The Bangko Sentral ng Pilipinas announced it can now share confidential financial account information of individuals linked to scams and cybercrimes with other government agencies.
The BSP signed information-sharing agreements with the National Bureau of Investigation (NBI), Cybercrime Investigation and Coordinating Center (CICC), and the Securities and Exchange Commission (SEC).
These agreements detail procedures for securing data from the BSP Consumer Account Protection Office on bank accounts tied to scams.
Enabled by the Anti-Financial Account Scamming Act (AFASA), the measure allows BSP to share information under defined safeguards.
“It ensures that financial account information obtained by the BSP through lawful inquiry may be shared with competent authorities under clearly defined safeguards,” said BSP General Counsel Roberto Figueroa.
BSP Deputy Governor Elmore Capule stressed that criminals can no longer hide behind bank accounts:
“Henceforth a bank account can no longer be a refuge for criminals. It will now be open. And that is really what matters in this type of investigations.”
NBI Acting Director Angelito Magno assured that shared information will be handled responsibly:
“The NBI gives its full assurance that we will uphold this agreement with integrity, responsibility, and respect for due process.”
SEC Chairperson Francis Lim highlighted the importance of tracing funds and disrupting networks, while CICC Executive Director Renato Paraiso called financial fraud the “apex predator of cybercrime,” citing over 1,000 direct hits to citizens’ pockets and rising cases of credit card fraud and account takeovers.
The BSP said the agreements will strengthen inter-agency coordination and enhance investigative capabilities against cyber-related fraud.