BSP tightens screening rules for bank directors, officers

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June 18, 2026 | 12:00am

MANILA, Philippines —  The Bangko Sentral ng Pilipinas (BSP) has tightened the screening process for individuals seeking to become directors, trustees, officers or employees of banks and other supervised financial institutions, as part of efforts to strengthen background checks and ensure that key personnel are fit to hold sensitive posts.

In a circular signed by BSP Governor Eli Remolona Jr., the Monetary Board approved amendments to the authorization form used in querying central bank records for the screening of applicants and the confirmation of elected directors, trustees and appointed officers.

Under the revised rules, the Authorization Form for Querying (AFQ) must now include more identifying details of the person subject to the query. These include the complete maiden name of married female applicants, taxpayer identification number, birth date, sex and last known address.

The BSP said the additional information would serve as another layer of verification against its existing records to determine whether an individual is qualified or not to hold any position in a BSP-supervised financial institution.

The amended form applies to screening applicants as well as confirming the election of directors or trustees and the appointment of officers in supervised entities.

Applicants, as defined under the circular, refer to those who have already passed the initial stages of a financial institution’s pre-employment screening and are required to accomplish the AFQ as part of background checks.

The BSP also allowed the use of a valid passport number as an alternative in the absence of a taxpayer identification number.

For birth dates, the information must be consistent with the birth certificate authenticated by the Philippine Statistics Authority or any competent foreign authority.

Through the AFQ, the person subject to the query authorizes the BSP-supervised financial institution to conduct a background investigation related to an application, election or appointment. This includes checking records of the BSP, including its Watchlist Files.