Regulatory Alerts2024-09-24
M-2024-030: Protection of Consumer Assets Against Fraud and Misuse Provisions of BSP Circular No. 1160, Series of 2022
Bangko Sentral ng Pilipinas mandates all supervised institutions to fully comply with consumer protection standards regarding fraud and misuse prevention under BSP Circular No. 1160. The directive requires banks to establish 24/7 reporting channels, provide immediate written acknowledgments, and implement provisional credit or fund holds while investigating disputed transactions. Additionally, institutions must adhere to the Anti-Financial Account Scamming Act by temporarily holding funds for up to 30 days when reasonable grounds for suspicious activity exist.
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