The Bangko Sentral ng Pilipinas (BSP) and the Department of Justice (DOJ) signed an information-sharing agreement to curb cybercrime and seal operational loopholes exploited by financial scammers.

BSP General Counsel Roberto Figueroa said the agreement establishes operational protocols for exchanging critical intelligence, allowing the central bank’s Consumer Account Protection Office to share financial data on scam-tainted accounts directly with prosecutors.

Figueroa added that the mechanism would help eliminate institutional silos that delay tracing illicit fund flows.

“Financial account scams, as we all know, inflict damage that extends well beyond monetary loss,” said Figueroa, who represented BSP Governor Eli M. Remolona, Jr. during the ceremonial signing of the inter-agency agreement on Wednesday, July 22.

“They undermine confidence in our financial system, exploit the trust of consumers, and leave countless individuals and families bearing the consequences of sophisticated criminal activity,” he added.

This partnership—which allows a fusion of the BSP’s power to investigate and the DOJ’s ability to prosecute—also seeks to ensure that legal action keeps pace with the speed of digital transactions.

“By aligning the DOJ’s prosecutorial mandate with the BSP’s inquiry powers under the Anti-Financial Account Scamming Act (AFASA), we close gaps that criminals exploit and speed justice for victims of cyber-enabled financial abuse,” Justice Undersecretary Nicolas Felix Ty said.

Per the BSP, the ISA serves as the operational manual for this crackdown, detailing the protocols for the exchange of critical intelligence.

Specifically, the agreement “sets out the procedures for securing information from the BSP’s Consumer Account Protection Office (CAPO) on financial accounts involved in scams.” This mechanism ensures that investigators no longer operate in silos when tracking the flow of illicit funds.

Recalling the historical hurdles of such probes, BSP Deputy Governor Elmore Capule revealed that existing laws often protected law violators.

“When we started the proposed legislation, the National Bureau of Investigation (NBI) came up with a study saying that the number one obstacle to investigating scams is the bank secrecy law,” Capule said, noting how funds often disappear before legal “exceptions” can be escalated in court.

To remedy this, the AFASA grants the BSP powers that are “something radical” compared to traditional anti-money laundering protocols.

Under the new framework, specific central bank officers are authorized to bypass traditional bank secrecy, including the ability to open foreign currency deposit unit (FCDU) deposits, which the impeachment court cannot do.

This allows the government to pierce through layers of protection that previously made scammed assets beyond reach.

This initiative is a continuation of the BSP’s broader strategy, following similar agreements signed in February with the NBI and the Securities and Exchange Commission (SEC).

As the local economy nears a 60 percent digital payment threshold, Figueroa noted that the success of these measures will rely on “continued communication between our institutions, faithful adherence to the procedures we have established, [and] respect for the legal safeguards.”