275 CASH PICK-UP/CASH DELIVERY SERVICES; CASH AGENTS
a. The bank shall exercise due diligence to assure itself that prudent security measures are observed by the service provider, and that customer risk of loss shall be covered by insurance;
b. The customer executes a written authorization for the cash/check pick-up and/or cash delivery and accepts that no deposit relationship exists with the bank for the cash/checks in transit;
c. Customer deposit accounts shall be credited or debited when the cash/checks picked up or cash delivered are turned over to the bank by the service provider and vice-versa consistent with procedures for transactions made by clients within bank premises; and
d. The bank shall ensure due diligence and compliance with applicable rules, regulations and policies on anti-money laundering, consumer protection, bank secrecy, and customer data confidentiality.
a. The bank shall have an electronic banking solution to implement its cash agent operations and comply with the requirements of Part Seven, on the Guidelines on Electronic Banking Services and Operations. The bank shall deploy to its cash agents a device through which its customers can perform secure online, real-time deposit and withdrawal transactions for his/her own bank account, fund transfers and bills payment (self-service transactions).
b. Cash agents shall be allowed to accept and disburse cash on bank’s behalf in connection with the following self-service transactions of customers:
(1) Deposit and withdrawal transactions performed by the customer on his bank account;
(2) Fund transfers performed by the customer;
(3) Bills payment; and
(4) Payments due to government institutions, e.g., members’ contributions to the SSS and premiums payable to the Philhealth.
In addition to the above, cash agents are also allowed to perform the following for the bank:
(a) Perform Know-Your-Customer and other related processes in accordance with existing regulations;
(b) Collect and forward applications for opening a savings account;
(c) Accept and forward loan application documents; and
(d) Market, sell and service insurance products in accordance with existing regulations.
c. The bank assumes full responsibility and liability for all acts and omissions of its cash agents on bank-related services. The bank shall exercise due diligence to ensure its cash agents comply with applicable rules, regulations, and policies on anti-money laundering, consumer protection, bank secrecy and customer data confidentiality.
(Circular No. 940 dated 20 January 2017)