BSP Agreement Enables Law Enforcement Agencies to Access Bank Data Without Court Orders

The BSP has signed an agreement with law enforcement agencies, allowing them to access bank data without court orders. The agreement activates the administrative subpoena powers under the Anti-Financial Account Scamming Act (AFASA), which will enable investigators to obtain financial records more quickly.

CICC Executive Director Renato Paraiso explained that the new mechanism fundamentally changes how investigators generate leads, allowing them to bypass lengthy court proceedings. Under the agreement, agencies like the CICC and NBI will provide 'actionable leads' to the central bank, which can then issue a subpoena for immediate data access.

The agreement covers traditional financial institutions and electronic wallets such as GCash and Maya, but blockchain-based entities are not included in the administrative subpoena mechanism. Paraiso emphasized that the primary goal of the agreement is speed and efficiency in tracking down financial criminals, saying 'it's over' for those who try to hide.