Bill on regulation of financial accounts passed by House on third reading

The House of Representatives on Monday unanimously approved on the third and final reading the measure seeking to regulate financial accounts.

With 256 yes votes, zero noes, and zero abstentions, the House greenlighted the bill prohibiting and imposing penalties on money mules, social engineering schemes, economic sabotage, and other financial crimes.

The measure also mandates banks and other financial institutions to ensure that access to the accounts of their clients is protected through multi-factor authentication (MFA), security redundancies, and other account-holder authentication and verification processes.

The bill provides that any person found guilty of the abovementioned punishable acts will be meted with imprisonment of four to 12 years or a fine ranging from P100,000 to P500,000, or both.

In addition, the bill states that the maximum penalty will be imposed on an individual who will be found guilty of victimizing a senior citizen or those aged 60 and above at the time the offense was committed or attempted.

Any person found guilty of any of the offenses that constitute economic sabotage, on the other hand, will be punished with life imprisonment and a fine of P1 million to P5 million.

The bill defines a money mule as a person who obtains, receives, acquires, transfers or withdraws money, funds, or proceeds derived from crimes, offenses, or social engineering

schemes, and related prohibited acts.

The bill defines social engineering scheme as the use of deception or fraudulent means by a person to obtain confidential or personal information, including sensitive identifying information of another person.

It defines economic sabotage as a prohibited act committed by a syndicate or committed on a large scale or using a mass mailer.

An act is deemed committed by a syndicate when carried out by a group of three or more persons conspiring and confederating with one another.

The act is deemed committed on a large scale when perpetrated against three or more persons, individually or as a group. —NB, GMA Integrated News