BSP tightens net vs financial scams

February 22, 2026 | 12:00am

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has signed separate information-sharing agreements with key government agencies to strengthen investigations into financial scams, marking another step in the implementation of the Anti-Financial Account Scamming Act (AFASA).

The agreements, signed with the National Bureau of Investigation (NBI), the Cybercrime Investigation and Coordinating Center (CICC) and the Securities and Exchange Commission (SEC), allow the lawful sharing of confidential financial account information to support probes involving scam-related offenses and cyber-enabled fraud.

Representing BSP Governor Eli Remolona Jr., BSP general counsel Roberto Figueroa formalized the arrangements during a signing ceremony at the central bank’s Manila headquarters on Feb. 20. Joining Figueroa were acting NBI director Angelito Magno, CICC executive director Renato Paraiso and SEC chairperson Francis Lim.

The BSP said the agreements establish clear procedures for requesting and transmitting information from the central bank’s consumer account protection office on financial accounts linked to suspected scams.

The mechanism is anchored on AFASA and its implementing guidelines under BSP Circular 1214, which seek to tighten safeguards against the misuse of financial accounts.

While the signing formalized cooperation, BSP officials stressed that the real challenge lies in implementation.

“Its success will not be measured by the document itself, but by its execution – by investigations strengthened, cases resolved, risks mitigated and harm prevented,” Figueroa said, underscoring the need for agencies to translate the framework into tangible enforcement outcomes.

BSP Deputy Governor and AFASA technical working group adviser Elmore Capule said the central bank’s commitment goes beyond policy issuance, emphasizing sustained collaboration among enforcement and regulatory bodies.

“The BSP remains firmly committed to working with the CICC, NBI and SEC to ensure that AFASA is implemented with discipline, integrity and fidelity to the law. Through sustained coordination and mutual trust, we will reinforce the resilience of our financial system and better protect the Filipino public from those who seek to exploit it,” Capule said.

Under the arrangements, the NBI and CICC are expected to use the shared information to strengthen investigations and case buildup involving AFASA violations, while the SEC may access relevant data in line with its regulatory mandate, including the adjudication of financial consumer complaints.

The BSP said all data exchanges would be carried out with strict safeguards to protect bank secrecy and data privacy, balancing enforcement needs with existing legal protections for account holders.

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