BAIPHIL Seminar

AFASA’s Radical Impact on Financial Transactions (Anti-Financial Account Scamming Act, R.A. No. 12010)

Objective/Brief Description. To educate the bankers on the salient provisions of AFASA especially those that touch on the highly important duties and responsibilities of financial institutions under the law. It likewise aims to provide the participants a simulation of the prevalent actual cybercrime schemes that are covered by the law, for ease of appreciation of the relevant provisions of AFASA. Lastly, the course will also tackle the implementation of the temporary withholding of funds as stated in the law as clarified in the recent BSP-issued Memorandum to All Banks.

Course Outline:

Part A – Financial scams and cybercrimes

• Discussion of the common financial fraud/Scams
• Simulation of Fraudulent Schemes Prohibited Under AFASA

Part B – Salient Features of AFASA

• AFASA’s Trident
  • Criminalize Social Engineering and Money Muling Activities
  • Involvement of Financial Institutions
    • Requirement for a Fraud Management System
    • Temporary Holding of Account
    • Coordinated Verification
  • Authority of BSP to look into deposits and act as criminal investigator
  • Obstruction of BSP’s Investigation – a criminal offense
• BSP Law enforcement powers
• Imposable Penalties
• Interface of AFASA with AMLA, as amended

Pact C – BSP-Issued MAB on AFASA

• Implementation of Temporary Withholding of funds
• Other Consumer Protection-Related Matters

Target Participants: All Bank Officers and Employees, such as Directors, Management Team, Compliance Officers and Staff, Lawyers in the Bank, either in the General Counsel’s Office, Compliance, Consumer Protection or Litigation, Consumer Product and Services Officers and Staff, Internal Auditors, Risk Management Personnel, Regional/Branch Heads, or any authorized branch personnel and all Frontliners.

Subject Matter Experts:

ATTY. ELMORE O. CAPULE

Senior Assistant Governor and General Counsel

Office of the General Counsel and Legal Services

Bangko Sentral ng Pilipinas

ROCHELLE D. TOMAS

Director

Consumer Protection and Market Conduct Office

Bangko Sentral ng Pilipinas

ATTY. ALAIN BERT G. REGIS

Deputy Director

Office of the General Counsel and Legal Services

Bangko Sentral ng Pilipinas

Date/Time:

15 October 2024,

Tuesday, 9:00 AM to 2:00 PM

Training Fee per Participant:

Member Institution – P 2,800.00

Non-Member Institution – P 3,920.00

**VAT inclusive

REGISTER HERE!