The Bank of the Philippine Islands on Monday said the deadline for clients to comply with information requirements in on September 30, and not on August 31 as it originally said.
The lender initially told all its clients to update their account information before the end of the month or risk losing access to their accounts through automated teller machines, online, and mobile services.
But in a phone call with GMA News Online, BPI Strategic Brand Management Head Tricia Marie C. Quiambao said that the initial advisory released was supposed to indicate September 30 as the deadline.
BPI has since released an updated advisory, reflecting the necessary changes. The bank also clarified that clients who have already updated their client information earlier this year do not need to do so anymore before the deadline.
"If you have updated your client information this year, you may disregard this advisory," it said.
Clients that have not updated their information "will not be able to access your account via any of BPI's 24/7 electronic channels (i.e. ATM, Online and Mobile) until you have submitted your CIS (Customer Information Sheet) and ID."
"You will not be able to access your account via any of BPI's 24/7 electronic channels (i.e. ATM, Online and Mobile) until you have submitted your CIS (Customer Information Sheet) and ID," it added.
According to BPI, customers have to fill out and sign the CIS and the Foreign Account Tax Compliance Act (FATCA) Form, both available at the bank's official website. They must then present the original copy and a photocopy of one valid, recent, and photo-bearing ID.
"Submit these documents to any branch nearest you. You may also send original filled out and signed forms via courier or mail to your branch of account," it said.
The lender said this is in connection to the Bangko Sentral ng Pilipinas Circular 706 which required financial institutions to regularly update its customer information records.