The Bangko Sentral ng Pilipinas (BSP) has put in place the rules for carrying out the Anti-Financial Account Scamming Act (AFASA), a law designed to stop scammers from misusing bank accounts and other financial tools.
Signed into law in July 2024, AFASA is now in effect. The BSP led the process of writing the rules, working with banks, regulators, and law enforcement groups.
“The issuance of AFASA’s implementing rules marks a milestone in our fight against cybercrime,” said Bangko Sentral Governor Eli Remolona Jr. “Beyond serving as a powerful tool against evolving financial scams, these rules also enhance consumer protection and boost confidence in the domestic financial system.”
Under the new rules, financial institutions must make their systems stronger and more responsive to threats. The BSP now requires banks and other supervised institutions to improve how they spot and block suspicious transactions. This includes using better digital security tools and building systems to protect customers’ money in real time.
Security and fraud
If a financial account is suspected of being used in a scam, the BSP can now examine it, but only if there is a solid reason to believe a violation has taken place. Information gathered can be shared with law enforcement agencies, as long as privacy and secrecy rules are followed.
The new guidelines also allow financial institutions to place a temporary hold on funds linked to questionable transactions. These holds can last up to 30 days. During this time, banks must verify the transactions, coordinate with others, and return the money to affected customers if the claim is proven.
AFASA covers crimes such as phishing, vishing, and social engineering, as well as schemes involving “money mules.” Many of these activities were not clearly addressed in earlier laws, especially when newer digital tools were involved.
The BSP is urging everyone to stay alert, avoid sharing personal account details, and report suspicious activity to banks or the proper authorities.
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