Amendment of the requirements for operating an FCDU by a rural bank/cooperative bank
CIRCULAR NO. 579 Series of 2007
Subject: Amendment of the requirements for operating an FCDU by a rural bank/cooperative bank.
Pursuant to Monetary Board Resolution No. 863 dated 02 August 2007, Section 4.a of Circular No. 522 dated 23 March 2006 is hereby amended to read as follows:
“a. Have the capacity to operate FCDU. A rural bank/COOPERATIVE BANK may, however, upgrade its capacity by appointing as Officer who will be in-charge of the FCDU operations either, (a) an individual with actual experience in another bank as in-charge or assistant in-charge of the same operations for at least one (1) year, OR (B) AN INDIVIDUAL WHO HAS ATTENDED A SPECIALIZED TWO-WEEK TRAINING COURSE ON FCDU TRANSACTIONS OR OPERATIONS CONDUCTED BY THE BANGKO SENTRAL NG PlLlPlNAS INSTITUTE OR AN INSTlTUTlON OR BANK DULY ACCREDITED BY THE BSP.”
This Circular shall take effect fifteen (15) days following its publication in the Official Gazette or in any newspaper of general circulation in the Philippines.
FOR THE MONETARY BOARD:
AMAND M. TETANGCO, JR. Governor
More in BSP Circulars
- Amendments to Regulations on Non-Financial Allied Undertakings(BSP Circular No. 896)
- Inclusion of Foreign Securities Lending and Other Domestic Securities Lending Programs Duly Recognized by the BSP among the Exclusions from the Single Borrower’s Loan Limit(BSP Circular No. 578)
- Amendments to Section X326 to X338 of the MOR for Banks including their Subsections to implement Section 36 of Republic Act 8791 or the Banking Law of 2000(BSP Circular No. 423)
- Implementing rules and regulations of Sec. 55.1 (e) of the General Banking Law 2000(BSP Circular No. 268)
- Amendment to the Manual of Regulations for Banks, as amended by Circular No. 472 dated 1 February 2005(BSP Circular No. 549)
- To amend the second and third paragraphs of Section 2201 of the Manual of Regulations for Banks and Other Financial Intermediaries — Book II(BSP Circular No. 27)
- Report on Cross-Border Financial Positions of Banks(BSP Circular No. 850)
- Replacement and Demonetization of Bangko Sentral New Design Series Banknotes (5-, 10-, 20-, 50-, 100-, 200-, 500-, and 1000-Piso Denominations)(BSP Circular No. 863)
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