Philippines

Penalises money muling, social engineering schemes and economic sabotage involving financial accounts (sections 4 and 5; penalties in section 16). Institutions must keep adequate controls such as multi-factor authentication and fraud management systems and make restitution for control failures (section 6), may temporarily hold disputed funds for a BSP-set period of no more than 30 calendar days (section 7), and the BSP may investigate accounts (section 12). Approved 20 July 2024.