Description
Brief Description
Republic Act No. 12010, or the Anti-Financial Account Scamming Act (AFASA), was passed into law on 20 July 2024. The law aims to deter financial cybercriminals from their nefarious activities, and protect the financial industry and the transacting public from falling prey to the various fraudulent schemes. AFASA regulates and prohibits the use of financial accounts, such as bank accounts and e-wallets for criminal activities that take advantage of the advancement of digital banking and e-payments.
The salient features of AFASA are as follows:
- Defines and provides penalties for money muling activities, social engineering schemes (e.g., phishing, vishing, smishing), economic sabotage, and other prohibited acts;
- Establishes the responsibilities of financial institutions to prevent financial scams, such as the institution of fraud management system, temporary holding of disputed funds, coordinate verification of a disputed transaction; and
- Authorizes Bangko Sentral ng Pilipinas (BSP) to inquire into financial accounts involved in the commission of the prohibited acts as an exception to laws on secrecy of bank deposits and data privacy.
The BSP has recently issued and published the following implementing circulars of the law which will take effect on 25 June 2025:
- BSP Circular No. 1213, Series of 2025 – Amendments to Regulations on Information Technology Risk Management to Implement Section 6 of AFASA;
- BSP Circular No. 1214, Series of 2025 – Rules of Procedure on the Conduct of Inquiry into Financial Accounts and Sharing of Financial Account Information by BSP Pursuant to AFASA; and
- BSP Circular No. 1215, Series of 2025 – Regulations on the Temporary Holding of Funds Subject of Disputed Transactions and Coordinated Verification Process.
Course Objectives
The webinar aims to equip participants with a comprehensive understanding of the AFASA and its implementing circulars, empowering them to recognize, prevent and respond to financial scams in both personal and professional contexts. By the end of the session, participants will be able to:
- Explain the key provisions and scope of AFASA, including its legal definitions and penalties for violations.
- Identify common forms of financial scams, including money muling activities and social engineering schemes.
- Understand the responsibilities and liabilities of individuals, financial institutions, and digital platforms under the law.
- Apply practical strategies and best practices to protect personal and organizational financial accounts from fraud.
- Promote public awareness and legal compliance in their respective communities, organizations, or institutions.
Course Outline:
Part A – Background and Salient Features of AFASA
- Background information on the passage of the law
- Problems that AFASA seeks to address
- Criminalization of certain acts and their penalties
- Legal responsibilities of financial institutions under the law
- Powers of the BSP to address financial consumer concerns under AFASA
Part B – Discussion of Implementing Circulars
- Key provisions of BSP Circular No. 1213 – Amendments to information technology risk management guidelines to implement Section 6 of AFASA
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- Enhanced fraud management system (FMS) standards and requirements for Clearing Switch Operators of Automated Clearing House
- Improved security measures for financial accounts
- Enhanced transaction verification mechanism
- Facility for customers to proactively protect financial accounts
- Shared accountability framework
- Salient Features of BSP Circular No. 1214 – Rules of procedures on the conduct of inquiry into financial accounts and sharing of financial account information by BSP to implement AFASA
- Important provisions of BSP Circular No. 1215 – Regulations on temporary holding of disputed transactions and coordinated verification process
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- The requirement for the establishment of an industry protocol
- Requirements for the temporary holding of disputed funds
- Coordinated verification process to follow the trail of disputed funds
- BSP’s exemption from laws on bank secrecy for the purpose of implementing AFASA
- Reporting of temporarily-held funds to the BSP
Subject Matter Experts (SMEs):
Hear directly from the experts who closely worked with Congress on the passage of the law and the ones who directly crafted, as members of BSP AFASA IRR-Technical Working Group, the provisions of the implementing circulars of the law.
ATTY. ELMORE O. CAPULE
Deputy Governor
Corporate Services Sector
Bangko Sentral ng Pilipinas
ATTY. CHARINA B. DE VERA-YAP
Managing Director
Financial Inclusion and Consumer Empowerment Sub-Sector
Bangko Sentral ng Pilipinas
ATTY. JANICE G. AYSON-ZALES
Director
Consumer Complaints Resolution Office
Bangko Sentral ng Pilipinas
MS. ROCHELLE D. TOMAS
Director
Consumer Protection and Market Conduct Office
Bangko Sentral ng Pilipinas
ATTY. ALAIN BERT G. REGIS
Acting Director
Consumer Account Protection Office
Bangko Sentral ng Pilipinas
MS. MARICRIS A. SALUD
Deputy Director
Technology Risk and Innovation Supervision Department
Bangko Sentral ng Pilipinas
Date/Time:
First offering: 18 July 2025, Friday, 9:00 AM to 4:00 PM
Second Offering: 19 August 2025, Tuesday, 9:00 AM to 4:00 PM
Target Participants
The bankers such as the members of the BOD and Senior Management, personnel of Compliance, Fraud Management and Risk Management, branch personnel, bank lawyers and auditors, personnel handling compliance with anti-money laundering requirements, IT personnel, and personnel handling financial consumer concerns.
Directors, Officers and employees of other BSP-supervised institutions, such as E-Money Issuers, Operator of Payment Systems (OPS), Credit Card Issuers, Pawnshops, NSSLAs, Remittance Companies, Foreign Exchange Dealers.
The general public, such as bank clients, business owners, educators, legal professionals and anyone using digital financial services such online banking, and other forms of digital payments.
Training Fee per Participant:
Member Institution – Php 3,920.00
Non-Member Institution – Php 5,040.00
*VAT inclusive