BSP signs info-sharing pacts with NBI, CICC, SEC

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The Bangko Sentral ng Pilipinas (BSP) signed separate information sharing agreements (ISAs) with the National Bureau of Investigation (NBI), Cybercrime Investigation and Coordinating Center (CICC), and Securities and Exchange Commission (SEC) to bolster investigations into financial scams.

The agreements allow the lawful sharing of confidential financial account information to support investigations into scams and related offenses under the Anti-Financial Account Scamming Act (AFASA).

BSP General Counsel Roberto L. Figueroa signed the agreements on behalf of BSP Governor Eli M. Remolona, Jr. at the BSP Head Office in Manila on Feb. 20. He was joined by NBI Acting Director Angelito DLP. Magno, CICC Executive Director Renato A. Paraiso, and SEC Chairperson Francisco ED. Lim.

In his welcome message, Figueroa stressed that implementation will be the true measure of the agreements’ value: “Its success will not be measured by the document itself, but by its execution–by investigations strengthened, cases resolved, risks mitigated, and harm prevented.”

Deputy Governor and AFASA Technical Working Group Adviser Elmore O. Capule echoed the same commitment: “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.”

The ISAs outline procedures for securing information from the BSP’s Consumer Account Protection Office on financial accounts linked to scams, in line with AFASA and its implementing rules under BSP Circular 1214.

The agreements will help the NBI and CICC build cases involving AFASA violations. They will also enable the SEC to obtain information relevant to its regulatory mandate, including the adjudication of financial consumer complaints. All information sharing will be conducted with strict safeguards for bank secrecy and data privacy.

AFASA, signed into law in 2024, penalizes financial account scams such as phishing, social engineering, and money mule recruitment. The law empowers authorities to freeze and recover funds in fraudulent accounts and imposes stiffer penalties on individuals and syndicates involved in cyber-enabled financial fraud.

The ISAs are expected to 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.