BSP, DOJ Ink Information-Sharing Pact to Boost Scam Investigations

The Bangko Sentral ng Pilipinas (BSP) on Wednesday signed an information-sharing agreement with the Department of Justice (DOJ), establishing procedures for the DOJ to request and obtain financial account information related to financial account scams and other related offenses. Under the agreement, the DOJ will be able to quickly request information that may be used in filing cases in line with the Anti-Financial Account Scamming Act (AFASA) signed by President Ferdinand Marcos Jr. in July 2024. “For the Bangko Sentral, this agreement supports our mandate to promote a safe, sound, stable, and efficient financial system, while reinforcing our efforts to protect financial consumers from financial fraud,” BSP General Counsel Roberto Figueroa said during the signing. “For the DOJ, the agreement supports its constitutional and statutory mandate to investigate and prosecute offenses, enforce the law, and uphold justice,” he added. According to the BSP, the agreement also establishes safeguards to ensure that shared information is used only for authorized purposes and protected in accordance with the law. “For Filipinos, this means quicker action against online scams. Competent authorities will be able to trace and identify individuals behind suspicious transactions faster and help prevent further losses due to fraud,” it said. The agreement was signed by Figueroa and DOJ Undersecretary Nicholas Felix Ty. “This collaborative effort is not just about sharing information. It is about turning our coordination into action and action into protection,” Ty said. “By aligning DOJ’s prosecutorial mandate with the BSP’s inquiry powers under the AFASA, we close gaps that criminals exploit and speed justice for victims of cyber-enabled financial abuse,” he added. —VBL, GMA News