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BSP may now access, share bank accounts
The Freeman
|June 05, 2025
The Bangko Sentral ng Pilipinas (BSP) now has the authority to access and share financial account information without violating bank secrecy or data privacy laws, as part of its expanded investigative powers under the Anti-Financial Account Scamming Act (AFASA).
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In Circular 1214, the BSP laid down formal procedures that allow its Consumer Account Protection Office (CAPO) to conduct an inquiry into bank, e-wallet or other financial accounts suspected of being used in scams including phishing, money muling and social engineering schemes.
This story is from the June 05, 2025 edition of The Freeman.
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