Amendments to Regulations on Electronic Banking Services and Other Electronic Operations

, " BANGKO SENTRAL NG PILIPINAS . % OFFICE OF THE GOVERNOR CIRCULAR No. 1033 Series of 201.9 Subject: Amendments to Regulations on Electronic Bankin S and Other Electronic Operations The Monetary Board, in its Resolution No. 258 d d approved the amendments to the Manual of Re ulation f B k Regulations for Non-Bank Financial Institutions (MORNBFl) I services and other electronic operations. The amend t the developments in electronic payment and financial services (EPFS . Section I. The following parts, section , and subsections of the MORB/MORNBFl are hereby amended to read, as foll : Part Seven. Electronic Payment and Financial Ser ' " "Sec. X70, ./4701. Q. Policy Statement. The Ban to S I e ectronic payment and financial services contribute to ' ' t e transfer of funds which are necessary for all roduct' ' ' ' Sentral promotes a safe, efficient, reliable, affordable, a d ' I ' system to support the delivery of said services " 'Subsec. X70Z, 21470Zq. Z Definition of Terms. In add't' ' ' ' under Subsec. XI205.2/4/205Q. 2 of the MORB/MORNBFl, th ' ' ' o owing terms shall apply for the purpose of this Sectio : a. Electronic Poyment und Finonci@! Services IEPFS) - rod at ' ' offered by BSP-supervised Financial Institutions (BSFls) t bl to receive payments or initiate financial transactio d services through an electronic device such as a co t , Automated Tellering Machine (ATM), and other devices. In rt' I , ' a ow customers to electronically access information o th ' accounts, move or receive funds from one account t h , credit, investment, trust, or other banking products and/or se . ., on ine or mobile loan application, electronic placement f f d investment outlets, etc. ). ain b. Tronsoction account an electronic wallet, etc. ) held oraccount (e. g. , deposit account, e-money, maintained with a BSFl, which could be a bank or a non-bank. 'Subsec. X70Z. 21470Zq. 2. Class^'ICOtion of EPFS, F purpose of authorizing BSFls to render EPFS, such services shall b I 'f' : A. Mobini Sl. . Molde 1004 Morii!0, Philippines . (632) 708-7701. WWW. bs . . h . bspmoil@bsp, gov. ph

a. Basic EPFS - These are limited to services allowing only receipt of funds or access to information (e. g. , account balance, statement of account, etc. ), b. Advanced EPFS - In addition to basic services, advanced EPFS enable customers to send funds and initiate other financial transactions " "Subsec. X70Z. 31470Zq. 3. Requirements for the Grant of Authority to Offer EPFS. Pursuant to Section XIIOt/4/10^Q and its subsections on the Bangko Sentral Policy and Regulations on Licensing, BSFls that intend to offer EPFS shall obtain the appropriate authority/license, as follows: Classification Category of License/Authority Advanced EPFS Type AL/B2 Basic EPFS Type C BSFls shall observe the "Guidelines on Licensing of Electronic Payment and Financial Services" shown in Appendix 1251q-79 of the MORB/MORNBFl. " 'Subsec. X70Z. 41470Zq. 4. Compliance with Relevant Regulations. A BSFl that has been granted an advanced EPFS authority shall at all times comply with the following relevant regulations: a. Oversee its EPFS through an appropriate top-level committee to ensure that concerns on these services are timely and properly addressed; b. Make its EPFS with funds transfer functionality interQperable b artici t' in an Automated Clearing House pursuant to the guidelines provided under Part 12 of the MORB/q-regulations of the MORNBFl on Payment Systems; c. Integrate EPFS in its overall strategic plan to ensure that these services do not put undue strain on its systems, financial performance, and risk management capability; d. Promote EPFS by implementing appropriate marketing strategies; e. Ensure that it satisfies the legal and regulatory requirements for Anti-Morie Laundering/Combating Financing of Terrorism; and f. Comply with the relevant regulations on payments, Information Technolo (IT) Risk Management Standards, Guidelines on Electronic Products and Services, Business Continuity Management regulations, and Consumer Protection Standards of Conduct for BSFls " This applies to BSFls that con be assessed against the prudential criteria rov'd d ' h I' Regulations on Licensing. These applicants must have been examined b the Ban k S t I. This applies to proponents that connot be assessed against the prudential criteria ro d d ' h I' and Regulations on Licensing. These include newly-established BSFls and new I' f authority to operate as "Electronic Money Issuer-Others"

I 'Subsec. X70Z. 51470ZQ. 5. Enhancements and other Changes in EPFS. BSFls shall seek prior Bangko Sentral approval for the following enhancements and changes in their licensed EPFS: . a. Replacement of platform; b. Upgrade in EPFS from purely information al to transactional services; and c. Change in system architecture, altering the risk score or assessment on the system or the other systems related to it. 'Subsec. X70Z. 6;^!"'4701Q. 6. Reportoriol Requirements. BSFls shall provide the BSP with the required data and updates on their EPFS. a. Required Reports. The following reports shall be submitted to the appropriate supervising department of the Bangko Sentral in the manner prescribed under Appendix 61Q-3 of the MORB/MORNBF!: (1) EPFS Transactions and Indicators; and (2) Changes and Enhancements in EPFS. b. Sonctions. Failure to comply with the reportorial requirements shall subject the concerned BSFl to applicable sanctions for "Erroneous/Delayed/ Erroneous and Delayed/ Unsubmitted reports" as prescribed under Section XI84/4192Q. 2 of the MORB/MORNBFl. " 'Subsec. X70Z. Z2/4701Q. 22 Enforcement Action. Failure to comply with the provisions of this Section shall cause the concerned BSFl to be subject to enforcement action in accordance with Section X009/4009Q and/or Subsec. XII01. .3/4/'01Q. 3 of the MORB/MORNBFl. Section 2. The following sections are hereby created to read, as follows: "Subsec. 4642S. Z/4642P. 214904T. 21464ZN. t Requirements for the Grant of Authority to Offer EPFS. Pursuant to Section 4501S/41^ON/4500P/4201T and its Subsections on the Bangko Sentral Policy and Regulations on Licensing, BSFls that intend to offer EPFS shall obtain the appropriate authority/license, as follows: Classification Category of License/Authority Advanced EPFS Type A3/B4 Basic EPFS Type C a This applies to BSFls that con be assessed against the prudential criteria provided in the Policy and Regulations on Licensing. These applicants must have been examined by the Bangko Sentral. 4 This applies to proponents that connot be assessed against the prudential criteria provided in the Policy and Regulations on Licensing. These include newly-established BSFls and new applicants for an authority to operate as "Electronic Money Issuer-Others".

BSFls shall observe the "Guidelines on Licensing of Electronic Payment and Financial Services" shown in Q-79 of the MORNBFl. " 'Subsec. 4642S2/4642P2/4904T. 21464ZN. 2. Reportorinl Requirements. BSFls shall provide the BSP with the required data and updates on their EPFS, o, Required Reports. The following reports shall be submitted to the appropriate supervising department of the Bangko Sentral in the manner prescribed under Appendix S-21N-11P-13n~-3 of the MORNBFl: (I. ) EPFS Transactions and Indicators; and (2 ) Changes And Enhancements in EPFS b. Sonctions. Failure to comply with the reportorial requirements shall sub'ect the concerned BSFl to applicable sanctions for "Erroneous/Delayed/ Erroneous and Delayed/ Unsubmitted reports" as prescribed under Section 4162S/4162N/4191P/4192T of the MORNBFl. " 'Subsec. 4642S. 31464ZP. 31464ZN. 314904T. 3 Enforcement Action. Failure to comply with the provisions of this Section shall cause the concerned BSFl to be sub'ect to enforcement action in accordance with Section 4009Q/4009T and/or Subsec. 4501S. 3/4/10N. 314501P. 314201T. 3. "Section XZ20Z/42207q/4707S/4707P/4807N. Participation in Autom@ted Cleori"g Houses 1:4CHs). BSFls that have been licensed to offer funds transfer services shall make these services interoperable by participating in an ACH. Prior to its participation, a BSFl shall observe the following guidelines: a. Secure a Confirmation of Eligibility (COE) by submitting to the Bangko Sentral through the appropriate supervising department of the Bangko Sentral a letter of intent to participate in an identified ACH. This letter shall be accompanied by a certification IAttochment I) signed by the president (or any officer of equivalent rank and function) and chief compliance officer (cco). If the BSFl is not yet a member of the Payment System Management Bod (PSMB), it shall also indicate in its letter that it intends to become a member of this body; b. Submit the following minimum documentary requirements to the PSMB duly recognized by the Bangko Sentral.

(I. ) Valid COE. A COE shall be valid for a period of six (6) months from date of issuance; (2 ) Corporate Secretary's Certificate tor equivalent document in the case of foreign bank branches) on the approval of the board of directors (or equivalent management committee in the case of foreign bank branches) of the participation of the BSFl in the ACH; and (3 ) Copy of the agreement with the bank sponsoring the BSFl into settlement, if applicable; and c. Comply with any other requirements set by the PSMB or provided in the ACH. Section 3. The following portions of the MORB/MORNBFl shall be amended to reflect the revised licensing requirements for EPFS. In particular, the rules applicable to transactions performed under the National Retail Payment System (NRPS) are hereby revised and all references to the previous title of Part Seven of the MORB/MORNBFl Q-regulations are hereby changed to Electronic Payment and Financial Services. Section/Subsection Existing Phrase New Phrase IAPpendix Subsection Specific rules applicable to Specffic rules applicable to XI205.514L205Q. 51 transactions pe, formed under the transactions pertormed under 4705S. 514705P. 514 NRPS Framework. The following the NRPS Framework. The 805N. 5 rules shall xxx xxx. following rules shall xxx xxx. a. Minimum requirements to offer a. Minimum requirements to Electronic Financial and Payment offer Electronic Payment and Services (EFPS), EFPS, which shall Financial Services (EPFS). EPFS require Bangko Sentral approval in shall require notification to or accordance with Section approval by the Bangko Sentral X70L/4701. or4641s/4641P/464LN in accordance with Section of the MORB/MORNBFl, refer to X701/4700.01'464^SI4641P/46 BSFl products and/or services xxx 4, .N of the MORB/MORNBFl. xxx through a point of interaction . To offer EPFS, BSFls shall To offer EPFS, BSFls shall conform conform to the following to the following requirements: requirements: (1) Xxx xxx (1) Xxx xxx Xxx xxx Xxx xxx (4) Xxx xxx (4) Xxx xxx b. xxx xxx b. x)(x xxx Xxx xxx Xxx xxx Subsection The bank shall have an electronic The bank shall have an electronic X266.2. a. of the banking solution to implement its banking solution to implement MORB cash agent operations and comply its cash agent operations and with the requirements of Part Seven, comply with the requirements of on the Guidelines on Electronic Part Seven, on the Guidelines on Banking Services and Operations. Electronic Payment and Financial Services.

Section/Subsection Existing Phrase New Phrase IAPpendix Subsection X780. a Prior Bringko Sentr@I OPProvol. Prtor Bangko Sentr@lapprov@I. of the MORB Banks planning to be an EMI-Bank Banks planning to be an EMI- shall apply in accordance with Sec. Bank shall apply in accordance X70, . relating to the guidelines on with Sec. X70, . relating to the electronic banking services and with guidelines on electronic Sec. XI62 on outsourcing of banking payment and financial services functions, when applicable. and with Sec. XI62 on outsourcing of banking functions, when applicable. Subsecrion Common provisions. The following Common provisions. In addition X780.414780Q. 41 provisions are applicable to all EMIs: to the provisions under 4642S. 414642N. 4 Subsections X70i. .414701. Q. 4 of the MDRB/MORNBFl, EMIs shal comply with the following requirements: Subsection XI83.4 Compliance with relevant Compliance with relevant of the MORB regulations. Xxx In the event regulations. Xxx In the event Subsection that BSFls opt to use social media for that BSFls opt to use SOCia 4183Q. 4/4J98S. 41 processing financial transactions, the media for processing financial 4195P. 4/4^83N. 4/4 applicable Bangko Sentral rules and transactions, the applicable ,.,. 77T. 4 of the regulations on electronic Bangko Sentral rules and MORNBFl banking/electronic services and regulations on electronic technology risk management should payment and financial services likewise be observed to ensure and technology risk security, reliability and authenticity of management such transactions. should likewise be observed to ensure security, reliability and authenticity of such transactions. Sec. 4641S/4641. N Electronic Services. The guidelines Electronic Payment and concerning electronic activities, as Financial Services. The may be applicable, are found in Sec. guidelines concerning electronic 4701. Q and its Subsections. payment and finandal services, as may be applicable, are found n Sec. 4701Q and its Subsecrions. Sec. 4641P Sec. 464^P fanZ6 - 4Z96P) ElectronicSec. 464^P 12026 4296P) Services. The guidelines concerning Electronic Payment and electronic artivities as may be Financial Services, The applicable, as found in Sec. 4701Q guidelines concerning electronic and payment and financial services its Subsections, shall be adopted by as may be applicable, as found in pawnshops. Sec. 4701Q and its Subsections, shall be adopted by pawnshops, ec. ote Sec. 4904T Applicable Regulations on Sec. 4904T Applicable MORNBFi Trust Regulations on Trust Corporations. Trust operations and Corporations, Trust operations investment management activities of and investment management trust corporations shall be subject to activities of trust corporations the applicable regulations in Parts shall be subject to the applicable Five (Foreign EXchange Operations), regulations in Parts Five (Foreign

Section/Subsection Existing Phrase New Phrase IAPpendix Six (Treasury and Money Market EXchange Operations), Six Operations), Seven (Electronic (Treasury and Money Market Operations and Other Services) and Operations), Seven (Electronic Eight (Anti-Money Laundering Payment and Financial Services), Operations) of the MORNBFl, unless Eight (Anti-Money Laundering otherwise provided in this Manual. Operations), and Twelve (Regulations on Payment Systems) of the MORNBFI Q. regulations, unless otherwise provided in this Manual. Section 4. Subsections X70, .. 7 and X701.814701. Q. 7 and 4701Q. 8, shall be deleted. Section 5. Transitory Provision. The BSFls shall re-register their EPFS b accomplishing the attached re-registration form with covering certification (Attochment 2). The re-registration form shall be electronically submitted with the subject unEPFS Re-registration - <name of BSFl> - <date-WYYMMDD>" to epfs-licensing@bsp. gov. ph riot later than 31 March 2019 while the covering certification shall be sent to the Financial Technology Sub-sector of the Bangko Sentral. Failure to submit the re- registration form by 31 March 201.9 shall result in the revocation of the issued license/s. This transitory provision shall be included as footnote to Subsec. X701,314701Q. 3 of the MORB/MORNBFl. Section 6. The following appendices of the MORB/MORNBFl shall be amended, as follows: a. Appendix 6 of the MORB UBs/KBSA'BSIRCBs Submission MOR Report Submission Category Form No. Procedure/ Ref. Title Frequency Deadline e-mail Address Xxx Xxx XXX Xxx Xxx Xxx Xxx A-3 Unnumber- X70, . EPFS Monthly 1.5 banking sdc- ed .6 Transac- after days ccbar@bsp tions and end of .gov. ph Indica- reference tors month A-3 Unnumber- X701. Changes Semi- 1.5 banking sdc- ed .6 and annually days after 99^^g Enhance- end of ^Q^PIi merits in reference EPFS semester Xxx Xxx Xxx Xxx Xxx Xxx Xxx

b. Appendix Q-31S-21N-LIP-13n'-3 of the MORNBFl Submission MOR Report Submission Category Form No. Procedure/ Ref. Title Frequency Deadline e-mail Address Xxx Xxx XXX Xxx Xxx Xxx Xxx A-3 Unnumber- 470, . EPFS Monthly 1.5 banking sdc- ed Q. 61 Transac- days after ccbar@bsp 4641 tions and end of ,gov. ph 5214 Indica- reference 642 N tors month .2146 41P. z 1490 4T. 2 Unnumber- 4701 Changes Semi- 15 banking sdc- red Q. 61 and annually days after eebar@bsP 4641 Enhance- end of EOV. oh S2/4 merits in reference 641N EPFS semester .2146 42P. 2 1490 47.2 Xxx Xxx Xxx The specific guidelines on the mode and manner of submission of th abovementioned reports (including corresponding reporting templates) shall be covered by a separate memorandum issuance. Section 7. Effectivity. This Circular shall take effect fifteen (15) calendar da s after its publication either in the Official Gazette or in a newspaper of general circulation. FOR THE MONETARY BOARD: un. ^o1 I . I^61;, 0 - A, ,,@^:,/ MARIA AL AsARA orD N. TUAl^OAMADOR Officer-in-Charge February 2019

Appendix 2251Q-79 of the MORB/MORNBFl Guidelines on Licensing of Electronic Payment and Financial Services (EPFS) A Bangko Sentral-supervised Financial Institution (BSFl) intending to provide EPFS shall comply with the following requirements in conjunction with the Guidelines on the Granting of License/Authority provided in Appendix 1.18 of the MORB and Appendix Q-711S-121P-1/1N-14n'-4 of the MORNBFl. I. Advanced EPFS A BSFl that offers advanced EPFS shall undergo the licensing process and provide the documentary requirements, as follows: Processing and Documentary Requirements Type A' TVP e B2 (1) Eligibility Test and Self-Assessment A BSFl must conduct a self-assessment vis-a-vis the defined I prudential criteria described in Section XII. 01.2 of the MORB and Sections 4, .,. 01Q. 21450, .S. 214501. P, 21 4.10N. 21420, .T, 2 of the MORNBFl. Should the BSFl meet the prudential criteria, it shall submit a letter of intent with a certification signed by its president or officer of equivalent rank, and chief compliance officer (CCO) stating that the BSFl satisfies said requirements. If the Bangko Sentral concurs with the certification, the BSFl shall receive a confirmation of eligibility (COE) to offer EPFS. (2) Application for the license The BSFl shall formally submit the following application documents to the appropriate department of the Bangko Sentral within six (6) months from the date of the COE. (a) Application letter signed by the president or officer of equivalent rank specifically indicating the I I justification/reason for the application to provide EPFS (b) Notarized Secretary's Certificate (or equivalent document in the case of foreign bank branches) attesting that the I I Board of Directors (or equivalent management committee in the case of foreign bank branches) has approved the application to provide EPFS ' This applies to BSFls that con be assessed against the prudential criteria provided in the Policy and Regulations on Licensing. These applicants must have been examined by the Bangko Sentra!. ' This applies to proponents that cannot be assessed against the prudential criteria provided in the Policy and Regulations on Licensing. These include newl^established BSFls and new applicants for an authority to operate as "Electronic Money Issuer-Others",

Processing and Documentary Requirements Type A3 Type B2 (c) Certification signed by the president (or officer of equivalent rank) and the CCO to the effect that the BSFl has I I met the following minimum pre-conditions: (i) An adequate risk management process is in place to identify, assess, monitor, and control the risks arising from the proposed EPFS; (ii) Appropriate policies and procedures in the following areas have been adopted to address all security risks and concerns affecting the EPFS platform and application system/s: . Authenticotion - establishes the identity of both the sender and the receiver; uses trusted third parties that verify identities in cyberspace; . Non-repudiotion ensures that transactions cannot be repudiated or presents undeniable proof of participation by both the sender and the receiver in a transaction; . Authorization - establishes and enforces the access rights of entities (both persons and/or devices) to specified computing resources and application functions; also locks out unauthorized entities from physical and logical access to the secured systems; . Integrity - assures that data has riot been altered; . Confidentiality - assures that no one except the sender and the receiver of the data can gain access to clear data; and . Avullobi"ty - assures that the system is operating properly during the time it is expected to be available; (iii) The EPFS system has been tested prior to its implementation and that the test results are satisfactory. As a minimum standard, appropriate system testing and user acceptance testing should have been conducted; and (tv) A documented business continuity planning process covering EPFS, among other areas of operation, has been adopted. (d) Details of the features and functional ities of the proposed EPFS, including the security controls and measures I I (e) Process flow/brief narration of how transaction and data flow through the network I I (f) Diagram of the configuration of the system supporting the proposed EPFS, showing the linkage between the host I I systems and network infrastructure

Processing and Documentary Requirements Type AL Type B2 (g) Pro-forma client application form and terms and conditions for the availment of and/or use of the EPFS I I (h) Brief discussion on the following topics in relation to the particular EPFS being applied for: I I . Oversight management process; . Business continuity plan/disaster recovery plan; . Incident response/ problem management; . Consumer protection/awareness program; and . Information security policies and security features of the proposed EFPS (i) Results of the user acceptance test (UAT) I I 01 Report on the independent assessment on the proposed EPFS, if applicable. I I (k) Articles of Incorporation/By-Laws of the BSFl I (1) Photocopy of the marketing materials for the proposed EPFS I (in) Pro-forma agreements with accredited agents for the delivery/issuance of EPFS; I (n) Anti-Money Laundering (AML) Policy/Manual of Procedures; and I (0) Latest Audited/Interim Financial Statements I 2. Basic EPFS The BSFl shall notify the appropriate department of the Financial Supervision Sector (FSS) by submitting the following documents 30 days prior to the launch/implementation of its EPFS: ( I ) Notification letter signed by the institution's president or officer of equivalent rank; ( 2 ) Details of the features and functional ities of the EPFS, in duding security controls and measures adopted relative to the offering of the EPFS; and

( 3 ) Process flow/brief narration of how transaction and data flow through the network including the clearing switch in case the service involves participation in an Automated Clearing House (ACH). 3. Fees A BSFl applying for an advanced EPFS shall pay processing and licensing fees as shown below: Classification Banks Non-banks Universal Type of Fee Other and Rural and Thrift Banks EMI-Others Financial Commercial Coop. Bank Inst, Banks Processing 50,000 20,000 3.0,000 20,000 10,000 Licensing 100,000 60,000 25,000 60,000 25,000 The assessment and collection of fees shall be made in accordance with the guidelines on fees provided in Appendix 1.18/Q~71.1S-,. 21P~,. 11N-14n'-4 of the MORB/MORNBFl.

Attachment 7 <Name of BSFl> CERTIFICATION ON COMPLIANCE WITH THE CONDITIONS FOR PARTICIPATION IN AN AUTOMATED CLEARING HOUSE We, ^^9.96^ President (or Officer of Equivalent Rank) and <^^._gt 96^g^^ Compliance Officer, on behalf of the <^^gt^E!^, with head/principal office address at <coin lete address o Head Princi o1 0 Ice> after having been duly sworn to in accordance with law, hereby certify to the best of our knowledge, that <Name o BSFl>: a. Has satisfactorily met the prudential criteria provided under Subsection XII01.214^lotQ. 21 4501S. 21450^P. 2141LON. 21420^T. 2 of the Manual of Regulations for Banks/Non-Bank Financial Institutions (MORB/MORNBFl); b. Obtained a satisfactory assessment in the areas of Information Technology (In, Anti-Money Laundering (AML), and Consumer Prote^ion, as applicable, in the last examination conducted by the Bangko Sentral; and c. Is capable of complying with the specific rules applicable to transactions performed under the National Retail Payment System Framework as provided in Subsettion XI205.5/4/205Q. 514705S. 514705P, 514805N, 514904T of the MORB/MORNBFl. We certify further that ^^gin^gt_^E!^ , as a BSFl licensed to offer electronic payment and financial services (EPFS), has complied with the provisions under Sections X70L. 41470L, 4Q/464LS/4641P/464LN/4904T of the MORB/MORNBFl. We also certify that all relevant documents in support of the foregoing statements are kept on file and are readily available for verification by examiners of the Bangko Sentral during onsite verification/examination or when a written request is made to verify compliance. This certification executed on ^91g^^^ is being submitted in compliance with the requirements of the Bangko Sentra!. Signed: Signed: Name of President Name President (or Officer of Equivalent Rank) Compliance Officer SUBSCRIBED AND SWORN to before me, this day of at with affiant exhibiting their valid identifications indicated below: Name Government ID Pass ort No Date Place Issued Notary Public

. Attachment 2 <Name of BSFl> CERTIFICATION ON THE RE-REGISTRATION OF ELECTRONIC PAYMENT & FINANCIAL SERVICES We, I^,!g^ President (or Officer of Equivalent Rank) and <^^_gt 96^^. Compliance oncer, on behalf of the <^!g^E^, with head/principal office address at <coin fete address o Head Princi o1 0 Ice> after having been duly sworn to in _'I. accordance with law, hereby certify that to the best of our knowledge, all the information contained in the attached documents supporting the institution's re-registration for electronic payment and financial services IEPFS) are hereby true and correct. We certify further that ^^^!^gt. ^:!^ complies with the provisions under Sections X701.41470^. 4014641S/4641P/464^N/4904T of the Manual of Regulations for Banks/Nori- Bank Financial Institutions (MORB/MORNBFl) except for: <enumerate rovisions that have !29t_^. Aforementioned provision/s shall be complied by^^tg or coin lionce>. We also certify that all relevant documents in support of the EPFS activities and operations are kept on file and are readily available for verification by examiners of the Bangko Sentral during onsite verification/examination or when a written request is made to determine compliance. This certification executed on ^^g^g^^: is being submitted in compliance with the requirements provided in the BSP Circular No. Signed: Signed: Name of President Name President (or Officer of Equivalent Rank) Compliance Officer SUBSCRIBED AND SWORN to before me, this day of at with affiant exhibiting their valid identifications indicated below: Name Government ID Pass ort No Date Place Issued Notary Public Not. Reg. No. Doc. No. Page No. Series of

, Attachment 2 . 9. ,, , n, 2 <Name of BSFl> Re-Registration of Electronic rinandaland Payments Services <Date Accomplished> Internet ATM I Debit E-Money EMCney Other Payment Internet Banking . Moblle Telephone Cash Accept Point or Sale EFFS ClassMcatlon tiedlt Card Banking - ATM focilltv Payment Portal Others Card Itssh Cardj IE-waneti Cards Corporate Banking Bankln. Machine ridlit, Retall {arlef lanef IBrief 18nef IBrier 18rief IBrlef IBrjef IBrief IBrlef IBrief IBrief Par"CUIars desul tlonj desulptlonj IBrlef descrip"onI descriptionI description I desui oron) IBrlef descrl ticnj desqlptionj descri nod descrlptlonl {Brief descrl mori) desertptlonj description I description I desalption A Baslc Information Date of Implementstion Name of Application System/s In-house or Outsourced If Outsourced, name of service provider B, 01a tiels Used ATM Phone Internet Mobile POS Others C Fe. r's and Functionalities I Cash deposits I Cash-in 2 Cash withdrawals I Cash-out a Bills payment a. Government b. Non-government 4 Intra-bank fund transfer 5 Interbank fund transfer IDomestic Transfers) 6 Cross Border Transfers 7 Online payment to merchants 8 Account sweeping 9 Automatic Debit Arrangement 10 Automatic Credit Arrangement It Electronic Invoice Presentmenk 12 Prepaid phone reload 13 Donations 14 Others a. b. D. Oth rs Does the electronic product/service have variants? lyes/noj - If yes, indicate no. of variants. U. .wise. a crimpantrve matrix rin the features of each variant should be attached to this reportje". Comparetlve Matrl. on Ca, h Card Variantsj ragetUCCtOnB On fi. ,. Lang out th, .s re. regia Erat, .on fDr. g t. Indicate the name of your Institution and the date IDD/MMIYYW) this form is accomplished. 2. The EPFS to be re-registered shall be those that: a. have been previously-licensed Inauding electronic money and are already operational as of 31 March 2019; and b. have been approved by the Bangko Sentral as of I March 2019 but have yet to be launched until30 September 2019. a. Please provide a brief description of the EPFS under its classification. 3. If the EPF5 does not fall under any of the classificationslndicated in the columns provided above, it shall be specified under the column "Others'. You may add as many columns as necessary. 4. For Item A. Basic Information. please provide the required information For Item 8. Channels Used, please mark the appropriate cell with "X". For Item C. Features and Functional mes, please mark the appropriate cell with "X" For Item D. Others, please provide the requrled information

Attachment 2 MATRIX ON COMPLIANCE WITH SUBSECTION X70^. 41470LQ. 4* Name of BSFl: Date Accomplished: Complied? Remarks Provision Yes No a. Oversee its EPFS through an appropriate top-level committee to ensure that concerns on these services are timely and properly addressed; b. Make its EPFS with funds transfer functionality interQperable by participating in an Automated Clearing House pursuant to the guidelines provided under Part, .2 of the MORB/Q-regulations of the MORNBFl ; c. Integrate EPFS in its overall strategic plan to ensure that these services do riot put undue strain on its systems, financial performance, and risk management capability; d. Promote EPFS by implementing appropriate marketing strategies; e. Ensure that it satisfies the legal and regulatory requirements for Anti-Money Laundering/Combating Financing of Terrorism. f. Comply with the relevant regulations on payments, Information Technology (IT) Risk Management Standards, Guidelines on Electronic Products and Services, Business Continuity Management regulations, and Consumer Protection Standards of Conduct for BSFls, " Instructions on filling out this re-registration form: L. Indicate the name of your institution and the date (DD/MMIYYW) this form is accomplished. 2.1f You have already complied with the requirements indicated above, mark the appropriate cell under the Column "Yes" with "X", Otherwise, indicate your target date of compliance in this format: DD/MMIYYW under the column "No". The target date should be within six (6) months from the effectivity of Circular No. dated 3. Under the column "Remarks", provide a brief description of how the BSFl will comply with the requirements. * Pawnshops, Savings and Loan Associations, Trust Corporations, and other Non-bank Financial Institutions with advanced EPFS license are referred to Section 4701. Q and its subsections.