Updating of Authorized Agent Banks’ Authorized Signatories and Withdrawal Limit

On 29 August 2023, the Bangko Sentral ng Pilipinas (“BSP“) issued Memorandum No. M-2023-025 (the “Memorandum”) introducing guidelines pertaining to updating of authorized signatories and withdrawal limits of Authorized Agent Banks (“AABs”).

Withdrawal limit per authorized signatory must be clearly specified in the bank’s documents, including, but not limited to, secretary’s certificate/s and/or specimen signature card/s. The practice of indicating “No Limits” shall no longer be accepted. 

Updating of authorized signatories of AABs must be made at least every 2 years through the submission of updated secretary’s certificate and specimen signature card/s.

If there is/are change/s in the authorized signatories and/or withdrawal limits within the 2-year period, AABs shall need to submit updated secretary’s certificate and specimen signature card/s.

The Memorandum provides for a transitory provision that AABs with the following circumstances are required to submit the relevant documents, namely, secretary’s certificates and updated signature cards, on or before 29 December 2023:

1. Those with signing authorities that already exceeded or will exceed the maximum allowed period of effectivity of 2 years by 31 December 2023.
2. Those that do not have a prescribed withdrawal amount limit.

To facilitate compliance with these revised guidelines, the documents to be submitted by AABs should clearly indicate the specific period of effectivity and/or withdrawal limit for the concerned authorized signatories. This transitional period has been provided to allow sufficient lead time and enable concerned AABs to carry out the necessary activities and issue related documents.

Starting 2 January 2024, the BSP regional offices and branches will only process currency transactions of banks with specimen signature card/s and secretary’s certificate that comply with the revised guidelines.