BSP Releases New Circulars for Anti-Financial Scamming Law

The Bangko Sentral ng Pilipinas (BSP) has issued new circulars implementing the provisions under the Anti-Financial Account Scamming Act (AFASA). The law, which was signed on July 2024, mandates all financial institutions supervised by the BSP to implement real-time fraud detection systems, investigate suspicious accounts, and freeze potentially fraudulent funds for up to 30 days without needing a court order.  

Access the full article here.