The FinTech Alliance Philippines has thrown its support behind the Bangko Sentral ng Pilipinas (BSP) after the central bank invoked the Anti-Financial Account Scamming Act (AFASA) for the first time in connection with the ongoing flood-control corruption controversy.
The BSP is investigating alleged money-muling activities, which AFASA criminalizes. These include the use of financial accounts to obtain, transfer, or withdraw proceeds known to have come from unlawful sources. The move also enforces BSP Circular No. 1215, which requires regulated institutions to temporarily hold suspicious funds.
“This is a decisive step toward safeguarding the integrity of our financial system,” said Lito Villanueva, founding chairman of FinTech Alliance PH. “Effective enforcement of AFASA will not only help bring perpetrators to justice but also protect ordinary Filipinos from being exploited as unwitting participants in financial crimes.”
Enacted in June 2025, AFASA empowers the BSP to probe accounts suspected of involvement in scams or fraud-related activities, overriding bank secrecy and data privacy restrictions in such cases. Penalties include six to eight years of imprisonment, fines of ₱100,000 to ₱500,000, and civil liabilities such as restitution and forfeiture of assets.
The group noted that the BSP’s use of the new law sends a clear message that regulators, banks, and fintech players are united in the fight against financial crime.
The BSP action complements other measures, including a freeze order issued by the Court of Appeals on accounts linked to the case upon petition by the Anti-Money Laundering Council (AMLC).
