Podcast
Questions and Answers
Who has the authority to issue subpoenas, take testimony, examine bank accounts, and access bank records during an investigation?
Who has the authority to issue subpoenas, take testimony, examine bank accounts, and access bank records during an investigation?
- The Monetary Board
- The Anti-Money Laundering Council
- The Ombudsman (correct)
- The Commissioner of Internal Revenue
Under what circumstances can the Anti-Money Laundering Council examine bank deposits or investments without a court order?
Under what circumstances can the Anti-Money Laundering Council examine bank deposits or investments without a court order?
- Bribery cases involving public officials
- Impeachment proceedings
- A request for tax information under a tax treaty
- Probable cause of Unauthorized Access (correct)
When can the Bangko Sentral inquire into or examine bank deposits during a periodic or special examination?
When can the Bangko Sentral inquire into or examine bank deposits during a periodic or special examination?
- Upon receiving a request from a foreign tax authority
- In cases of bribery or dereliction of duty by public officials
- According to the rule of examination of the Bangko Sentral (correct)
- During impeachment proceedings
What is required for a government official's bank deposit information to be subpoenaed by the Ombudsman?
What is required for a government official's bank deposit information to be subpoenaed by the Ombudsman?
Who must execute a written waiver of secrecy of deposits when contracting a loan with their bank?
Who must execute a written waiver of secrecy of deposits when contracting a loan with their bank?
What actions may the Commissioner of Internal Revenue take in relation to bank deposits?
What actions may the Commissioner of Internal Revenue take in relation to bank deposits?
What law prohibits the disclosure of or inquiry into deposits with any banking institution in the Philippines?
What law prohibits the disclosure of or inquiry into deposits with any banking institution in the Philippines?
Who enacted RA 1405, the Bank Secrecy Law, on September 9, 1955?
Who enacted RA 1405, the Bank Secrecy Law, on September 9, 1955?
Which law later expressly repealed Section 2 & 3 of RA 1405 in 1993?
Which law later expressly repealed Section 2 & 3 of RA 1405 in 1993?
Under RA 1405, Philippine currency bank deposits are considered:
Under RA 1405, Philippine currency bank deposits are considered:
Which of the following is NOT an exception under the Absolute Confidentiality rule of RA 1405?
Which of the following is NOT an exception under the Absolute Confidentiality rule of RA 1405?
'Encouraging deposits', 'discouraging private hoarding', and 'assisting in economic development' are purposes outlined under:
'Encouraging deposits', 'discouraging private hoarding', and 'assisting in economic development' are purposes outlined under:
Flashcards
Who can issue subpoenas for bank records?
Who can issue subpoenas for bank records?
The Ombudsman has the authority to issue subpoenas, take testimony, examine bank accounts, and access bank records during an investigation.
When can the AML Council examine bank accounts without a court order?
When can the AML Council examine bank accounts without a court order?
The Anti-Money Laundering Council can examine bank deposits or investments without a court order if there is probable cause of Unauthorized Access.
When can the Bangko Sentral examine bank deposits?
When can the Bangko Sentral examine bank deposits?
The Bangko Sentral can inquire into or examine bank deposits during a periodic or special examination according to its own rules.
Subpoenaing government officials' bank records?
Subpoenaing government officials' bank records?
Signup and view all the flashcards
Who needs a written waiver of secrecy of deposits?
Who needs a written waiver of secrecy of deposits?
Signup and view all the flashcards
What actions can the BIR take regarding bank deposits?
What actions can the BIR take regarding bank deposits?
Signup and view all the flashcards
What law protects bank deposit secrecy in the Philippines?
What law protects bank deposit secrecy in the Philippines?
Signup and view all the flashcards
Who enacted the Bank Secrecy Law?
Who enacted the Bank Secrecy Law?
Signup and view all the flashcards
What law repealed parts of the Bank Secrecy Law?
What law repealed parts of the Bank Secrecy Law?
Signup and view all the flashcards
What is the nature of bank deposits under RA 1405?
What is the nature of bank deposits under RA 1405?
Signup and view all the flashcards
What is NOT an exception to the Bank Secrecy Law?
What is NOT an exception to the Bank Secrecy Law?
Signup and view all the flashcards
What are the purposes of RA 1405?
What are the purposes of RA 1405?
Signup and view all the flashcards
Study Notes
Bank Secrecy Law (RA 1405)
- Enacted on September 9, 1955, by President Ramon Magsaysay
- Amended by Presidential Decree No. 1792 in 1981 and repealed by Section 135 of RA 7653 in 1993
Objectives
- Encourage deposits
- Discourage private hoarding
- Assist in economic development
Absolute Confidentiality
- Deposits of whatever nature with banks or banking institutions in the Philippines, including investments in bonds issued by the government, its political subdivisions, and instrumentalities
Exceptions
- Money markets, trust funds, and mutual funds
- Written permission of the depositor
- Cases of impeachment
- Order of a competent court in cases of bribery or dereliction of duty of public officials
- Money deposited or invested is the subject matter of the litigation
- Monetary Board examines a bank upon showing of a reasonable ground for the presence of bank fraud or serious irregularity
- Independent auditor hired by the bank for strictly audit purposes only
- Directors, officers, stockholders, and related interests who contract a loan or any form of financial accommodation with their bank or related bank
Access to Bank Deposits
- The Ombudsman has the power to issue subpoenas and examine bank accounts and records under certain conditions
- Bank deposits of a public official, his spouse, and unmarried children may be taken into consideration in the enforcement of Section 8 of the Anti-Graft and Corrupt Practices Act
- Commissioner of Internal Revenue is authorized to inquire into bank deposits account in relation to tax liability or a determination of a decedent's gross estate
- Anti-Money Laundering Council may be authorized to examine and inquire into bank deposits or investment with banks or non-bank financial institutions
- Bangko Sentral is authorized to inquire into or examine bank deposits or investments in the course of a periodic or special examination to ensure compliance with the Anti-Money Laundering Law
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge about the Bank Secrecy Law (Republic Act 1405) in the Philippines. Learn about the prohibition of disclosing or inquiring into bank deposits, its enactment, and subsequent amendments.
