Digital Vote-Buying Worry Addressed by DICT, Commission on Elections
Revised Article:
Hey there! Got some news about the upcoming elections and digital transactions. Seems like the Department of Information and Communications Technology (DICT)-Central Visayas isn't currently equipped to spot vote-buying through digital transactions, but they're working on it.
At a recent gathering titled "Energized and Connected: Infrastructure Readiness for a Transparent Election," DICT 7 Director Frederick Amores spilled the beans. He admitted that while financial institutions are on the lookout for fishy transaction volumes, finding those sneaky vote-buying deals still proves tough without a dedicated system.
"We ain't got no mechanism yet," said Amores, "But we're gonna cook one up soon." He suggested that if transaction volumes suddenly skyrocket—let's say from just a couple a day to over a thousand—that could be a red flag.
In January, DICT mentioned it's keeping tabs on at least eight financial apps that could be used for vote-buying in the 2025 elections. They're teaming up with the Bangko Sentral ng Pilipinas (BSP), which regulates digital financial apps, to keep a close eye on things.
The BSP's already been warning banks and other financial companies to be vigilant about election-related money deals using online banking or mobile wallets. They want these folks to keep a keen eye on suspicious accounts and transactions, especially as the election approaches.
Now, here's what the BSP thinks you should look out for when it comes to vote-buying through digital channels:
- Lots of brand-new accounts popping up in known election-manipulation areas.
- Cash getting moved around or checks cashed in big quantities during election times.
- Odd patterns of money heading between accounts and digital wallets, like many small amounts piling up or one big amount divided into smaller pieces.
- More cash being deposited or withdrawn by money agents acting shifty.
If you spot any fishy transactions, it's your duty to report them. The BSP wants you to report transactions that seem fishy, are designed to hide the real amount, or don't make sense for the customer's usual business. Keep a close eye out for vote-buying, selling votes, election resource misuse, and even bigger crimes like money laundering or terrorism financing.
The BSP's not just sitting around; they're taking proactive steps. For example, banks are required to strengthen their surveillance and monitoring, reinforce their fraud management systems, and submit suspicious transaction reports (STRs) to the Anti-Money Laundering Council (AMLC) when necessary. They're also working hand-in-hand with the Commission on Elections (COMELEC) and the AMLC to combat election corruption comprehensively.
So, stay sharp and help keep our elections clean!
[1]: Enrichment Data: The Bangko Sentral ng Pilipinas (BSP) issued Memorandum No. M-2025-006, instructing financial institutions to enhance their surveillance and monitoring of transactions, identify unusual transactions, and reinforce their fraud management systems.
[3]: Enrichment Data: If financial institutions detect unusual patterns that may indicate vote-buying activities, they should flag these transactions for further investigation.
[4]: Enrichment Data: Banks are required to submit suspicious transaction reports (STRs) to the Anti-Money Laundering Council (AMLC) to help identify and address potential vote-buying transactions.
- The Department of Information and Communications Technology (DICT) is developing a mechanism to monitor vote-buying through digital transactions, as admitted by DICT 7 Director Frederick Amores during a recent gathering.
- The Bangko Sentral ng Pilipinas (BSP) has issued a memorandum instructing financial institutions to enhance their monitoring of transactions in preparation for the elections in 2025.
- Financial institutions have been advised to identify and flag unusual transaction patterns that may indicate vote-buying activities for further investigation.
- Banks are required to submit suspicious transaction reports (STRs) to the Anti-Money Laundering Council (AMLC) to help identify and address potential vote-buying transactions.
- To keep elections clean, the BSP encourages the public to report fishy transactions, especially transactions that seem designed to hide the real amount or don't make sense for the customer's usual business.
- The BSP, Commission on Elections (COMELEC), and Anti-Money Laundering Council (AMLC) are working together to combat election corruption comprehensively through proactive measures such as strengthening surveillance, monitoring, and fraud management systems.
