The Bangko Sentral ng Pilipinas (BSP) expressed its support for the enactment of Republic Act No. 12010 or the Anti-Financial Account Scamming Act (AFASA) which aims to combat financial cybercrimes, safeguard the interests of financial consumers and uphold the integrity of the financial system.
The AFASA law, or “An Act Defining and Penalizing Financial Account Scamming and Other Offenses, and Providing for the Enforcement Mechanisms Therefore”, prohibits and punishes financial crimes such as acting as money mules, performing social engineering schemes and committing economic sabotage.
“We express our full support for the new anti-financial account scamming law. This will help us strengthen consumer protection and foster trust and confidence in the Philippine financial system,” BSP Governor Eli Remolona Jr. said.
Under the provision of AFASA, the BSP is authorize to investigate cases involving violations of the law, apply for cybercrime warrants and orders and request the assistance of the National Bureau of Investigation and the Philippine National Police in the investigation of cases.
It includes a limited authority for the BSP to examine and investigate bank accounts, e-wallets and other financial accounts that are involved in the prohibited acts.
Under certain conditions, responsible institutions are also given the authority to hold disputed funds in financial accounts and initiate a coordinated verification process to validate the disputed transactions.
The law imposes responsibilities on BSP-supervised institutions to employ adequate risk and fraud management systems to ensure that their clients’ financial accounts are protected.
Government agencies concerned, banks and covered financial institutions, the private sector and other stakeholders are mandated to establish a cooperative mechanism to ensure effective prosecution of cases and enforcement of the law.
The BSP said AFASA is in line with its goals of promoting a strong financial system and an efficient, safe, and secure digital payments ecosystem that supports the diverse needs and capabilities of individuals and firms.
