BANK SECRECY LAW RA 1405 PDF

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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This policy expresses the notion that a public office is a public trust and any person who enters upon its discharge does so with the full knowledge that his life, so far as relevant to his duty, seccrecy open to public scrutiny.

This site laa cookies. 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.

A general law does not nullify a specific or special law. The Philippines is now investment-grade and we need to continue to have investment inflows.

Bank secrecy or transparency?

Las is clear from the foregoing provision that notice need only be given to the garnishee, but the person who is holding property or credits belonging to the defendant. 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.

It is a special law designed especially for foreign currency deposits in the Philippines. Republic Actas amended. All rz of whatever nature with banks or banking institutions in the Philippines including investments in bonds issued by the Government of the Philippines, its political subdivisions and its instrumentalities, are hereby considered as of an absolutely confidential nature and may not be examined, inquired or looked into by any person, government official, bureau or office, except upon written permission las the depositor, or in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of duty of public officials, or in cases where the money deposited or invested is the subject matter of the litigation.

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Failing to adduce further evidence in the instant Petition with respect to the banks purported disclosure of confidential information as regards his accounts, petitioner cannot be awarded any damages arising from an unsubstantiated and unproved violation of the Bank Secrecy Act.

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 rq 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.

The Court found guidance in the relevant portions of the legislative deliberations on Senate Bill No.

The bank-secrecy law

All decrecy exceptions bring to mind the historical observation that the Holy Roman Empire of the Middle Ages was neither holy and Roman nor an empire. Whether petitioners Trust Account No. What indeed constitutes the subject matter in litigation in relation to Section 2 of R. To find out more, including how to control cookies, see here: The examination of the bank records is not a fishing expedition, but rather a method by which Sun Life could trace the proceeds of the check it paid to petitioners.

In the first xecrecy, R.

RA – lawreviewnotes

To so claim may even amount to judicial legislation. PDIC exists to protect depositors by providing deposit insurance coverage for the depositing public and help promote financial stability Banm website is best viewed using Internet Explorer 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.

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Thus, it is that, which the prosecution is bound to prove with its evidence, and no other.

Petitioner only discovered the under-encoding almost a year later. If at all, respondent Saria merely discussed his functions as an account officer in respondent bank and identified petitioner as the one who had guaranteed the payment or obligations of the importers under the Surety Agreement. However, as the appellate court correctly found, the humiliation and embarrassment that petitioner Bangayan suffered in the business alw 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.

Without needlessly expanding the scope of what is 105 alleged in the Information, the subject matter of the action in this case is the money alleged to have been stolen by respondent, and not the money equivalent of the checks which are sought to be admitted in evidence.

Thus, Republic Act No. Santos and Marilou Genuino. 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.

Philippine Deposit Insurance Corporation Official Website

Hence, the exceptions listed in RA do not apply to such deposits. Download a copy of this Act?

To find out more, including how to control cookies, see here: These are under any of the following instances: She was formerly undersecretary of Finance, the first Filipina vice president of Citibank N.