Manila, Philippines, 10 April 2026 - We are pleased to announce the release of a new primer, The Anti Financial Account Scamming Act and Implementing Rules.
In light of the rising incidence and sophistication of financial scams, AFASA and the Bangko Sentral ng Pilipinas’ (BSP) implementing regulations introduce a strengthened framework for duties, liabilities, enforcement mechanisms, and consumer protection across the financial ecosystem. This primer is designed as a clear, accessible, and practical guide for banks and other supervised financial institutions, compliance and risk officers, legal and regulatory teams and other stakeholders seeking to understand their obligations under AFASA.
The primer provides a practical overview of:
- AFASA’s policy framework, prohibited acts, liabilities, and penalties
- BSP’s enforcement powers, including inquiries into financial accounts, cybercrime warrants, and information sharing
- Supervisory standards on IT risk management, fraud management systems, authentication, customer notification, payee verification, third party oversight, and consumer protection tools (such as kill switches and money lock features)
- Procedures for managing fraudulent or disputed transactions, including fund holds, verification processes, reporting, and accountability mechanisms
If you have questions or would like to discuss the implications of AFASA and the BSP Circulars on your institution’s policies, systems, or processes, please feel free to reach out to us.