In a memorandum dated March 23, 2025, the central bank ordered BSP-supervised financial institutions to step up controls to prevent the misuse of digital channels—such as mobile wallets and online banking apps—for illicit electoral transactions.
The BSP said financial institutions should ensure that customer onboarding procedures, fraud management systems, and transaction monitoring settings are configured to detect and deter fraudulent activities, particularly during the election period.
Key points:
Among the potential red flags institutions were asked to monitor are a spike in account registrations in areas known for vote buying, unusual transaction patterns, sudden large cash movements, and high volumes of cash-in or cash-out transactions.
The directive comes in response to the Commission on Elections’ call for increased vigilance during the 2025 election season, under Resolution No. 11104 issued on January 28, 2025.
Similar memoranda were issued by the BSP in previous election cycles, but the growing use of digital platforms has heightened the need for tighter controls.
The BSP is working in coordination with COMELEC and the Philippine National Police (PNP) to identify and address suspicious financial activity linked to vote buying.
Suspected unlawful transactions should be reported to the Philippine National Police (Camp General Crame, EDSA Quezon City 1110, pcrnsu@yahoo.com, +632-8723-0401 local 3696); or the National Bureau of Investigation (NBI Building, Taft Avenue, Ermita, Manila 1000, ccd@nbi.gov.ph, +632-8523-8231 to 38), the central bank said.
