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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However, as the appellate court correctly found, the humiliation and embarrassment that petitioner Bangayan suffered in the business community was not brought about by the alleged violation of the Bank Secrecy Act; it was due to the smuggling charges filed by the Bureau of Customs which found their way in the headlines of newspapers.

To find out more, including how to control cookies, see here: These are under any of the following instances:. You may ask, why is there a need to protect the secrecy of bank deposits? There are stories affixed to such secrey. The Court found guidance in the relevant portions of the legislative deliberations on Senate Bill No. 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.

This website uses information-gathering tools including cookies and other similar technology. Santos and Marilou Genuino.

On 09 SeptemberRepublic Act No. The money deposited under Trust Account No. Gonzales then filed a Motion for Parties to Enter Into Compromise Agreement incorporating therein her proposed terms of compromise. Font Size A A A. Note that Section 11 of the Anti-Money Laundering Act provided for an expressed exception to the bank-secrecy law, while Section 8 of RA and provided for an implied exception to the same law, as ruled in Philippine National Bank v Gancayco.

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Philippine Deposit Insurance Corporation Official Website

Whether the discrepancy amount is the subject matter of litigation. 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. We find both petitions unmeritorious.

With respect to foreign-currency deposits, note that its confidentiality is more strictly upheld by lesser exceptions. It is clear therefore that petitioner is not bound by the said provision since it was without the express consent of petitioner who was not a party and signatory to the said agreement.

The failure of a bank to fulfill its obligation under the law subjects the bank and its officials to criminal liability under Section 10 of RA No. Follow us on Instagram bmsocialmedia.

Bank secrecy or transparency? | BusinessWorld

It is truly a balancing act for Philippine banks to ensure bank secrecy is fully complied with and, at the same time, commit to full adherence to other laws and regulations. Tuesday, January 1, Respondent judge ruled in all the motions in favor of Sun Life.

Some of the documents pertained to the dollar deposits of petitioners.

In Ejercito v Sandiganbayan, it was held that the crime of plunder is analogous to bribery and, therefore, the exception from the secrecy of bank deposits granted in sedrecy of bribery should also be granted to cases for plunder under RAin which crime is not expressly listed as an exception in RA Thus, Republic Act No.

The Bangko Sentral can examine bank accounts in the course of its periodic or special examination regarding compliance with Anti-Money Laundering Law.

The law expressly refers to deposits not to the identity, nationality, or residence of the depositors. To hold that this type of account is not protected by R. If the money deposited under an account may be used by banks for authorized loans to third persons, then such account, regardless of whether it creates a creditor-debtor relationship between the depositor and the bank, falls under the category of accounts which the law precisely seeks to protect for the purpose of boosting the economic development of the country.

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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 behalf of petitioner.

Tag: RA 1405

This Act shall take effect upon its approval. To find secrcy more, including how to control cookies, see here: By continuing to use this website, you agree to their use. Thus, these financial transactions are akin to your personal activities which should not be easily accessible to anyone. Thereafter, Union Bank filed before the RTC a petition for the examination of the account with respondent bank. CA affirmed the dismissal ruling that the case was not one where the money deposited is the subject matter of the litigation.

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Bank secrecy or transparency?

The Philippines did quite well in Republic Act RA or the Bank Secrecy Law was passed in to encourage people to deposit their money in banking institutions and to discourage private hoarding so that banks can give out in loans to assist in the economic development of the country.

She was formerly undersecretary of Finance, the first Filipina vice president of Citibank N. The fruit of the poisonous tree principle, which states that once the primary source the tree is shown to have been unlawfully obtained, any secondary or derivative evidence the fruit derived from it is also inadmissible, does not apply in this case.