A MEASURE aimed at curbing financial crimes will soon be signed into law, a senior Bangko Sentral ng Pilipinas (BSP) official said on Friday.
“I heard from the General Counsel of the BSP that it’s happening soon,” BSP Deputy Governor Chuchi Foncier told reporters.
“I don’t know if it’s true that it might be over this weekend or in a week. It will be signed according to the general counsel of the BSP.”
BSP Deputy Governor Chuchi Foncier. Photo from official Facebook page of the Bangko Sentral ng Pilipinas
The proposed Anti-Financial Account Scamming Act is currently up for approval by President Ferdinand Marcos Jr.
The bill hurdled Congress in May after the House of Representatives adopted the version approved by the Senate.
A BSP official told The Manila Times that Marcos would be signing the measure today. Malacañang officials were not immediately available for comment.
Senate Bill 2560 seeks to prohibit and punish acts such as becoming a money mule, performing social engineering schemes and economic sabotage.
Money muling was defined as performing acts for the purpose of obtaining, receiving, depositing, transferring or withdrawing proceeds known to be derived from crimes, offenses or social engineering schemes.
The acts include borrowing a financial account, opening one under a fictitious name, buying/renting/selling an account and recruiting/hiring/inducing persons to do so.
Social engineering, meanwhile, involves obtaining sensitive identifying information of another person via deception or fraud to secure access/control that person’s financial account.
Economic sabotage, lastly, was defined as an act committed by three or more persons against three or more persons — individually or as a whole — using mass mailers or human trafficking.
The proposed bill grants the BSP the authority to probe cases related to the violations of the proposed law, which includes the ability to apply for cybercrime warrants and orders as outlined in Republic Act 10175, or the Cybercrime Prevention Act.
Fonacier said that the BSP would develop the laws implementing rules and regulations, and would also “consider the other ecosystem players.”
Consumer complaints involving financial transactions are rising, officials have said, with the BSP having received a total of 42,456 from 2020 to 2022. Of these, 45.2 percent were said to be related to internet and mobile banking.
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