Philippines to make national ID verification mandatory for banks

Homepage > News > Business > Philippines to make national ID verification mandatory for banks The Philippines‘ central bank, the Bangko Sentral ng Pilipinas, is proposing mandatory PhilSys authentication as part of customer due diligence as vendors roll out passkeys, identity verification, and banking integration. According to a recently released draft memorandum, the central bank plans to require banks and other BSP-supervised institutions (BSIs) to use the Philippine Statistics Authority’s (PSA) National ID Authentication Services (NIDAS) to verify customers and enhance KYC processes, as well as to promote the country’s identification system, the PhilSys. “NIDAS integration is a necessary regulatory measure to support the broader use and adoption of the National ID as the country’s foundational identity system,” the central bank said in a statement. “NIDAS enables BSIs to leverage the National ID for more accurate, secure, and efficient customer identification and verification, strengthening know-your-customer processes.” NIDAs is the digital verification system that allows public and private businesses to authenticate a person’s identity in real-time via biometric check...