The Anti-Financial Account Scamming Act
On July 20, 2024, President Marcos signed into law R.A. 12010 or the Anti-Financial Account Scamming Act (AFASA). In the Declaration of Policy, the State recognizes the vital role of banks, non-bank financial institutions, other payment service providers, and the general banking public in maintaining a stable financial system. Furthermore, with the increased use of digital financial services, there is a need to promote awareness on the proper use of Financial Accounts, and to protect the public from cybercriminals and criminal syndicates. For the purpose of this Act, “Institutions” refers to banks, non-banks, other financial institutions, payments, and financial service providers under the jurisdiction of the Bangko Sentral ng Pilipinas (BSP).