MANILA, Philippines - Banks have been formally required to computerize their databases of deposit accounts and transactions following a regulation issued by the Philippine Deposit Insurance Corp.
In a statement, the PDIC said Regulatory Issuance 2015-01 carrying the rules and regulations on computerized records of bank deposits will become effective starting Friday, Feb. 27.
“Under the new regulation, member-banks are required to have 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 years from the date of transaction,” the PDIC said.
Banks also need to put up a facility that can easily generate a Deposit Account View, a report that consolidates depositor and deposit information for every account.
The PDIC said banks are also required to have a backup and recovery plan for depositor and deposit information in line with the Bangko Sentral ng Pilipinas’ disaster recovery and business continuity plan guidelines.
The state deposit insurer said banks have until March 30 to submit their plan of implementation for the required computerized system for deposit accounts.
Furthermore, banks will need to present the features of the system they plan to use for the database carrying the deposit account information.
Those found non-compliant face administrative fines and other sanctions, the PDIC said.