THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to develop an online Agent Registry System that streamlines the submission and generation of data on banks’ agent services.
The central bank is looking to amend sections of the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions to include the submission of an Agent Registry report by BSP-supervised financial institutions (BSFIs), a draft circular showed.
“Given the strategic importance of the agent network for financial inclusion, the Bangko Sentral developed the Agent Registry System to support effective monitoring and supervision of, as well as public access to agent services of the BSFIs,” the BSP said.
The Agent Registry System is a web portal that will facilitate the submission, processing, and generation of data on BSFIs’ cash agents, e-money agents, and remittance sub-agents.
“This will allow generation of insights on, among others, the depth of penetration of agent services, as well as relevant information for the directory or tool in the BSP website that the public can use to search for and locate nearest service points, in accordance with applicable laws and regulations,” the central bank said.
The BSP supports the expansion of financial services through agent operations, which allows banks and financial institutions to use third-party entities for their clients, it said. This includes account cash-in and cash-out.
Through the agent network, financial institutions can serve a wider consumer base, particularly in areas where establishing physical access points such as a branch or an automated teller machine may not be viable, the BSP said.
Cash agents include retail outlets, such as sari-sari stores, convenience stores, supermarkets, pharmacies, and pawnshops. These firms provide basic banking services, such as cash deposits, cash withdrawals, balance inquiry, fund transfer, and bills payment.
“The Agent Registry report shall be submitted to build and update information on agents and service points in the Agent Registry System of the Bangko Sentral,” it said.
Covered banks such as those with active cash and e-money agents will be required to submit the Agent Registry report covering all its agents and service points. A bank that serves as an agent or service point for another BSFI should also be reported.
Within six months from the effectivity of the circular, covered BSFIs will be asked to submit a baseline Agent Registry report. The baseline report should contain a list of the requisite information of the bank’s active agents and service points. Meanwhile, a quarterly Agent Registry report will need to be submitted within 10 banking days from the end of a quarter.
Meanwhile, if covered BSFIs wish to blacklist an agent or service point, the delisting should be based on internal guidelines.
“In addition to the regular quarterly submission, covered banks shall notify the BSP through the Agent Registry e-mail that it has blacklisted and/or de-listed an agent or service point within two banking days from the effectivity date of the blacklisting and/or delisting,” the BSP said.
“The delisting of agents and service points may be due to the termination of the agent contract or other reasons under the BSFI guidelines for the permanent or temporary de-listing of agents and/or service points,” it said.
However, if there were no changes from previous submissions, banks should formally notify the BSP through the Agent Registry e-mail that it has nothing to report within 10 days after the end of the quarter.
“In recognition of the necessary adjustments in their reporting process and ensure adherence to the foregoing provisions, sanctions for late, erroneous and/or non-submission of Agent Registry report shall not be imposed for the submission of the baseline report and first quarterly report within nine (9) months from the effectivity of this Circular,” the BSP said.
“Thereafter and for succeeding reports, appropriate enforcement actions shall be applied,” it added. — Keisha B. Ta-asan