The House committee on banks and financial intermediaries on Thursday approved the substitute bill on the measures seeking to regulate the use of bank accounts, e-wallets and other financial accounts.
The bill, which was approved in principle during a virtual meeting, aims to protect the public from cybercriminals and criminal syndicates who target bank accounts, e-wallets, and other payment service providers.
The proposed measure states that there must be efforts to protect the public from falling prey to various cybercrime schemes by regulating bank accounts and e-wallets for unusual and suspicious financial activities.
Panel chairman Representative Junnie Cua said the bill also aims to attain higher conviction for those involved in crimes in the banking and financial industry.
“Ang purpose ng bill na ito is really to deter and make prosecution much easier because under the present cybercrime law, hirap na hirap yata ‘yung mga law enforcement agencies lalo na ‘yung victimizing the banking industry to really convict so we have crafted the bill in a such a manner that it will be easier to convict and at the same time make the penalties much higher,” Cua said.
Among the prohibited acts under this measure includes opening or using a bank or financial account to receive or transfer proceeds derived from crimes and offenses and opening a financial account under a fictitious name.
Buying or renting and selling a bank, e-wallet and other financial account for the purpose of receiving or transferring or withdrawing proceeds derived from crimes, offenses, or social engineering is also banned under this measure. — BM, GMA News
House panel OKs bill regulating bank accounts, e-wallets
Source: News Panda Philippines
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