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BPI confident of full AFASA compliance
Bank of the Philippine Islands (BPI) is actively upgrading its fraud and risk management systems to align with the requirements of the Anti-Financial Account Scamming Act (AFASA).
BPI is confident of meeting the Bangko Sentral ng Pilipinas (BSP)'s deadline for full compliance with AFASA by the second quarter of 2026.
The BSP has set June 25, 2026, as the deadline for banks to implement enhanced security and authentication measures for consumers.
Banks are also required to update their risk management frameworks within a six-month period.
The BSP issued Circulars 1213, 1214, and 1215 in May, implementing Republic Act 12010 or the AFASA Law, which seeks to strengthen the country's defense against online scams and fraudulent financial accounts.
The banking industry is collectively working on establishing common standards and terms for account openings, which are still under development.
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