Regulatory Alerts2025-05-30
Rules of Procedure on the Conduct of Inquiry into Financial Accounts and Sharing of Financial Account Information by the Bangko Sentral ng Pilipinas Pursuant to the Anti-Financial Account Scamming Act
The Bangko Sentral ng Pilipinas issued these Rules of Procedure to establish the framework for the Consumer Account Protection Office to investigate financial accounts involved in prohibited acts under the Anti-Financial Account Scamming Act. The regulations mandate that competent authorities execute information sharing agreements with the BSP and submit sworn electronic requests to initiate inquiries, while explicitly suspending bank secrecy and data privacy laws for such investigations. Institutions are required to comply with inquiry orders by disclosing account information within ten days, with the BSP ensuring secure electronic transmission and granting safe harbor protection to entities acting in good faith compliance.
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