Anti-financial account scamming bill to help address threats — BSP

THE BANGKO SENTRAL ng Pilipinas (BSP) is hoping the Senate can pass the Anti-Financial Account Scamming Act (AFASA) before Congress’ session ends in May, as this could help address the increase in crime involving banks, e-wallets, and other financial institutions.

During an information session for the media over the weekend, BSP Senior Assistant Governor Elmore O. Capule said Senator Mark A. Villar, who heads the Senate committee on banks, has said they target to pass the AFASA bill in May.

“As a matter of fact, last week, we had another committee hearing in the Senate. And it’s favorable. Even the industry is supporting it,” Mr. Capule said.

“According to Senator Mark Villar, his committee will fasttrack this because they realized that it is a law whose time has already come,” he added.

The proposed AFASA aims to prevent and penalize financial cybercrimes, imposing harsher penalties for illegal acts committed under the Revised Penal Code, such as online selling and investment scams, phishing, and other schemes of fraud.

The bill has passed the House and is currently being discussed in the Senate, and a technical working group (TWG) composed of the BSP, the police, and communication officials was formed to finalize the substitute bill for AFASA.

Last week, Mr. Villar said the bill is expected to reach the plenary for debates once they resume session. He also ordered members of the TWG to come up with recommendations.

Mr. Capule said the bill authorizes the BSP to investigate cases involving the violation of the proposed law, apply for cybercrime warrants and orders, and request the assistance of law enforcers in the investigation of cases.

“The bill likewise includes a limited authority of BSP to examine and investigate financial accounts, e-wallets, and other financial accounts,” he said.

The BSP will also be exempted from existing laws on bank secrecy and data privacy to gather sufficient information in relation to the commission of the prohibited acts under the bill, he said. —