GCash adopts stricter KYC process to beat vote buying

The Globe Telecom-backed GCash mobile wallet is implementing stricter user verification features amid worries it could be used for illegal vote buying in the 2022 national elections.

In a statement, GCash president and CEO Martha Sazon said the company pledged to impose more stringent user onboard and account verification processes “to enhance traceability of transactions within the GCash platform.”

It will also adopt a stricter know your customer (KYC) process, the statement showed.

This comes as the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council recently directed financial institutions to closely monitor large transactions that could be used for money laundering and vote buying.

“GCash will remain steadfast in our commitment to promote responsible use of digital payment platforms, especially in the days leading up to the 2022 elections,” said Sazon, who sits as chair of the E-Money Association of the Philippines.

“We will ensure that the digital products, platforms, and services offered are not misused for vote-buying, vote-selling and other illegal partisan political activities during the elections,” Sazon added.

A venture between Globe and Chinese billionaire Jack Ma’s Ant Financial, GCash is one of the country’s largest mobile wallets with over 55 million users.