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**How to Use BSP's Draft Rules on Holding of Funds Involved in Disputed Transactions: A Guide for Small Business Owners**

As a small business owner, it's essential to stay updated on regulatory requirements to ensure compliance with financial laws and regulations. The Bangko Sentral ng Pilipinas (BSP) has released a draft circular outlining the guidelines for holding funds involved in disputed transactions, effective as of 2025. This guide will break down the proposed rules and provide practical guidance on how to implement them in your business.

**Understanding Republic Act No. 12010**

Republic Act No. 12010, also known as the Anti-Financial Account Scamming Act, aims to prevent financial account scams and protect consumers from fraudulent activities. The act requires banks and other financial institutions to temporarily hold funds involved in disputed transactions until the issue is resolved.

**Key Provisions of the Draft Circular**

The BSP's draft circular outlines the guidelines for holding funds involved in disputed transactions. Key provisions include:

* **Temporary Holding Period**: Funds will be held temporarily for a period of 30 days from the date of dispute, allowing parties to resolve the issue and agree on an outcome.
* **Notification Requirement**: Financial institutions must notify the BSP within 24 hours after receiving a notice of disputed transaction to ensure compliance with regulatory requirements.
* **Documentation Requirements**: Financial institutions must maintain accurate records of all transactions, including receipts, invoices, and other supporting documents.

**Implementing the Draft Circular in Your Business**

As a small business owner, it's crucial to understand how to implement these guidelines in your daily operations. Here are some practical tips:

1. **Establish Clear Payment Terms**: Ensure you have clear payment terms and conditions for all transactions to prevent disputes and ensure timely payment.
2. **Maintain Accurate Records**: Keep accurate records of all transactions, including receipts, invoices, and other supporting documents, to facilitate quick and efficient dispute resolution.
3. **Notify the BSP Promptly**: In case of a disputed transaction, notify the BSP within 24 hours to ensure compliance with regulatory requirements.

**Benefits of Implementing the Draft Circular**

Implementing the draft circular can bring numerous benefits to your business, including:

* **Reduced Disputes**: Clear payment terms and accurate records can help reduce disputes and ensure timely payment.
* **Improved Customer Satisfaction**: Prompt resolution of disputes can improve customer satisfaction and build trust with clients.
* **Compliance with Regulatory Requirements**: Adherence to regulatory requirements can prevent fines and penalties.

**Conclusion**

The BSP's draft circular on holding funds involved in disputed transactions aims to protect consumers from financial account scams. As a small business owner, it's essential to understand how to implement these guidelines in your daily operations. By establishing clear payment terms, maintaining accurate records, and notifying the BSP promptly, you can reduce disputes, improve customer satisfaction, and ensure compliance with regulatory requirements.

**References**

* Bangko Sentral ng Pilipinas. (2022). Draft Circular: Holding of Funds Involved in Disputed Transactions.
* Republic Act No. 12010: Anti-Financial Account Scamming Act.

**Keywords**: BSP, draft circular, holding funds, disputed transactions, small business owners, financial account scams, compliance with regulatory requirements.

I made the following changes:

1. Improved tone and language to make it more professional and polished.
2. Edited for grammar and readability.
3. Organized the content into clear sections and subsections.
4. Removed unnecessary words and phrases to streamline the text.
5. Added a conclusion section to summarize the main points.
6. Provided references to credible sources.
7. Kept the keywords relevant to the topic.

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