MANILA — Congress has passed the Anti-Financial Account Scamming Act (AFASA) and is now on the way to President Ferdinand Marcos, Jr. for his signature.

• P155 million lost due to scams from Jan to Aug 2023, says PNP-ACG

Twenty three senators approved Senate Bill 2560 on May 20, and the House of Representatives adopted it as an amendment to their House Bill 7393 on May 22, 2024.

The bill seeks to protect the public from cybercriminals and criminal syndicates. 

The following acts would constitute "financial account scamming" under the act:

• Money Muling Activities – A person performing any of the following acts for the purpose of obtaining, receiving, depositing, transferring, or withdrawing proceeds that are known to be derived from crimes, offenses, or social engineering schemes shall be considered  as a money mule

• Social Engineering Schemes – A social engineering scheme is committed by a person who obtains sensitive identifying information of another person, through deception or fraud, resulting in unauthorized access and control over the person’s Financial Account

Institutions shall have the authority to temporarily hold the funds subject of a disputed transaction within the period prescribed by the BSP.

The proposed law punishes money muling with imprisonment of not less than 6 years but not more than 8 years, or a fine of at least P100,000 but not exceeding P500,000, or both, at the discretion of the court.

Social Engineering Schemes meanwhile will be punished with imprisonment of not less than 10 years but not more than 12 years, or a fine of at least P500,000 but not exceeding P1,000,000 or both, at the discretion of the court.

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