(NAR) VOL. 14 NOS. 1-2 / JANUARY - MARCH 2003
subject to the following conditions;
i. The particular type of service to be rendered by the bank should be submitted for prior approval of the Monetary Board;
ii. As service provider, the following shall be upheld by the bank:
a) Confidentiality of bank deposits and investment in government bonds (R.A. No. 1405);
b) Prohibition against outsourcing of inherent banking functions [Section 55.1 (e) of R.A. No. 8791 and Circular No. 268]; and
c) Prohibition on cross-selling except as allowed under applicable regulations.
This Circular shall take effect after fifteen (15) days following the completion of its publication in any newspaper of general circulation.
Adopted: 27 Feb. 2003
(SGD.) RAFAEL B. BUENAVENTURA
Governor