The Bangko Sentral ng Pilipinas (BSP) and the Department of Justice (DOJ) have signed an information-sharing agreement aimed at speeding up the investigation and prosecution of financial account scams.
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.
