BSP Circular Letters BSP Circular Letter No. CL-2008-071BSP Circular Letter No. CL-2008-071 2008-11-10T00:00:00.000+08:00
Servicing Deposits Outside Bank Premises
CIRCULAR LETTER NO. CL-2008-071
To: All Banks
Subject: Servicing Deposits Outside Bank Premises
Please be reminded that soliciting and accepting deposits outside bank premises requires prior authority from the BSP pursuant to Section X213 of the Manual of Regulations for Banks (MORB).
Engaging in such activity without prior BSP authority will subject the bank, its directors and/or officers concerned to the criminal and administrative sanctions under Section 36 and 37, respectively of R.A. No. 7653.
NESTOR A. ESPENILLA, JR. Deputy Governor
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