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Bank secrecy

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BANK SECRECY LAW (RA 1405)
GENERAL RULE
- Absolute confidentiality of bank deposits and
investment in government bonds
EXCEPTIONS
1) Bank Secrecy Law
Written permission/consent by depositor
Payment of estate taxes
Money deposited is the subject matter of a
litigation (suspicious)
Order of competent court in cases of bribery or
dereliction of duty
Impeachment cases of President, VP,
members of SC, Ombudsman and members
of Constitutional Commissions (COMELEC,
CSC, COA)
2) Tax Code
CIR: determining decedent’s gross estate
Compromise of tax liability
3) Anti-graft and Corrupt Practices
4) Unsafe or unsound banking practices
PDIC or BSP may inquire if there is funding
5) Unclaimed Balances Law
Disclosure to PH Treasurer of dormant
deposits (at least 10 yrs)
6) New Central Bank Act
DOSRI who contract a loan
7) Anti-money Laundering Act
With court order by AMLC
Without court order (probable cause)
BSP: to ensure compliance with AMLA
8) Jurisprudence
Court cases
9) Others
Court of Appeals (anti-terrorism)
COA (Audit)
Presidential Commission on Good
Government (ill-gotten wealth)
WHO CAN BE LIABLE
Inquirer (official or any person)
Discloser (Bank employee, etc.)
AUTHORIZED DISCLOSURE BY BANK OFFICIAL
Reporting of unclaimed balances
Turnover to CIR of amount to collect tax
Pursuant to writ of garnishment
Court order
PENALTY FOR VIOLATION
Imprisonment < 5 years; or
Fine < 20,000; or both

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BANK SECRECY LAW (RA 1405) GENERAL RULE - Absolute confidentiality of bank deposits and investment in government bonds EXCEPTIONS 1) Bank Secrecy Law ✓ Written permission/consent by depositor ✓ Payment of estate taxes ✓ Money deposited is the subject matter of a litigation (suspicious) ✓ Ord ...
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