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Exceptions To The Secrecy of Bank Deposits

The document outlines 10 exceptions to bank secrecy laws. These exceptions allow for inquiries or disclosures of bank deposit information under certain circumstances, such as with written permission from the depositor, by court order for cases involving public officials, or investigations into money laundering, kidnapping or other criminal offenses.

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5K views1 page

Exceptions To The Secrecy of Bank Deposits

The document outlines 10 exceptions to bank secrecy laws. These exceptions allow for inquiries or disclosures of bank deposit information under certain circumstances, such as with written permission from the depositor, by court order for cases involving public officials, or investigations into money laundering, kidnapping or other criminal offenses.

Uploaded by

IlanieMalinis
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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The following are the exceptions to the bank secrecy law:

1.  Written permission or consent in writing by the depositor;

2.  In cases of impeachment;

3.  Upon order of the court in cases of bribery or dereliction of duty of public officials;

4.  Upon order of the court in cases where the money deposited or invested is the subject
matter of the litigation;

5.  Upon a subpoena issued by the Ombudsman concerning an investigation it is


conducting, subject to certain requirements;

6.  The BIR can inquire into bank deposits in an application for compromise of tax
liability or determination of a decedent’s gross estate;

7.  The Anti-Money Laundering Council (“AMLC”) can examine bank accounts pursuant
to a court order, where there is probable cause that the deposits are related to an
unlawful activity or money laundering offense; or WITHOUT a court order in cases
involving crime of kidnapping, drug trafficking, hijacking, and terrorism.

9.  The Bangko Sentral can examine bank accounts in the course of its periodic or
special examination regarding compliance with Anti-Money Laundering Law or to
investigate unsafe and unsound banking practices.

10. Under the Unclaimed Balances law, the bank may disclose to the National Treasurer
information concerning dormant deposits for the purpose of initiating escheat proceedings.

8.in inquiry into bank deposits , trust or investment funds of banking transactions when
there is reasonable ground to believe that they have been used in support or in
furtherance of Coup d’ etat under RA 6832

The exceptions are the following:

1.) Under written permission of the depositor


2.) Cases under the Anti-Money Laundering Act
3.) If the money was unlawfully taken and deposited in a bank, the rightful
owner can inquire into the deposit in question (GSIS vs. CA, GR 189206, June
8, 2011 and China Bank vs. CA, GR 140687, December 18, 2006  -pro hac
vice ruling)
4.) Under PD 1035, which created the Foreign Currency Deposit System and PD
1246, both of which amended RA 6426, the protection of RA 6426 is intended to
cover foreign lenders and investors, not tourists (Salvacion vs. Central Bank, GR
94723, August 21, 1997)

n other words, a bank cannot disclose or allow inquiries into foreign currency bank deposits. However,
there are also exceptions to this, but they are much, much fewer. Thus far, the only exceptions to the
FCDA are: 1.) when there is written consent of depositor under Sec. 8 of the FCDA, and 2.) upon order of
the court (or even without court order in some cases) when there is probable cause of money laundering
as provided for under the Anti-Money Laundering Act.

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