BSP Circular 1214: AFASA Rules on Inquiry into Financial Accounts

BSP Circular 1214 (Series of 2025) issues the Rules of Procedure for BSP inquiries into financial accounts and the sharing of financial account information under AFASA. It formalizes CAPO’s authority, prescribes request and disclosure workflows, and sets confidentiality and security requirements.

Key Changes

CAPO authority confirmed to inquire into financial accounts and share information with competent authorities under AFASA.
Secrecy and data privacy laws do not apply during BSP inquiries into covered financial accounts.
Information Sharing Agreements required before CAPO can accept requests from competent authorities.
Formal request requirements defined (sworn request, specific account details, evidence).
Inquiry Orders specify scope, disclosure requirements, and non‑disclosure (no‑tipping‑off) directives.
Response timelines: institutions must submit returns within 10 days; CAPO responds to competent authorities within 10 days of receipt.
Registered e‑mail system required for official CAPO communications.
Safe harbor for institutions and personnel complying with CAPO Inquiry Orders.

Who Is Affected

Banks, non-banks, and payment service providers under BSP supervision.
Competent authorities (PNP, NBI, DOJ, AMLC, CICC, and financial regulators).
CAPO and compliance/legal teams handling inquiries and disclosures.

Effective Date & Transition

The circular takes effect 15 calendar days after publication in a newspaper of general circulation.

Compliance Actions Checklist

Register CAPO email accounts within 30 days of effectivity (max 3 accounts, authorized officers only).
Review and update inquiry response SOPs to meet 10‑day return deadlines.
Align confidentiality controls to prevent unauthorized disclosure of inquiry activities.
Prepare evidence/record handling to support CAPO inquiry requirements.
Ensure secure transmission and retention procedures for shared account information.

Information Sharing Highlights

Information Sharing Agreement

Must be written, notarized, and include security safeguards and authorized officers.
Required before CAPO accepts any request to inquire.

Request to Inquire

Must be sworn and include account details, prohibited act description, scope, and evidence.

Inquiry Order

Directs institutions to disclose information and prohibits tipping off.
CAPO may issue Notice to Amend or deny requests that are deficient.

FAQs

Do secrecy of deposits and data privacy laws apply? No. They are inapplicable to BSP inquiries under AFASA, but confidentiality safeguards still apply.

How soon must institutions respond to CAPO? Within 10 days from receipt of the Inquiry Order.

Can CAPO reuse previously shared information? Yes, if the new request meets AFASA grounds and scope limits.