Banks could face sanctions, charges for failure to update fraud management systems - BusinessWorld Online

Banks could face sanctions, charges for failure to update fraud management systems - BusinessWorld Online

THE BANGKO Sentral ng Pilipinas (BSP) could impose both civil and administrative sanctions and penalties against banks that are unable to comply with the new fraud management system (FMS) requirements under the Anti-Financial Account Scamming Act (AFASA). “There is what we call the civil aspect, where a scam victim will be adjudicated by the BSP and we act like a judge. Now, on top of that, I can complain to BSP that my bank is violating rules. …