5 Questions
What is the purpose of the Bank Secrecy Law?
To encourage people to deposit money in banking institutions and discourage private hoarding
What is the main source of the Bank Secrecy Law?
Republic Act No. 1405
What is the essence of Bank Secrecy according to the text?
All deposits with banks are considered absolutely confidential and may not be examined by any person or government official
What are the prohibited acts under the Bank Secrecy Law?
Unlawful disclosure of deposit information by banking institution officials or employees
In what circumstances can deposit information be examined without the depositor's written permission?
Impeachment, bribery, dereliction of duty of public officials, and litigation involving the deposited money
Test your knowledge of the Republic Act No. 1405 and its impact on bank deposits. Explore the purpose and essence of the Bank Secrecy Law and its role in the economic development of the country.
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