On 20 July 2024, the Anti-Financial Account Scamming Act (“AFASA”) was passed to promote awareness and to protect the public from cybercriminals and criminal syndicates who target Financial Accounts or lure Account Owners into becoming accessories or perpetrators of fraudulent activities.
Some of the key provisions of the AFASA are Sections 12, 13, and 14 that provide the Bangko Sentral ng Pilipinas (“BSP”), the authority to investigate and inquire into Financial Accounts, to apply for cybercrime warrants, and to issue rules on information-sharing and disclosure with law enforcement and other competent authorities.
Pursuant to the above-mentioned provisions, on 30 May 2025, the BSP issued Circular No. 1214, Series of 2025 (“Circular”), which provides the Rules of Procedure on the Conduct of Inquiry into Financial Accounts and Sharing of Financial Account Information. The Consumer Account Protection Office (“CAPO”) was duly constituted pursuant to this Circular, which is authorized to inquire into Financial Accounts and share Financial Account Information with Competent Authorities such as the PNP, NBI, DOJ, AMLC, among others.
According to the Circular, the salient rules of procedure are as follows:
First, a Competent Authority shall enter into an Information Sharing Agreement with the BSP in relation to the sharing of Financial Account Information obtained by the CAPO. (Rule III, Section 5)
Second, an inquiry into a Financial Account by the CAPO shall be initiated upon the filing of a Request by the Competent Authority with CAPO. The Competent Authority shall implement appropriate security measures in the transmission of the Request and supporting documents to the CAPO. Also, it shall ensure that access to the information contained in the Request is restricted to authorized personnel only, and that all documents, records, and information are transmitted through secure channels only. (Rule IV, Section 8)
Third, the CAPO shall issue an Inquiry Order to the Institution concerned upon its determination that, based on the information and evidence provided in the Request and supporting documents, there exists sufficient ground to establish a well-founded belief that a Prohibited Act has been committed and that the Financial Account subject of the Request may be involved or utilized in the commission of the Prohibited Act. (Rule V, Section 12)
Fourth, upon receipt of the Inquiry Order, the Institution concerned shall immediately comply with CAPO’s directives. Within ten (10) days from receipt of the Inquiry Order, the Institution concerned shall submit to CAPO a Return on the Inquiry Order (the “Return”) providing therein all the Financial Account Information required in the Inquiry Order, as well as other relevant supporting documents. (Rule V, Section 15)
Fifth, any Institution, or any of its officers, employees, stockholders, owners, representatives, agents, managers, directors, or officers-in-charge shall be held free and harmless from any accountability or liability for any act done in compliance with an Inquiry Order of CAPO. (Rule VI, Section 18)
Sixth, without prejudice to the authority of the cybercrime units of NBI and PNP, the CAPO shall have the authority to apply for cybercrime warrants and/or to issue preservation orders as provided in Chapter IV of Cybercrime Prevention Act of 2012, with respect to the electronic communications involved in the commission of a Prohibited Act. (Rule VIII, Section 24)
Lastly, unless otherwise allowed under existing laws, any person who obtained any information on the Financial Account subject of the CAPO’s investigation or inquiry under these Rules shall be prohibited from disclosing such information for purposes other than those mentioned in Sections 12 and 14 of the AFASA. (Rule IX, Section 26)
In addition to the above-mentioned provisions, the BSP, based on meritorious reasons, may motu proprio initiate or conduct investigation of a Financial Account which may be involved or utilized in the commission of a Prohibited Act. (Rule X, Section 28)
This guide provides a general overview of the above transactions at the time of writing only and is not intended to be a comprehensive legal advice. This should also not be taken as an opinion on the topic. For more details and information, you may coordinate with any GVES Law Partner regarding the matter. Atty. Feleo C. Quijano is an Associate at GVES Law.