All Covered Persons that are required to comply with the Guidelines on Digitization of Customer Records (DIGICUR) are hereby reminded of the Final and Non-Extendable Deadline of 30 September 2022 to fully comply with its requirements, pursuant to AMLC Regulatory Issuance (ARI) No. 6, Series of 2021. The compliances of said covered persons as of that deadline shall be reported to the AMLC thru the Quarterly DIGICUR Status Report of Compliance (QUADSREC), which is due on or before the 15th of October 2022.
The failure to fully comply with the DIGICUR by 30 September 2022 shall warrant the imposition of enforcement actions such as Warning, Compliance Letter, and Notarized Compliance Commitment in accordance with ARI No. 5, Series of 2020, otherwise known as the Enforcement Action Guidelines (EAG), based on whether the covered person has satisfied the following conditions:
Notwithstanding the above enforcement actions, non-compliance with the DIGICUR remains to be a Grave Violation under the Rules of Procedure in Administrative Cases, with penalties ranging from Php37,500 to Php375,000 per customer.
Posted 21 September 2022