[Update] Bank of the Philippine Islands (BPI) is requiring account holder clients to submit their updated financial information on or before (Originally: August 31) September 30, 2016. BPI clients failing to comply will lose access to ATM, online and mobile banking services after the said date according to the statement in their website.

This mandatory update was in accordance to the Bangko Sentral ng Pilipinas Circular 706 which requires financial institutions to update its customer information records. While this is a good move by the government to help secure and fight against anti-money laundering, with just 2 banking days deadline, it is not a very nice move from BPI as many clients will surely lose access after August 31 and the announcement is last August 26, considering the amount of accounts, long queues in just 2 days and its payday on August 30 or 31.

Screenshot from BPI website

You can update your account details by following the steps below:

Step 1: Fill out the require details and sign the Customer Information Sheet (CIS) and Foreign Account Tax ComplianceAct (FATCA) Form [link]
Step 2: Present the original copy and submit a photocopy of one (1) valid, recent, and photo-bearing ID.
Step 3: Submit all these documents to any BPI branches near you. Other option is you can send the forms via courier or snail mail to your branch of account.

NOTE:  If you are unable to update your account information on or before August 31, 2016, your transactions can only be serviced over-the-counter of our branches.  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 and ID. 

UPDATE: BPI's Facebook has issued a new statement just a few minutes ago that the deadline was moved to September 30, also clients who have updated their info this year (2016) may disregard this notice.

Source: BPI Website, ABS-CBN News, GMA News

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