In fact, we issued the policy on the no-frill basic deposit account (BDA, Circular 992). The BDA framework eases requirements of account ownership by reducing opening costs, eliminating maintenance fees, and paring down documentary requirements to the bare minimum. Likewise, our amendments on anti-money laundering rules aim for wider adoption of streamlined and risk-based KYC procedures.
BSP-supervised financial institutions (BSFIs) can offer a restricted account to micro-entrepreneurs and informal sector workers without a primary ID card. Amendments also allow reduced, deferred, and technology-based KYC; thus expediting onboarding of the unbanked. Expansion of networks of low-cost touchpoints Complementing these efforts is the expansion of networks of low-cost touchpoints.