CIS) and Foreign Account Tax Compliance Act (FATCA) Form. You can visit your branches or download the forms via BPI Express Online.
- Present the accomplished form and submit a photocopy of one valid, recent and photo-bearing ID.
- Submit to your nearest branch or send via mail.
If you have updated your client information this year, you may disregard this advisory. Failure to comply with the immediate requirement, transactions will only be serviced over-the-counter of their branches and they will not be able to access their accounts via any of BPI’s 24/7 electronic channels (i.e. ATM , Online and Mobile) until they have submitted their CIS and ID.
The deactivation of the electronic channels, which include ATMs, mobile banking and express online transactions, will start on September 15 and will be done on a staggered basis, said Maria Dina Soriano, vice president and head of the customer care department at BPI's Retail Banking Group
Deactivation means a customer has to go to their branch to update their information. For sure this will get a lot of untoward reactions from their clients.
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