This memorandum is being issued to serve as the Bank’s policy in consumer protection for e-banking products and services. A. POLICY
The Bank shall provide consumer protection applicable to e-banking products and services, in accordance with Bangko Sentral ng Pilipinas (BSP) Circular No. 542 entitled Consumer Protection for Electronic Banking. In this regard, the Bank shall ensure that the implementation of its e-banking activities are in compliance with the requirements to safeguard customer information; prevention of money laundering and terrorist financing; reduction of fraud and theft of sensitive customer information; and promotion of legal enforceability of the Bank’s electronic agreements and transactions. This policy shall cover all e-banking products and services offered by the Bank, including those that will be introduced later on. B. DEFINITION
Electronic banking (e-banking) generally refers to the provision of banking products and services through electronic channels such as the personal computer, through landline and mobile phone connections, or through automated teller machines (ATMs). These electronic banking products include the electronic money products that are aimed at facilitating retail payments. Currently, the Bank has the following e-banking products and services: 1. RCBC AccessOne (Retail Internet Banking)
2. Enterprise Banking (Corporate Internet Banking)
3. Phone Banking
4. Mobile Banking
6. Bills Payment machines
7. Cashless shopping using P.O.S. (Point of Sale)
In compliance with BSP Circular No. 542, the following guidelines shall cover all e-banking products and services of the Bank: 1. E-Banking Oversight Function
A. The Bank’s Board of Directors and the Senior Management Committee shall be responsible for developing the Bank's e-banking business strategy and establishing an effective management oversight over e-banking services. This shall include the review and approval of the key aspects of the Bank's security control program and process, such as the development and maintenance of security control policies and infrastructure that properly safeguard e-banking systems and data from both internal and external threats. This will also include a comprehensive process for managing risks associated with increased complexity of and increasing reliance on outsourcing relationships and third-party dependencies to perform critical e-banking functions. B. The Board of Directors and the Bank’s senior management shall ensure that the Bank’s risk management policies and processes are updated and modified where necessary, to cover existing or planned e-banking services. C. The Bank’s Compliance Officer shall also ensure that proper controls are incorporated into the system so that all relevant compliance issues are fully addressed. The product managers and system designers should consult with the Compliance Officer during the development and implementation stages of e-banking products and services. This level of involvement will help decrease the Bank’s compliance risk and may prevent the need to delay deployment or redesign programs that do not meet regulatory requirements.
2. E-Banking Risk Management and Internal Control
D. Information Security Program
ITSSG shall adjust...
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