Regulatory Alerts2024-09-19
BSP Memorandum No. M-2024-029: Guidelines on Risk Management Systems for AFASA Compliance
Bangko Sentral ng Pilipinas issued Memorandum No. M-2024-029 to reiterate guidelines requiring all BSP-supervised financial institutions to implement adequate risk management systems and controls under Section 6 of the Anti-Financial Account Scamming Act. The directive mandates specific protective measures including multi-factor authentication, real-time fraud management systems, robust infrastructure monitoring, and strict customer enrollment verification processes. Institutions deemed compliant with these standards are shielded from liability for losses under Sections 4 and 5 of the Act, though they remain liable for restitution if they fail to exercise the highest degree of diligence.
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