The Bangko Sentral ng Pilipinas (BSP) has endorsed the recent passage of Republic Act No. 12010, also known as the Anti-Financial Account Scamming Act (AFASA), which is designed to combat financial cybercrimes, protect the interests of financial consumers, and maintain the integrity of the financial system.

“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,”
stated BSP Governor Eli M. Remolona, Jr.
AFASA, formally titled “An Act Defining and Penalizing Financial Account Scamming and Other Offences, and Providing for the Enforcement Mechanisms Therefor,” prohibits and punishes financial crimes, such as acting as money mules, performing social engineering schemes, and committing economic sabotage.
The law empowers the BSP to investigate violations, apply for cybercrime warrants and orders, and seek assistance from the National Bureau of Investigation and the Philippine National Police in their investigations.
The legislation also grants the BSP limited authority to examine and investigate bank accounts, e-wallets, and other financial accounts implicated in prohibited activities.
Financial institutions are authorised to hold disputed funds under certain conditions and initiate a coordinated verification process to validate transactions in question.
Furthermore, AFASA imposes responsibilities on BSP-supervised institutions to implement adequate risk and fraud management systems to protect their clients’ financial accounts.
It mandates government agencies, banks, financial institutions, the private sector, and other stakeholders to establish cooperative mechanisms to ensure effective prosecution of cases and enforcement of the law.
This legislation aligns with the BSP’s objectives of promoting a robust financial system and an efficient, safe, and secure digital payments ecosystem that supports the diverse needs and capabilities of individuals and firms.
Featured image credit: Edited from Freepik