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Manila Bulletin devider Business devider Banking & Finance devider BPI confident of meeting tight BSP deadline for new fraud system

BPI confident of meeting tight BSP deadline for new fraud system

Published Oct 30, 2025 03:50 pm

At A Glance

  • Ayala-led Bank of the Philippine Islands (BPI) is confident that its fraud management system (FMS) will be compliant with the Bangko Sentral ng Pilipinas' (BSP) standards by the second quarter of 2026.
BPI Enterprise Information Security Officer and Data Protection Officer Jon Paz
BPI Enterprise Information Security Officer and Data Protection Officer Jon Paz
Ayala-led Bank of the Philippine Islands (BPI) is confident it will achieve full compliance with the Bangko Sentral ng Pilipinas’ (BSP) required standards for its fraud management system (FMS) by mid-2026.
Jon Paz, BPI enterprise information security officer and data protection officer, told reporters that the bank, while not yet in full compliance, expects to meet all requirements by the banking industry’s deadline.
“By and large, we are already compliant, but there are problems that we need to make sure that we are compliant come day one of the implementation next year. We are very confident that we will be fully compliant when day one comes,” Paz said.
BSP Deputy Governor Elmore O. Capule earlier said the central bank could go as far as suspending banks’ licenses, in addition to holding them liable for losses their clients incur from fraud, should they fail to implement a sophisticated FMS.
“If they fail, administratively, we can hold them liable. We can impose fines, penalties, or even suspend their licenses. That’s possible,” Capule said.
Responding to Capule’s warning, Paz said BPI is supportive of “any initiative” coming from the central bank.
“With those kinds of languages, the BSP is saying how banks ought to operate. It’s not just about fund management or money laundering — so, technically, it applies to all the prescriptions of the mandates of the BSP,” Paz explained.
“We support these kinds of [initiatives] because fraud undermines the legitimacy of online commerce,” he added.
He noted, however, that the Anti-Financial Account Scamming Act (AFASA) will only be effective if all banks are ready to implement it, saying the major concern is not BPI’s own compliance but the industry’s overall readiness.
“Combating fraud requires a collective effort — it’s an all-of-nation approach. If there’s a weak link in the system, it will be exploited,” Paz said.
According to Paz, everyone in the banking industry supports AFASA, with BPI taking pride in its contribution to the drafting of the measure. “One of its first drafts was prepared by a BPI team officer,” he said.

Related Tags

Bank of the Philippine Islands (BPI) Bangko Sentral ng Pilipinas (BSP)
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