THE Bangko Sentral ng Pilipinas (BSP) has directed BSP-supervised financial institutions (BSFIs) to enhance their surveillance and monitoring systems to prevent vote buying and selling through digital financial platforms ahead of the May 2025 elections.
Through BSP Memorandum M-2025-006, issued on March 23, 2025, the central bank instructed banks, mobile wallet providers and other financial institutions to implement stricter measures to prevent the misuse of online banking and mobile payment applications for election-related
illicit activities.
BSFIs are expected to strengthen their customer onboarding procedures, fraud management systems (FMS) and transaction monitoring protocols to detect and curb fraudulent accounts and suspicious transactions during the election period.
The BSP also outlined key red flags that financial institutions should watch for, including unusual spikes in account registrations in areas associated with vote buying; large cash transactions during the election season; irregular transaction patterns; and high volume and value of cash-in and cash-out activities.
The issuance aligns with Comelec Resolution 11104, which called for stricter enforcement against vote buying and selling. The BSP reaffirmed its commitment to working with the Commission on Elections and the Philippine National Police to combat election-related financial fraud.
The move underscores BSP’s ongoing efforts to safeguard the integrity of the financial system and ensure that digital platforms are not exploited for illicit electoral activities. / KOC