Section 6Sec./Art. 6

Responsibility to Protect Access to Client's Financial Account. - Institutions shall ensure that access to their clients' Financial Account is protected by adequate risk management systems and controls such as MFAs, FMS, and other Account Owner enrollment and verification processes: Provided, That such risk management systems and controls are proportionate and commensurate to the nature, size, and complexity of their operations.

Institutions that are determined by the BSP to be compliant with the requirements of adequate risk management systems and controls shall not be liable for any loss or damage arising from the offenses under Section 4 and 5 of this Act.

Without prejudice to other liabilities under existing laws and consistent with BSP rules and regulations, Institutions shall be liable for restitution of funds to the Account Owners for failure to employ adequate risk management systems and controls, or failure to exercise the highest degree of diligence in preventing loss or damage arising from the offenses under Section 4 and 5. Conviction shall not be a prerequisite to the restitution of funds.