Gov't checks complaints vs remittance agents

Remittance companies, watch out! The Department of Trade and Industry, Bangko Sentral ng Pilipinas and Securities and Exchange Commission are looking over your shoulders. Representatives of the three government agencies have met to take up consumer complaints against remittance companies like Western Union, RCPI, LBC, and Federal Express. Among the complaints involved delayed delivery, sometimes no delivery at all, of remittances and identification cards required by remittance centers for financial transactions with foreign exchange dealers, money changers and remittance agents. Often, beneficiaries of overseas Filipino workers are victimized by money remittance centers that fail to exercise the required diligence in handling the money sent from abroad. BSP officers present at the meeting cited BSP Circular 471 issued in 2005 that prescribed the rules governing the registration and operations of foreign exchange dealers, money changers and remittance agents. The circular required FXDs. MCs and RAs to register with BSP prior to operating a business. These types of businesses are also subject to the provisions of Republic Act No 7653 or The New Central Bank Act and RA No. 9160 or the Anti-Money Laundering Act (AMLA) of 2001, as amended by RA No. 9194 and its implementing rules and regulations particularly on customer identification, record keeping and reporting of covered and suspicious transactions. Erring FXDs/MCs and RAs are subject to sanctions under section 10 of the BSP circular. To foster improvements in the industry, membership in any existing association of BSP-registered FXDs, MCs and RAs is encouraged. Regarding complaints involving presentation of legal IDs, especially in claiming remittances, BSP Circular No. 564, issued in April, enumerates alternative identification cards that may be used for financial transactions. These are passport, driver's license, Professional Regulation Commission's ID, National Bureau of Investigation/Police Clearance, Postal and voter's IDs, barangay certification, GSIS e-Card, SS/Philhealth/Senior Citizen Card, OWWA/OFW ID, Seaman's Book, Alien Certification of Registration/Immigrant Certification of Registration, government office IDs (e.g. AFP, HMDF), certification from the National Council for the Welfare of the Disabled Persons, DSWD certification, and other valid IDs issued by the government and its instrumentalities. First time clients of covered institutions, including minor students who are beneficiaries of an OFW, are required to present the original photo-bearing ID and submit a copy of at least two valid photo-bearing identification documents issued and signed by an official authority. For transactions involving remittance claims, a minor student may present any of the following: a photo-bearing school ID signed by the principal or head of school, birth certificate, library ID or any membership identification cards duly issued by any association or organization within the college or university, which must bear signatures of the pertinent authority issuing the ID. Consumers of covered institutions may visit BSP's Consumer Affairs Group (CAG) at the 8th floor multi-storey building BSP Complex, Ermita, Manila for assistance in their complaints and queries involving remittances. They may also send their complaints, queries and comments via email to consumeraffairs@bsp.gov.ph or call BSP CAG Office at 523-361 or DTI Hotline at 751-3330. Complainants outside Metro Manila are encouraged to file their complaints with the following BSP Regional Offices/Branch: BSP Cebu Regional Office Cor. Osmena Bldg. & P del Rosario Sts. Cebu City Tel No:(032) 253-5149 Fax No.: (032) 254-9955. BSP Davao Regional Office Quirino Avenue, Davao City Tel/Fax No.: (082) 244-4880 BSP Dagupan Branch Tondaligan, Bonoan Guesset, Dagupan City Tel. No. (075) 614-3033 to 36 FAX No.: (075) 614-3026 - Cheryl Arcibal, GMANews.TV