By: Atty. Gregorio B. Austral, CPA
Investigation and inquiry into financial accounts
involved in financial scamming
Under the Anti-Financial Account Scamming Act (AFASA), the BSP shall have the authority to investigate and inquire into Financial Accounts which may be involved in the commission of a prohibited act or offense under Sections 4 and 5 hereof. The provisions of Republic Act No. 1405, as amended; Republic Act No. 6426, as amended; Republic Act No. 8367; and Republic Act No. 10173 shall not apply to Financial Accounts subject of BSP’s investigation.
Any of the information gathered from the investigation or inquiry of a Financial Account by the BSP pursuant to this section may be used for the enforcement of this Act and in the implementation of relevant provisions of Republic Act No. 11765.
The authority to investigate and inquire into Financial Accounts under this section shall be exercised by a duly authorized officer or body from the BSP.
No court below the Court of Appeals shall have jurisdiction to enjoin the BSP from exercising its authority to investigate and inquire into any Financial Account under this Act.
An Institution, or any of its directors, officers, or employees, shall be held free and harmless from any accountability or liability for any act done in compliance with an order from the BSP for an inquiry or investigation of a Financial Account.
Section 13 of the AFASA provides that without prejudice to the authority of the cybercrime units of the National Bureau of Investigation (NBI) and the Philippine National Police (PNP), the BSP or its duly authorized officer or body shall have the authority to apply for cybercrime warrants and to issue the orders provided in Chapter IV of Republic Act No. 10175, or the “Cybercrime Prevention Act of 2012,” with respect to the electronic communications used in any violation of this Act. The BSP may request the assistance of the NBI and the PNP in the investigation of cases and the enforcement and implementation of cybercrime warrants and related orders for violations of this Act.
The BSP shall have the authority to issue rules on information-sharing and disclosure with law enforcement and other competent authorities in connection with its inquiry and investigation of Financial Accounts under this Act: Provided, That any information on the Financial Account which may be shared by BSP shall be used solely to investigate and prosecute cases involving violations of Sections 4 and 5 of this Act and to implement the relevant provisions of Republic Act No. 11765.
Section 15 prohibits the disclosure of information of a financial Account under investigation. Unless otherwise allowed under existing laws, directors, trustees, officers, or employees of an Institution, government officials or employees, or other persons who obtained information on the Financial Account subject of BSP’s inquiry or investigation under this Act, shall be prohibited from disclosing such information on the Financial Account for purposes other than those mentioned in Sections 12 and 14 hereof. (Anti-Financial Account Scamming Act (AFASA), Republic Act No. 12010, [July 20, 2024])