The Bangko Sentral ng Pilipinas (BSP) has urged banks and financial institutions to stay alert for possible vote buying through e-wallets and other digital platforms ahead of the May elections.
In a memorandum, the BSP directed banks and other supervised financial institutions (BSFIs) to strengthen safeguards against the misuse of online banking and mobile wallets for vote buying and selling. It advised them to enhance fraud management systems, tighten customer verification processes, and adjust monitoring tools to detect suspicious activities.
The BSP also identified key warning signs, such as a sudden increase in account registrations in areas linked to vote buying, large cash transactions during the election period, irregular transaction patterns, and high cash-in or cash-out volumes.
This directive follows a request from the Commission on Elections (Comelec), outlined in Resolution No. 11104, issued on Jan. 28, 2025. The BSP said it is working with Comelec and the Philippine National Police (PNP) to curb election-related financial crimes.