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Banks to enhance surveillance of illegal poll activities
By Nidz Godino
“BSFIs should reinforce their measures and controls to ensure appropriate customer onboarding processes, effective fraud management system and ongoing account and transaction monitoring capabilities are commensurate to respond against these fraudulent activities,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier said banks and financial institutions should be cautious of potential misuse of their systems for poll-related offenses amid upcoming midterm elections in May.
Abuse of state resources, vote buying and selling are among offenses that must be thwarted by enhancing surveillance and monitoring of financial channels, Fonacier said in memorandum to BSP-supervised financial institutions.
Fraud detection and anti-money laundering controls must be tightened by BSFIs to detect and prevent suspicious transactions, she noted.
Red flags include significant number of new account registrations in areas where vote buying is suspected to be rampant, as well as large cash transactions or check encashments during election period.
Irregular transaction patterns and unusually large cash deposits or withdrawals, especially through cash-out agents, should be monitored by BSFIs.
Suspicious transactions with no clear legal, trade or economic justification should be reported to Anti-Money Laundering Council, Fonacier said.
BSP has partnered with Commission on Elections (Comelec) in securing final trusted build of automated election system (AES).
At yesterday’s formal escrow agreement signing, AES software and source codes were deposited with BSP to ensure their integrity leading up to elections.
“By taking custody of source code, BSP reaffirms not only its legal obligation but also its steadfast commitment to supporting clean and transparent elections,” BSP Deputy Governor Bernadette Romulo-Puyat said.
Source codes are stored in digital media storage devices after undergoing full final trusted build international certification and local source code review.
Sources codes for 2010, 2013, 2016, 2019 and 2022 elections are deposited in BSP’s vaults.
Comelec Chairman George Garcia allayed fears of cheating in elections.
“We guarantee everyone that dagdag-bawas is impossible in automated election,” Garcia said.
Vice President Sara Duterte-Carpio earlier said her father, former president Rodrigo Duterte, is concerned over possibility of “dagdag-bawas” electoral fraud in the upcoming polls.
Not a single case of “dagdag-bawas” has been proven since adoption of automated elections in 2010, Garcia noted.
Meanwhile, barangay officials have been warned against using public funds, state resources and facilities for candidates’ campaigns.
Local officials will be charged with election offenses if they violate this rule, Garcia said.
Plazas and basketball courts, he said, are public facilities and should not be used exclusively by one candidate.
ISKUP! 