US Department of Veterans Affairs - Request on the negotiation of checks presented by World War II Veterans

CIRCULAR LETTER NO. CL-2009-041

To:  All Banks

Subject:  US Department of Veterans Affairs - Request on the negotiation of checks presented by World War II Veterans

In order to facilitate the well-deserved compensation of Filipino World War II veterans and in response to the request of the US Embassy for the Bangko Sentral ng Pilipinas to support the implementation of Section 1002 in the American Recovery and Reinvestment Act (ARRA) signed by President Obama in February 2009, banks are enjoined to take the necessary measures to expedite the negotiation of checks presented by World War II veterans received from the U.S. Department of Veterans Affairs (USDVA).

USDVA issues these checks after validation of claims from surviving WW II veterans, and engages a courier to deliver personally to each veteran the check covered by a letter advising the recipient of the award of the benefit.

While it is understood that banks are expected to observe the appropriate KYC measures, their support is likewise crucial in ensuring the shortest reasonable period for completing the process of negotiating the checks.

Attached hereto, for reference, is a set of Frequently Asked Questions on the topic as prepared by the USDVA.

NESTOR A. ESPENILLA, JR. Deputy Governor