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 Anti-Financial Account Scamming Act (AFASA), a landmark law that aims to curb financial scams, defines and penalizes social engineering schemes, money muling activities, and related offenses.
Recently, the government passed a law that criminalized "money mule-ing" activities -- the Anti-Financial Account Scamming Act (AFASA). Through this policy reform, a person found guilty of acting as money mule will be penalized.
