https://www.bsp.gov.ph/SitePages/MediaAndResearch/MediaDisp.aspx?ItemId=6103
The Bangko Sentral ng Pilipinas (BSP) reminded supervised financial institutions to enhance their surveillance and monitoring measures to deter digital vote buying and selling schemes in relation to the upcoming elections in May 2022.
The BSP issued Memorandum M-2021-074 to mitigate heightened risks of the possible use of electronic channels like online banking and mobile wallets in vote buying or selling activities.
The central bank also specified possible scenarios such as the concentration or significant number of transaction account registrations in an area where vote buying or selling has been identified as rampant.
The BSP also alerted banks to be vigilant of large cash transactions during the election period. It also warned against unusual transaction flows between accounts and unusual volume and/or value in cash in or cash out channels.
Likewise, the central bank advised BSP-supervised financial institutions (BSFIs) to adjust their fraud management systems (FMS) and transaction monitoring parameters to foil the possible misuse of online financial channels.
BSFIs should also implement necessary enhancements and remedial measures to ensure that appropriate customer onboarding processes and effective FMS are in place, the BSP said.
The BSP is closely coordinating with the Commission on Elections (COMELEC) and the Philippine National Police (PNP) to reduce, if not curb, election vote buying or selling using digital financial platforms.
The public is urged to report suspected unlawful activities related to digital transactions to:
PNP National Headquarters
Camp General Crame, EDSA Quezon City 1110
pcrnsu@yahoo.com
(+632) 8723-0401 local 3696
OR
National Bureau of Investigation
NBI Building, Taft Avenue, Ermita, Manila 1000
ccd@nbi.gov.ph
(+632) 8523-8231 to 38
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Central Bank of the Philippines published this content on 02 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 January 2022 02:58:00 UTC.
