BSP Signs Data-Sharing Deals with NBI, CICC, SEC to Strengthen Anti-Scam Enforcement

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​In efforts to combat scams and related offenses, the Bangko Sentral ng Pilipinas (BSP) has signed information-sharing agreements with three government agencies within the executive department to allow lawful sharing of confidential financial account information to support investigations related to the said fraudulent activities.

Which are the Three Agencies

The three agencies are:

• National Bureau of Investigation (NBI), which is under the Department of Justice and is responsible for investigating and solving major criminal cases.
• Cybercrime Investigation and Coordinating Center (CICC), which operates under the Department of Information and Communications Technology (DICT) and is responsible for monitoring cybercrime cases handled by various law enforcement and prosecution agencies.
• Securities and Exchange Commission (SEC), which is responsible for overseeing corporations, securities, and the capital market with primary functions such as regulating the securities business, ensuring investor protection, and maintaining the integrity of financial markets.

BSP’s New Agreements

The central bank was represented by Governor Eli Remolona, Jr. and General Counsel Roberto Figueroa. While the signatories for its partner agencies are NBI Acting Director Angelito Magno, CICC Executive Director Renato Paraiso, and SEC Chairperson Francisco Lim.

According to the BSP, the agreements outline procedures for securing information from its Consumer Account Protection Office on financial accounts linked to scams, in line with the Anti-Financial Account Scamming Act (AFASA) and its implementing rules under BSP Circular 1214.

• Through the agreements signed, the NBI and the CICC can build cases involving AFASA violations and enable the SEC to obtain information relevant to its regulatory mandate, including adjudication of financial consumer complaints.

“The BSP remains firmly committed to working with the CICC, NBI, and SEC to ensure that AFASA is implemented with discipline, integrity, and fidelity to the law. Through sustained coordination and mutual trust, we will reinforce the resilience of our financial system and better protect the Filipino public from those who seek to exploit it.”

Elmore Capule, AFASA Technical Working Group Adviser and Deputy Governor, Bangko Sentral ng Pilipinas

Consequently, the agencies involved expressed optimism with the signed agreements, saying that these will strengthen inter-agency coordination in combating financial account scams, enhance investigative capabilities against cyber-enabled fraud, and reinforce the government’s collective efforts to protect the public from financial crime.

Lastly, Figueroa called for the execution of the signed agreements, stating that the success of these will not be measured by the signed documents but through implementation.

“Its success will not be measured by the document itself, but by its execution—by investigations strengthened, cases resolved, risks mitigated, and harm prevented.”

Roberto Figueroa, General Counsel, Bangko Sentral ng Pilipinas

Anti-Scam Campaigns of Gov’t Agencies

Earlier this year, the CICC launched the “Scam Safe” initiative, which aims to strengthen public awareness and improve understanding of online scams and cyber fraud affecting Filipino consumers. The initiative received support from digital bank Maya.

Meanwhile, last year, the BSP intensified its regulatory measures on virtual asset services providers or VASPs to bolster the financial system’s resilience against scams and illicit activities. These new measures, part of the amendments to the regulations of the AFASA, mandate all BSP-supervised financial institutions, including VASPs, to implement advanced fraud management systems.

Lastly, BitPinas curated a list of types of crypto scams and how to avoid them. Read it here.

For a list of investment schemes that the SEC issued advisories against, click here.

This article is published on BitPinas: BSP Inks Deal with NBI, CICC, SEC in Fight vs. Scams

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