BANK SECRECY LAW RA 1405 PDF

Metro Manila (CNN Philippines) — Republic Act , or The Law on Secrecy of Bank Deposits, is an act prohibiting the disclosure of or inquiry. While Section 2 of Republic Act (RA) , also known as the Secrecy of Bank Deposits Act, declares bank deposits to be “absolutely. Tag: RA Philippine Bank Secrecy law Cases. GSIS vs. CA (GR: ). Republic Act No. provides for four (4) exceptions when records of deposits .

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It covers all bank deposits in the Philippines and no distinction was made between domestic and foreign deposits. In addition, there are many exceptions and other laws that effectively waives bank secrecy:.

Bank secrecy or transparency?

A case for violation of Republic Act No. How about dollar deposits? Let us, then, take a look at the current state of our bank-secrecy law. PDIC is a government instrumentality created in by virtue of Republic Actas amended, to insure the deposits of all banks.

As evidence, Lim annexed bank records purporting zecrecy establish the deception practiced by the officers. In the first place, R. Petitioner contends that since plunder is neither bribery nor dereliction of duty, his accounts are not excepted from the protection of R.

Arlene Gonzales was appointed as a receiver and proceeded to make the necessary report, to engage appraisers and require the creditors to submit proof of their respective claims. Thus, to claim that the depositors must be considered is misplaced.

Bank secrecy or transparency? | BusinessWorld

Public Policy Objectives and Mandates. Are there any exceptions?

Petitioner is fishing for information so it can determine the culpability of private respondent and the amount of damages it can recover from the latter. The Trust Agreement between petitioner and Urban Bank provides that the trust account covers deposit, placement or investment of funds by Urban Bank for and in da of petitioner.

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The Court found guidance in the relevant portions of the legislative deliberations on Senate Bill No. The subject matter of the dispute may be the amount of P, Yes, there is criminal liability. There was no written consent given by petitioner or its representative, Epifanio Ramos, Jr.

She was formerly undersecretary of Finance, the first Filipina vice president of Citibank N. It is hereby declared to be the policy of the Government to give encouragement to the people to deposit their money in banking institutions and to discourage private hoarding so that the same may be properly utilized by banks in authorized loans to assist in the economic development of the country.

There is no conflict between them. As you can see, although there are many exceptions, securing such exceptions is not laaw easy task. There is a pending bill in Congress to relax the Bank Secrecy Law.

The bank-secrecy law

These are under any of the following instances: A general law does not nullify a specific or special law. CA reversed and set aside the order. The AMLC can examine bank accounts, WITHOUT a court order, where there is probable cause that the deposits are sexrecy to certain crimes such as secercy for ransom, violation of the Dangerous Drugs Act, hijacking, destructive arson, murder and violations of RA acts inimical to civil aviation. Either you do not want others to know that you do not have sufficient money or you simply do not feel comfortable in people prying in your financial affairs.

The accounts in question are U. CA affirmed the dismissal ruling that the case was not one where the money deposited is the subject matter of the litigation. These are meant to protect secrcy deposits of bank clients. Respondent was employed as a cashier, and was engaged, among others, to receive and account for the payments made by the various customers of the company.

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Incidentally, the acts secrefy private respondents complained of happened before the enactment on September 29, of R. Skip to content GSIS vs. For more information, please refer to our privacy policy. Whether petitioners Trust Account No. That petitioner feels a need for such information in order to establish its case against private respondent does not, by itself, warrant the examination of sectecy bank deposits.

Luisita Revisited — A year on under the Lorenzo Group has…. On the other hand, the lone exception to the non-disclosure of foreign currency deposits, under Republic Act No. All deposits with banks including investments in bonds issued by the government are considered absolutely confidential and may not be looked into, except:. Judgment on the arbitration case was held in abeyance pending the resolution of said petition.

Download a copy of this Act? All these exceptions bring to mind the historical observation that the Holy Roman Empire of the Middle Ages was neither holy and Roman nor an empire. Petitioner Bangayan claims that respondent Saria divulged confidential information through the Affidavit he submitted to the BOC.

To find out more, including how to control cookies, see here: Any violation of this law will subject offender upon conviction, to an imprisonment of not more than five years or a fine of not more than twenty thousand pesos or both, in the discretion of the court.

bani It shall be unlawful for any official or employee of a banking institution to disclose to any person other than those mentioned in Section two hereof any information concerning said deposits. Petitioner is a duly organized domestic corporation presided by its representative, Ricardo Bangayan, husband of herein respondent Sally Go.