GUIDELINES ON RETENTION AND DISPOSAL OF RECORDS OF RURAL AND COOPERATIVE BANKS
(Appendix to Sec. 172)
The following guidelines shall govern the retention and disposal of records of RBs/Coop Banks.
|A. Classification of Records and Documents||Retention Period|
|1. Accounting Records|
|(a) Books of accounts, audited financial/annual reports||10 years|
|(b) Tickets and supporting papers||10 years|
|(c) Official receipts (2nd copy)||10 years|
|2. Organization papers for the establishment of RBs/Coop Banks, branches/offices (organizational file), special license/authority granted by Bangko Sentral (e.g., authority to accept demand deposits, government deposits, fringe benefit plan)||Permanent|
|3. Updated Manual of operations, including compliance system, policies on personnel, security and other related matters||Permanent|
|4. Stock and transfer book and related records and documents||Permanent|
|5. Minutes of meeting|
|(a) Stockholders/general assembly, board of directors||Permanent|
|(b) Other committees||10 years|
|6. Human resource files|
|(a) Documents pertaining to members of the board of directors and stockholders||Permanent|
|(b) Bank officers and staff||5 years from resignation/separation/retirement|
|(c) Officers and staff with derogatory information|
|7. Correspondence (to and from)|
|(a) Bangko Sentral on examination findings/exceptions and directives; rediscounting, loans and advances||10 years except if there is a court case
until the case is finally resolved by the court
|(b) Other government regulatory/supervisory authorities, e.g., PDIC, BIR, DOLE, SSS||5 years or as prescribed by the government institution concerned whichever is longer|
|(c) All other correspondence||5 years|
|8. Reports to Bangko Sentral (Financial and non-financial reports)||5 years|
|9. Reports to other government and non-government||5 years or as prescribed by the institution concerned whichever is longer|
|10. Records and documents on court cases/complaints||Permanent|
|11. Documents, certificates of ownership/titles on bank assets||Permanent|
|12. All other records/documents of all transactions, e.g., loans and investments, disposal of assets, deposit liabilities and borrowings, expenditures of/settled and income, disbursements, disposal of assets||10 years from dates when accounts were closed/disposed|
B. Procedural requirements on disposal of banks records and documents
1. No RBs/Coop Banks shall dispose of any records without the prior approval of its board of directors.
2. All records and documents for disposal must be burned or shredded in the presence of a director of the bank duly designated by the board of directors, the chief operating officer or equivalent rank and the compliance officer.
3. The designated director, the chief operating officer (or its equivalent) and the compliance officer shall execute a joint affidavit (Annex A) attesting to the burning/shredding of the records/documents.
(Circular Nos. 957 dated 17 April 2017)
REPUBLIC OF THE PHILIPPINES )
CITY/MUNICIPALITY OF_____ ) S.S
PROVINCE OF ____________ )
1. That we are the bank officials of the Rural/Cooperative Bank of _________, Inc., duly designated under Board Resolution No. ______dated ________, to ensure and witness the proper disposal of the following records/documents:
2. That we have witnessed the burning/shredding of the above-mentioned records/documents that took place on _________20__ at _______ AM/PM at the premises of the Rural/ Cooperative Bank of ________________.
3. That we have executed this Affidavit to attest to the truthfulness of the foregoing and in accordance with the rules prescribed by the Bangko Sentral.
|Name||Valid ID’s||Date Issued||Place Issued|
My Commission expires on December 31, 20__
PTR No.______ issued on ______ 20__ at ___