BSP: Anti-Financial Account Scamming Act (AFASA) Signed into Law

President Ferdinand R. Marcos, Jr., signed the Anti-Financial Account Scamming Act (AFASA) on July 20, 2024, in a ceremony held in Malacañang that was witnessed by Bangko Sentral Pilipinas (BSP) officers led by Governor Eli M. Remolona, Jr., and Monetary Board Member Rosalia V. De Leon. The AFASA aims to combat the surge of online scamming. It mandates financial institutions to implement necessary safeguards to protect the accounts of Filipinos.

It also defines and penalizes money muling activities (a type of money laundering), social engineering schemes, economic sabotage, and other offenses involving financial accounts. It will also authorize the Bangko Sentral ng Pilipinas to probe and inquire into financial accounts, which may be involved in prohibited acts.

“This is essential in this time as cybercriminals use technology to defraud fellow Filipinos — causing not only personal economic loss through them but also a loss of trust in financial institutions,” President Marcos said.

“It will protect our people from falling prey to perpetrators who target their banks and e-wallet accounts…I hope that, through this law, we can deter the majority of the financial scams that we have been seeing while at the same time fostering greater trust in our digitization efforts,” he added.

The BSP, for its part, welcomed the passage of the AFASA.

“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 M. Remolona Jr. said in a statement.
 
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