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 .

Author: Zukus Narisar
Country: Jamaica
Language: English (Spanish)
Genre: Music
Published (Last): 21 April 2011
Pages: 287
PDF File Size: 7.18 Mb
ePub File Size: 1.11 Mb
ISBN: 424-7-30519-587-3
Downloads: 64177
Price: Free* [*Free Regsitration Required]
Uploader: Nerr

A case for violation of Republic Act No. The policy as to one cannot be different from the policy as to the other. Skip to content GSIS vs.

Bank secrecy or transparency? | BusinessWorld

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.

Post was not sent – check your email addresses! This website uses information-gathering tools including cookies and other similar technology. PDIC exists to protect depositors by providing deposit insurance coverage for the depositing public and help promote financial stability Laa website is best viewed using Internet Explorer PDIC is a government instrumentality created in by virtue of Republic Actas amended, to insure the deposits of all banks.

No Noon Break Policy. On the screcy hand, Republic Act No.

The Foreign Currency Deposit Act RA and the General Banking Act RA also prohibit bank directors, officers, employees and agents to disclose any information on funds in the custody of bank to any unauthorized person. By continuing to browse our site, you are secrech to our use of cookies, and to our Privacy Notice. According to Isabel Pastor, head of enforcement and cooperation and senior advisor for special projects at IOSCO, transparency will attract investors to the Philippines and protect securities and derivatives products from cross-border fraud risks.

Related Posts  IN5404 PDF

Actually, this case should have been studied more carefully by all concerned.

Tag: RA 1405

It covers all bank deposits in the Philippines and no distinction was made between domestic and foreign deposits. 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.

Generalia specialibus non derogant. Font Size A A A. A check in the amount of P1M was drawn against an account with private respondent Allied Bank payable to the order of one Jose Ch. Click Frequently Asked Questions Or contact: Petitioners moved for reconsideration but were denied. This Act shall take effect upon its approval.

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 cases of bribery should also be granted to cases for plunder under RAin which crime is not expressly listed as an exception in RA So, what is bank secrecy? Senate Impeachment Court GR: Thus, it is that, which the prosecution is bound to prove with its evidence, and no other.

The Philippines is now investment-grade and we need to continue to have investment inflows.

The necessity of the inquiry, or the lack thereof, is immaterial since the case does not come under any of the exceptions allowed by the Bank Deposits Secrecy Act. There was no written consent given by petitioner or its representative, Epifanio Ramos, Jr. Bbank 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.

Related Posts  ORISON SWETT MARDEN PUSHING TO THE FRONT EPUB DOWNLOAD

In Banco Filipino Savings and Mortgage Bank v Purisima, the SC held that the spouse, dependents and other persons may not effectively invoke the bank-deposits secrecy law.

Corporate Social Responsibility Statement. Private respondents appealed before the DOJ which ruled in their favor. Thereafter, Rra Bank bxnk before the RTC a petition for the examination of the account with respondent bank. The Philippines did quite well in To find out more, including how to control cookies, see here: Thus, as a matter of practice, banks will require the depositor to state in his waiver the specific bank account, bank branch, name of depositor, period covered by the transactions and the name of the person authorized to access the bank account.

Technically speaking, the law prefers that money be deposited in banks so they may be properly utilized to assist in the economic development of the country. The easiest way to waive the secrecy of bank deposits is through a written waiver.

The action to assail the disclosure of herein private respondents for them to be liable for violating RA had 14055 prescribed. Secrcey, the exceptions listed in RA do not apply to such deposits. The said Information makes no factual allegation that in some material way involves the checks subject of the testimonial and documentary evidence sought to be suppressed.

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.