Bill Type
Congress Name
Long Title
AN ACT REGULATING THE USE OF BANK ACCOUNTS AND E-WALLETS AND PROHIBITING THE USE THEREOF FOR UNUSUAL AND SUSPICIOUS FINANCIAL ACTIVITY
Text as filed (link)
Date filed
October 28, 2021
Scope
Legislative History
| House Bill/Resolution NO. HB10412 |
| FULL TITLE : AN ACT REGULATING THE USE OF BANK ACCOUNTS AND E-WALLETS AND PROHIBITING THE USE THEREOF FOR UNUSUAL AND SUSPICIOUS FINANCIAL ACTIVITY |
| ABSTRACT : Seeks to mitigate the rise of heightened cybercrime activities such as phishing, smishing, vishing, and other online fraud schemes which target bank clients, credit card holders, e-wallet accounts, online shopping, and other uses of online financial services.Proposes to penalize money mules and social engineering schemes leading to illicit online financial activities through regulation of digital services to ensure the safety of the public and strengthen the financial system's defense against cybercriminals.Defines several terms such as electronic wallet, money mule, phishing, social engineering scheme, among others. |
| PRINCIPAL AUTHOR/S : CABOCHAN, MANUEL III. D. |
| DATE FILED : 2021-10-28 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE |
| MOTHER BILL: HB10689 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2021-11-08 |
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.