MORNBFI Vol. 1 - Planters Development Bank

§ 4780Q.409.12.31shall be consolidated in determiningcompliance with the aggregate monthlyload limit;b. EMIs shall put in place a systemto maintain accurate and complete recordof e-money instruments issued, theidentity of e-money holders, and theindividual and consolidated balancesthereof. The system must have thecapability to monitor the movement ofe-money transactions and link e-moneyinstruments issued to common e-moneyholders. The susceptibility of a system tointentional or unintentional misreportingof transactions and balances shall besufficient ground for imposition by theBSP of sanctions, as may be applicable.c. E-money may only be redeemed atface value. It shall not earn interest norrewards and other similar incentivesconvertible to cash, nor be purchased ata discount. E-money is not considered adeposit, hence, it is not insured with thePDIC.d. EMIs shall ensure that e-moneyinstruments clearly identify the issuer whois ultimately responsible to the e-moneyholders. This shall be communicated tothe client who shall acknowledge thesame in writing.e. It is the responsibility of EMIs toensure that their distributors/e-moneyagents comply with all applicablerequirements of the Anti-MoneyLaundering laws, rules and regulations.f. EMIs shall provide an acceptableredress mechanism to address thecomplaints of its customers.g. EMIs shall disclose in writing andits customers shall signify agreement tothe information embodied in Item “c”above upon their participation in thee-money system. In addition, it shallprovide clear guidance in English andFilipino on consumers’ right ofredemption, including conditions and feesfor redemption, if any. Information onavailable redress procedures forcomplaints together with the address andcontact information of the issuer shall alsobe provided.h. Prior to the issuance of e-money,EMIs should ensure that the followingminimum systems and controls are in place:(1) Sound and prudent management,administrative and accounting proceduresand adequate internal controlmechanisms;(2) Properly-designed computersystems which are thoroughly tested priorto implementation;(3) Appropriate security policies andmeasures intended to safeguard theintegrity, authenticity and confidentialityof data and operating processes;(4) Adequate business continuity anddisaster recovery plan; and(5) Effective audit function to provideperiodic review of the security controlenvironment and critical systems.i. EMIs shall provide the SDCquarterly statements containing, amongothers, information on investments,volume of transactions, total outstandinge-money balances, and liquid assets insuch forms as may be prescribed later on.j. EMIs shall notify BSP in writing ofany change or enhancement in thee-money facility thirty (30) days prior toimplementation. If said change orenhancement requires prior BSP approval,the same shall be evaluated accordingly.Any change or enhancement that shallexpand the scope or change the nature ofthe e-money instrument shall be subjectto prior approval of the Deputy Governor,SES. These changes or enhancements mayinclude the following:(1) Additional capabilities of thee-money instrument/s, like access to newManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart VII - Page 5