President Ferdinand Marcos Jr. signed two important laws last Saturday: RA 12009 New Government Procurement Act (NGPA) and RA 12010 AFASA (Anti Financial Accounts Scam Act. The latter which is related to the topic of this blog, mandates financial institutions to safeguard accounts of their customers from scamming.
PBBM signs into law NGPA and AFASA laws
"Anti-scam law
Meanwhile, Marcos said Afasa mandates financial institutions to implement necessary safeguards to protect the accounts of Filipinos amid the surge of online scamming.
The new law also defines and penalizes money muling activities (a type of money laundering), social engineering schemes, economic sabotage, and other offenses involving financial accounts.
It authorizes the Bangko Sentral ng Pilipinas (BSP) to investigate cases involving the violation of the law, apply for cybercrime warrants and orders, and request the assistance of law enforcers in the investigation of cases.
The BSP will also be exempted from existing laws on bank secrecy and data privacy to gather sufficient information relative to the commission of prohibited acts under the law."
