KYC and eKYC Requirements in the Philippines
Navigate eKYC compliance requirements, onboard new customers, and help detect fraudulent activity while supporting customer due diligence processes under applicable BSP requirements. The Entrust Identity Verification Solution helps businesses verify identity and modernize onboarding, establish trust in customer identities and deliver secure digital access.
Solution Highlights
KYC in the Philippines follows a risk-based framework
The Philippines follows a risk-based approach to KYC. Financial institutions assess customer risk and apply appropriate identity verification and due diligence measures throughout the relationship. Modern KYC programmes can combine these controls with digital onboarding and fraud detection.
Digital Identity Verification and PhilSys Are Accelerating the development of eKYC
PhilSys is helping accelerate digital identity verification in the Philippines. By combining digital onboarding, biometric verification, and PhilSys-enabled identity checks, organisations can streamline customer acquisition while maintaining strong security and identity assurance.
Strong KYC Helps Prevent Fraud While Supporting Compliance
Effective KYC helps organizations combat identity fraud, account misuse, and financial crime while meeting BSP and AML obligations. By combining document verification, biometric verification, and appropriate risk-based controls, businesses can strengthen identity assurance and support customer trust and operational efficiency.
How Can Entrust Help?
Navigate MORB/MORNBFI compliance
Create digital onboarding journeys that are compliant and scalable, all in a drag-and-drop interface.
Support customer due diligence under BSP requirements
Support remote identity verification using document and biometric verification capabilities that can form part of a financial institution’s customer due diligence and fraud-risk controls.
Support PhilSys-enabled onboarding
Entrust is developing capabilities designed to bring identity verification and available PhilSys authentication services into a streamlined digital onboarding journey.
Digitize onboarding with confidence
Grow your business across digital channels without compromising on local regulatory needs. Entrust’s Verification Suite creates a unified view of customer identity.
Prevent organized fraud
Stop identity fraud by orchestrating a suite of verifications and signals, powered by our award-winning award-winning AI.
Reduce complexity
Our end-to-end Identity Verification solution makes verification policies simple. Provide configurable identity verification capabilities that can support customer onboarding and KYC processes.
UnionBank of the Philippines Brings Digital Banking to Its Customers
With a strong desire to onboard new customers quickly and securely, UnionBank invested heavily in developing its digital platforms, winning numerous awards for its mobile banking app, online banking services, and other digital initiatives.
Watch the video to hear their approach.
Electronic KYC (eKYC) in the Philippines
The Philippines’ AML and customer due diligence framework supports a risk-based approach to customer onboarding. BSP Circular No. 1170 provides guidance for BSP-supervised institutions using eKYC and digital identity systems, including PhilSys. Entrust identity verification capabilities can help businesses create secure digital onboarding journeys using document, biometric, and fraud-risk signals.
How Can Businesses in the Philippines Verify Identity?
MORB/MORNBFI allows for remote identity verification methods, where users can scan their government ID and face using a smartphone or webcam. Identity information can be assessed using document, biometric, and other verification methods to provide signals regarding whether the information is consistent with the person presenting it.
How Does Entrust Help?
Our AI-powered solution enables the capture of ID documents and facial biometrics, giving businesses confidence in the identity of their users. Workflow Studio makes it easy to build configurable no-code workflows, automate selected verification steps, and return results through an API or dashboard. By combining document verification, biometric checks, and fraud-detection signals, Entrust helps organisations establish trust from the first customer interaction.
To combat sophisticated and emerging fraud, Entrust combines document verification, biometric verification, and fraud detection signals to help organizations establish trust from the first customer interaction. Our technology is used by various financial institutions operating in the Philippines.
Identity Verification Solutions for eKYC in the Philippines
Document and Biometric Verification
Have confidence in your customer’s identity by verifying Philippines-issued photo IDs such as the Driver’s License, Social Security Card, Voter’s ID and many others. Powered by award-winning AI, our Onfido document verification uses advanced techniques to assess documents for authenticity.
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Securely Onboard New Customers and Build Trust
Identity is now at the center of every interaction. As a result, businesses must establish trust at onboarding.
To improve the customer experiences of their customers, UnionBank invested in its digital channels for both speed and security using identity verification.
Identity Verification for Banking
Drive customer acquisition, prevent fraud, and help meet compliance requirements.
Consumer Payment Preferences in APAC
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KYC vs. AML: What are the Differences?
Learn the difference between KYC and AML compliance.
FAQs
Who regulates KYC in the Philippines?
The Anti-Money Laundering Council administers the Philippines’ national AML regime, while BSP issues and supervises customer due diligence and eKYC requirements for institutions within its remit. Other regulators may apply depending on the type of business.
What are the tiers of customer due diligence (CDD) in the Philippines?
Philippine AML requirements follow a risk-based approach. Depending on the customer and risk involved, an organisation may apply simplified measures where permitted, standard customer due diligence, or enhanced due diligence for higher-risk circumstances.
How long must Philippine institutions retain KYC records?
Transaction records generally need to be retained for five years from the date of the transaction. Customer identification records, account files, and business correspondence are generally retained for at least five years following account closure or termination of the relationship. Longer retention may apply in certain circumstances.
Service providers should not assume that the covered person’s five-year obligation requires every underlying biometric image, verification response, or technical log to be retained for the same period. Retention should be set according to the data held, applicable law, contractual responsibilities, and the purpose for which the information is required.
Is electronic KYC (eKYC) allowed in the Philippines?
Yes. BSP provides for electronic KYC using digital identity systems for regulated institutions, subject to applicable customer due diligence, governance, risk management, security, and outsourcing requirements. The Circular also recognises PhilSys as a reliable and independent source for identity verification and provides that PhilSys records are official and sufficient proof of identity, subject to proper authentication.
Our identity experts are available to talk through your requirements, answer questions, and set up a KYC solutions demo.
Regulatory requirements can vary depending on the institution, product, and use case. The information on this page is intended as a general guide only and does not replace independent legal or compliance advice.