Regulatory Alerts2025-05-30
Circular No. 1215: Regulations on the Temporary Holding of Funds Subject of Disputed Transactions and Coordinated Verification Process
The Bangko Sentral of the Philippines issued Circular No. 1215 to implement the Anti-Financial Account Scamming Act by mandating a coordinated verification process for disputed electronic fund transfers. The regulation authorizes Bangko Sentral-Supervised Institutions to temporarily hold disputed funds for up to thirty calendar days, comprising an initial five-day period and a potential twenty-five-day extension, to facilitate investigation. It further requires financial institutions to establish industry protocols for real-time transaction tracing, define specific obligations for account owners to cooperate with investigations, and update existing manuals of regulations to enforce these consumer protection measures.
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