The Bangko Sentral ng Pilipinas (BSP) is finalizing information-sharing agreements with the Philippine National Police (PNP) and the Department of Justice (DoJ), according to a BusinessWorld report. The move aims to bolster enforcement of the Anti-Financial Account Scamming Act (AFASA), which took effect in 2024.
BSP Deputy Governor Chuchi Fonacier confirmed that the information-sharing agreements (ISAs) are in the finalization stage. The accords will allow the central bank to share bank account and transaction data with law enforcement agencies to investigate and prosecute financial scammers more effectively. The BSP has been working on these ISAs since the enactment of AFASA, which mandates closer coordination between financial regulators and authorities.
The partnership is expected to speed up the identification of fraudulent accounts and enhance the legal framework for combating online scams, which have cost Filipinos billions of pesos in recent years. The BSP emphasized that the agreements will include strict data privacy safeguards to protect account holders' information.