BPI has just made its clients really angry earlier today by announcing that they should update their information on or before August 31 or else, they’ll be cutting their access to their online banking and ATM for these non-compliant clients. I also called the BPI hotline earlier today to confirm this because I was really furious that BPI only gave us a few days for us to comply with their requirements.
But thankfully, BPI has changed its mind according to an interview by Rappler to BPI communications head Tricia Quiambao. In their phone interview with Rappler, BPI communications head Tricia Quiambao had clarified that the deadline should be the end of September, not August.
Clients should fill out the customer information sheet and FATCA (foreign account tax compliance act) form and then submit it to your branch of account. This move is required by Bangko Sentral ng Pilipinas Circular 706 which requires clients to update the financial institutions’ customer information records.