ACC110 - REGULATORY FRAMEWORK FOR LEGAL ISSUES IN BUSINESS

Law on
Other
Business
Transactions
PRESENTED BY: ACIDO, CALARA, CORTEZ, LOPEZ, MANOBA, RIVERA AC2B
Contents
8.1 PDIC LAW
8.1.1 INSURABLE DEPOSITS
8.1.2 MAXIMUM LIABILITY
8.1.3 REQUIREMENTS FOR CLAIMS

8.2 SECRECY OF BANK DEPOSITS

8.2.1 PURPOSE
8.2.2 PROHIBITED ACTS
8.2.3 DEPOSITS COVERED
8.2.4 EXCEPTIONS
8.2.5 GARNISHMENT OF DEPOSITS INCLUDING FOREIGN DEPOSITS

8.3 TRUTH IN LENDING ACT

8.3.1 PURPOSE
8.3.2 OBLIGATION OF CREDITORS TO PERSONS TO WHOM CREDIT IS EXTENDED
8.3.3 COVERED AND EXCLUDED TRANSACTIONS
8.3.4 CONSEQUENCES OF NON-COMPLIANCE WITH OBLIGATION

8.4 AMLA LAW

8.4.1 PURPOSE, POLICIES, AND PRINCIPLES
8.4.2 DEFINITION OF TERMS
8.4.3 UNLAWFUL ACTIVITIES
8.4.4 COVERED PERSONS
8.4.5 MONEY LAUNDERING, TERRORISM AND FINANCING AND ASSET FORFEITURE
8.4.6 PREVENTIVE MEASURES AND OBLIGATIONS OF COVERED PERSONS
8.4.6.1 PROHIBITED ACCOUNTS
8.4.6.2 CUSTOMER DUE DILIGENCE
8.4.7 BENEFICIAL OWNERSHIP
8.4.8 RECORD KEEPING REQUIREMENTS
8.4.9 SAFE HARBOR
The Philippine Deposit Insurance Corporation (PDIC Law)

REPUBLIC ACT NO. 3591

The Philippine Deposit Insurance Corporation (PDIC) is a government instrumentality
created on 22 June 1963 by Republic Act 3591 entitled, an act establishing the Philippine
Deposit Insurance Corporation (PDIC), defining its powers and duties and for other
purposes.

PURPOSE
The PDIC exists to protect depositors by providing deposit insurance coverage for the
depositing public and to help promote financial stability.

REPUBLIC ACT NO. 3591

Insurable Deposits
The term ‘insured deposit’ means the amount due to any bona fide depositor for legitimate
deposits in an insured bank net of any obligation of the depositor to the insured bank as of date
of closure, but not to exceed P500,000.00.

Maximum Liability
The PDIC provides a maximum deposit insurance coverage of PhP500,000 per depositor per bank. It
covers all types of bank deposits in banks. For insurance purposes, all deposit accounts of a
depositor in a closed bank maintained in the same right and capacity shall be added together. Joint
accounts shall be insured separately from any individually-owned deposit accounts.

INSURABLE DEPOSITS, MAXIMUM LIABILITY, REQUIREMENTS FOR CLAIMS R.A. 3591

Requirement for Claims
Depositors with valid deposit accounts with balances of P100,000.00 and below are not required to file
claims, provided they: (1) have no obligations with the closed bank, or have not acted as co-makers of
these obligations, or are not spouses of the borrowers; (2) have complete mailing address found in the
bank records or have updated their addresses through the Mailing Address Update Form (MAUF) of PDIC
before the start of the onsite claims settlement RE; and (3) have not maintained the account under the
name of business entities.

Postal Money Orders are sent to these depositors at their respective mailing addresses found in the
bank records or indicated in the MAUF.

INSURABLE DEPOSITS, MAXIMUM LIABILITY, REQUIREMENTS FOR CLAIMS R.A. 3591

When are claims filed?
Claims are filed during the onsite Claims Settlement Operations (CSO) period, as announced in the
Notice to Depositors published in national or local newspapers, or posted in the bank premises and
conspicuous places within the locality, and in the PDIC website.
Depositors who failed to file their claims during the onsite CSO may:
* 1.1 Personal filing at the PDIC Public Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V. A. Rufino Street, Makati City, 8:00 AM to 5:00 PM, Monday to Friday, except holidays.
* 1.2 Filing through mail by sending a duly accomplished and notarized Claim Form and requirements
Depositors have two (2) years from PDIC's takeover of the closed bank to file their deposit insurance
claims. After the two-year period, the depositor's right to claim for deposit insurance is barred pursuant
to Section 21(e) of R.A. 3591, as amended.

INSURABLE DEPOSITS, MAXIMUM LIABILITY, REQUIREMENTS FOR CLAIMS R.A. 3591

REQUIREMENTS FOR CLAIMS (PDIC Law)
REQUIRED TO FILE DEPOSIT INSURANCE
Depositors:

1. With valid deposit accounts with balances of more than P100,000.00;

2. With outstanding obligations with the closed bank either as borrower, co-maker, or as spouse of borrower;
3. With incomplete mailing address found in the bank records, or failed to update them through the MAUF issued
by the PDIC;
4. With accounts maintained under the name of business entities;
5. With accounts not eligible for early payment, regardless of type of account and account balance per advice of
PDIC; and
6. Who are deceased whose filing of claim is thru the legal heirs.

INSURABLE DEPOSITS, MAXIMUM LIABILITY, REQUIREMENTS FOR CLAIMS R.A. 3591

 WHAT ARE THE REQUIREMENTS IN
FILING CLAIMS?
ORIGINAL EVIDENCE OF DEPOSITS
ONE (1) VALID ORIGINAL PHOTO-BEARING IDENTIFICATION DOCUMENT (ID)
For depositors below eighteen (18) years old, photocopy of birth certificate from the
Philippine Statistics Authority (PSA) or a duly certified copy issued by the local civil registrar,
and valid ID of the parent.
Original copy of a notarized Special Power of Attorney (SPA) for claimants who are not the
signatories in the bank records. In the case of minor depositor, the SPA must be executed by
the parent.
CLAIM FORM

REPUBLIC ACT NO.3591

REPUBLIC ACT NO.3591
WHO SHOULD SIGN THE CLAIM FORM?
DEPOSITOR
PARENT
AGENT
TRUSTEE
ACH DEPOSITOR/ACCOUNT HOLDER
AUTHORIZED REPRESENTATIVE/s

REPUBLIC ACT NO. 3591

Remember!
Claims should be filed within the two-year prescriptive period after PDIC's takeover
of the closed bank.
For depositors below 18 years old, a parent should sign on the Claim form. For By or
ITF accounts, the agent as disclosed in the bank records may sign on the Claim
Form. For joint accounts "OR, AND/OR, AND" each depositor in the joint account
should sign separate Claim Form. For business entities, deceased depositors, and
depositors who executed a Special Power of Attorney (SPA), only the authorized
representative/s should sign on the Claim Form
The PDIC will not accept claims that are incomplete or lacking in requirements.
The PDIC may also require additional documents in the course of claims processing
Remember!
All documents originated or executed abroad should be apostilled by Competent
Authority of the Apostille country; or the documents may be notarized by the
Philippine Embassy or Consulate in a foreign country.
The PDIC, as Receiver, has the authority to adjust the interest rate on unpaid
interests on deposits if such rate is deemed unreasonably higher compared to
market rates.
The standard procedures for claims settlement may not apply if the closed bank fails
to properly turn over to the PDIC the closed bank's complete records. Without the
complete records, the PDIC will not be able to conduct the validation process for
bank deposits, a requirement before deposit insurance claims are paid.
Secrecy of Bank Deposits
REPUBLIC ACT No. 1405
An act prohibiting disclosure of or inquiry into deposits with any banking institution and
providing penalty therefor.

PURPOSE
The Septermber 09 1955 Law on Secrecy of Bank Deposits aimed to prevent
private hoarding and encourage depositing money in banking institutions, promoting
economic development through appropriate loan use.

SECRECY OF BANK DEPOSITS REPUBLIC ACT NO. 1405

Secrecy of Bank Deposits
PROHIBITED ACTS:
It shall be unlawful for any official or employee of a bank to disclose to any person or for an
independent auditor hired by a bank to conduct its regular audit to disclose to any person other
than a bank director, official or employee authorized by the bank, any information concerning
said deposits.

SECRECY OF BANK DEPOSITS REPUBLIC ACT NO. 1405

Secrecy of Bank Deposits
DEPOSITS COVERED:
1) All deposits of whatever nature with banks or banking institutions in the Philippines, including
Trust Accounts.
2) Investments in bonds issued by the Government of the Philippines, its political subdivisions and
its instrumentalities.

EXCEPTIONS:
Written permission or consent in writing by the Upon order of the court in cases where the
depositor money deposited or invested is the subject
Impeachment cases matter of the litigation
Upon order of the court in competent cases The BIR can inquire into bank deposits in an
Upon a subpoena issued by the Ombudsman application for compromise of tax liability or
determination of a decedent’s gross estate;
Secrecy of Bank Deposits
EXCEPTIONS:
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;

The AMLC can examine bank accounts, WITHOUT a court order, where there is probable cause that the
deposits are related to certain crimes such as kidnapping for ransom, violation of the Dangerous Drugs
Act, hijacking, destructive arson, murder and violations of RA 6235 (acts inimical to civil aviation);

The Bangko Sentral can examine bank accounts in the course of its periodic or special examination
regarding compliance with Anti-Money Laundering Law.

SECRECY OF BANK DEPOSITS REPUBLIC ACT NO. 1405

Garnishment of Deposits including Foreign
Currency Deposits
Bank accounts may be garnished by the creditors of the depositor. In garnishment, there is no
violation of the bank secrecy law since the amount of the deposit is not actually disclosed.

Deposits exempt from garnishment:

1. Foreign currency deposits, Section 8 of RA 6426 (except for transient foreigners)
2. Those exempt under Rules of Court

SECRECY OF BANK DEPOSITS REPUBLIC ACT NO. 1405

Truth in Lending Act (TILA)
REPUBLIC ACT NO. 3765
An act to require the disclosure of finance charges in connection with extensions of credit.
Approved on June 22, 1963.

PURPOSE
The aim of this act is to protect its citizens from a lack of awareness of the true cost of
credit to the user by assuring a full disclosure of such cost with a view of preventing the
uninformed use of credit to the detriment of the national economy.

REPUBLIC ACT NO. 3765

Truth in Lending Act (TILA)
TERMS DEFINED IN THIS ACT INCLUDE:
Board Finance Charge Person
Credit Creditor

OBLIGATION OF CREDITORS TO PERSONS TO WHOM CREDIT IS EXTENDED

Section 4. Any creditor shall furnish to each person to whom credit is extended, prior to
the consummation of the transaction, a clear statement in writing setting forth, to the
extent applicable and in accordance with rules and regulations prescribed by the Board,
the following information:

REPUBLIC ACT NO. 3765

Truth in Lending Act (TILA)
OBLIGATION OF CREDITORS TO PERSONS TO WHOM CREDIT IS EXTENDED
(1) the cash price or delivered price of the property or service to be acquired;
(2) the amounts, if any, to be credited as down payment and/or trade-in;
(3) the difference between the amounts set forth under clauses (1) and (2);
(4) the charges, individually itemized, which are paid or to be paid by such person in connection
with the transaction but which are not incident to the extension of credit;
(5) the total amount to be financed;
(6) the finance charge expressed in terms of pesos and centavos; and
(7) the percentage that the finance bears to the total amount to be financed expressed as a
simple annual rate on the outstanding unpaid balance of the obligation.

REPUBLIC ACT NO. 3765

Truth in Lending Act (TILA)
COVERED AND EXCLUDED TRANSACTIONS:
EXCLUDED TRANSACTIONS
> Credit Line (or Credit Arrangements)

COVERED TRANSACTIONS
> Any loan, mortgage, deed of trust, advance, or discount;
> Any conditional sales contract;
> Any contract to sell, or sale or contract of sale of property or services, either for present
or future delivery, under which part or all of the price is payable subsequent to the making
of such sale or contract;
> Any rental-purchase contract;

REPUBLIC ACT NO. 3765

Truth in Lending Act (TILA)
COVERED AND EXCLUDED TRANSACTIONS:
COVERED TRANSACTIONS
> Any contract or arrangement for the hire, bailment, or leasing of property;
> Any option, demand, lien, pledge, or other claim against, or for the delivery of, property
or money;
> Any purchase, or other acquisition of, or any credit upon the security of, any obligation
of claim arising out of any of the foregoing; and
> Any transaction or series of transactions having a similar purpose or effect.

REPUBLIC ACT NO. 3765

Truth in Lending Act (TILA)
CONSEQUENCES OF NON-COMPLIANCE WITH OBLIGATION:
Section 6, Paragraph A.
Any creditor who in connection with any credit transaction fails to disclose to any person
any information in violation of this Act or any regulation issued thereunder shall be liable
to such person in the amount of P100 or in an amount equal to twice the finance charged
required by such creditor in connection with such transaction, whichever is the greater,
except that such liability shall not exceed P2,000 on any credit transaction.

Section 6, Paragraph C.
Any person who willfully violates any provision of this Act or any regulation issued
thereunder shall be fined by not less than P100 or more than P5,000 or imprisonment for
not less than 6 months, nor more than one year or both.
Anti-Money Laundering Act (AMLA) Law
REPUBLIC ACT NO. 9160
AN ACT DEFINING THE CRIME OF MONEY LAUNDERING, PROVIDING PENALTIES
THEREFOR AND FOR OTHER PURPOSE

The Anti-Money Laundering Act of 2001 or AMLA law and was approved on the 29th of
September which defines money laundering as any act involving the conversion,
transfer, concealment, or disguising of illegally obtained funds.

REPUBLIC ACT NO. 9160

PURPOSES, POLICIES, AND PRINCIPLES OF AMLA LAW
PURPOSES
1.1. This set of rules and regulations shall be known as the “2018 Implementing Rules and
Regulations” (IRR) of the AMLA.

1.2. This IRR was promulgated to provide the details of implementation of the AMLA, as well as to
assist all covered persons, supervising authorities, law enforcement and other government agencies,
and other stakeholders by prescribing the rules and regulations to combat money laundering, terrorism
financing being a predicate offense to money laundering, and other associated unlawful activities.

REPUBLIC ACT NO. 9160

PURPOSES, POLICIES, AND PRINCIPLES OF AMLA LAW
POLICIES
(a) To protect and preserve the integrity of the Philippine financial system, including the confidentiality of
bank accounts.
(b) To ensure that the Philippines shall not be used as a money laundering site for the proceeds of any
unlawful activity.
(c) To extend cooperation, consistent with Philippines’ foreign policy, in transnational investigations and
prosecutions of persons involved in money laundering activities wherever committed.
(d) To protect life, liberty and property from acts of terrorism and to condemn terrorism and those who
support and finance it; and to recognize it as inimical and dangerous to national security and the welfare
of the people; and to make the financing of terrorism a crime against the Filipino people, against
humanity and against the law of nations.

REPUBLIC ACT NO. 9160

PURPOSES, POLICIES, AND PRINCIPLES OF AMLA LAW
POLICIES
(e) To recognize and to adhere to international commitments to combat the financing of terrorism,
specifically to the International Convention for the Suppression of the Financing of Terrorism, as well
as other binding terrorism related resolutions of the United Nations Security Council, pursuant to
Chapter 7 of the United Nations Charter.

(f) To reinforce the fight against terrorism by preventing and suppressing the commission of said
offenses through freezing and forfeiture of property or funds while protecting human rights.

REPUBLIC ACT NO. 9160

PURPOSES, POLICIES, AND PRINCIPLES OF AMLA LAW
PRINCIPLES
(a) The AMLC, as the country’s financial intelligence unit, is vested by law with independence to perform its
mandate. It upholds the continuous development of a team of highly ethical and professional personnel
and implements efficient processes in the delivery of its mandate.
(b) The AML/CTF laws, rules and regulations and other relevant issuances are implemented using a risk-
based approach in a way that responds to the need to bring the financially excluded into the regulated
financial sector, while at the same time maintaining effective safeguards and effective controls against
money laundering/terrorism financing risks.
(c) A strong compliance culture, good governance and observance of high ethical standards in the conduct
of business are good foundations for an effective AML/CTF regime. It will be developed and sustained
through capacity building and deterrence of violations through imposition of appropriate, proportionate and
dissuasive sanctions.

REPUBLIC ACT NO. 9160

PURPOSES, POLICIES, AND PRINCIPLES OF AMLA LAW
PRINCIPLES
(d) A sound risk management system to identify, assess, mitigate, monitor, and control risks associated
with money laundering/terrorism financing is essential.
(e) Timely and effective domestic and international cooperation and established coordination
mechanism are critical in the investigation and prosecution of money laundering/terrorism financing and
associated unlawful activities.
(f) The implementation of AML laws, rules and regulations shall conform to international AML/CTF
standards and best practices.
(g) The observance of the constitutional requirements on due process, and injunction against ex post
facto laws and bills of attainder.

REPUBLIC ACT NO. 9160

DEFINITION OF TERMS OF AMLA LAW
Covered Institution
Covered Transaction
Monetary Instrument
Offender
Person
Proceeds
Supervising Authority
Transaction
Unlawful Activity

REPUBLIC ACT NO. 9160

UNLAWFUL ACTIVITIES UNDER AMLA LAW
Kidnapping for ransom Smuggling
Dangerous Drugs Act of 1972 Violations under Electronic
Anti- Graft and Corrupt Practices Act Commerce Act of 2000
Plunder Hijacking and other violations under
Robbery and Extortion R.A. 6235
Jueteng and Masiao Fraudulent practices under Securities
Piracy on the high seas Regulation Code of 2000
Qualified Theft Felonies or offenses of a similar
Swindling nature

REPUBLIC ACT NO. 9160

Covered Persons
As defined in AMLA, “covered persons” refers to natural and juridical entities and institutions that are directly
involved in a financial transaction. These “covered persons” shall report all covered suspicious transactions
within five(5) working days from the occurrence.

COVERED PERSONS R.A. 9160

Covered Persons
Such entities and institutions include:
Banking Institutions Regardless of the foregoing, ‘covered
Insurance Institutions persons’ exclude lawyers and
Securities-related Institutions accountants acting as independent legal
Jewelry dealers in Precious metals or professionals relating to information
stones concerning their clients or where
Company Service Providers disclosure of information would
Gaming Operators compromise client’s confidences or the
Casinos with respect to their casino cash lawyer-client relationship.
transactions related to their gaming
operations.

COVERED PERSONS R.A. 9160

 Covered Transactions
A transaction in cash or other equivalent monetary instrument exceeding Five Hundred
Thousand pesos (PHP500,000.00).

A transaction with or involving jewelry dealers, dealers in precious metals and dealers in
precious stones in cash or other equivalent monetary instrument exceeding One Million
pesos (Php1,000,000.00).

A casino cash transaction exceeding Five Million Pesos (PHP5,000,000.00) or its

equivalent in other currency.

COVERED TRANSACTIONS R.A. 9160

Money Laundering
Committed by any person who, knowing that any monetary
instrument or property represents, involves, or relates to the proceeds
of any unlawful activity.

Money laundering is also committed by any covered entity who,

knowing that a covered or suspicious transaction is required under this
Act to be reported to the AMLC, fails to do so.

MONEY LAUNDERING, TERRORISM FINANCING, ASSET FORFEITURE

Money Laundering
1. Transacts said monetary instruments or property.
2. Uses, converts, transfers, disposes of, moves, acquires, or possesses said monetary
instrument or property.
3. Conceals or disguises the true nature, source, location, disposition, movement or
ownership of or rights with respect to said monetary instrument or property
4. Attempts or conspires to commit ML offenses referred to in (1), (2), or (3) above
5. Aids, abets, assists in, or counsels the commission of the ML offenses referred to in (1),
(2), or (3) above
6. Performs or fails to perform any act as a result of which he facilitates the offense of ML
referred to in items (1), (2), or (3) above.

MONEY LAUNDERING, TERRORISM FINANCING, ASSET FORFEITURE R.A. 9160

Terrorism Financing
Committed by any person who, knowing that any monetary instrument or property,
whether directly or indirectly represents, involves, or relates to proceeds of any acts of
terrorism.

The provisions of RA 10168 and its implementing rules and regulation shall govern
matters relating to terrorism financing, including the implementation of the relevant
targeted financial sanction.

Under RA 10168, an “identified terrorist group” will fall under the jurisdiction of the AMLC
for the freezing and forfeiture of assets.

MONEY LAUNDERING, TERRORISM FINANCING, ASSET FORFEITURE R.A. 9160

Asset Forfeiture Freeze Order
Confiscation of assets for the benefit of the One of the powers of AMLC to restrict from using
government. a certain account for a specified period.
It is implied by the government when there is a Imposed upon verified ex parte petition by the
covered or suspicious transaction report made and AMLC and after determination that probable
the court has, in a petition filed for a purpose, cause exists that any monetary instrument or
ordered the confiscation of any monetary property is in any way related to an unlawful
instrument or property, wholly or partially, directly activity, the Court of Appeals may issue a freeze
or indirectly, related to the said report. order, which shall be effective immediately, for a
If the monetary instrument or property to be period of twenty (20) days.
forfeited cannot be located, the court may order Can be imposed under RA 11479 or the Anti
the convicted offender to pay an amount equal to Terror Law.
the value of said monetary instrument or property.

MONEY LAUNDERING, TERRORISM FINANCING, ASSET FORFEITURE R.A. 9160

Prohibited Accounts
Prohibition against certain accounts
Covered persons shall maintain customers’ accounts only in the true and full name of
the account owner or holder.
No new accounts shall be opened and created without F2F contact and full compliance
with the minimum documentary requirements for individual clients

PREVENTIVE MEASURES AND OBLIGATIONS OF COVERED PERSONS R.A. 9160

Customer Due Diligence
Covered persons shall conduct CDD for the following purposes:
1. To identify the customer, and its agents and beneficial owners.
2. To determine the risk posed by each customer.
3. To establish, maintain, close or terminate the account or business relationship.
4. To assess the level of monitoring to be applied.

PREVENTIVE MEASURES AND OBLIGATIONS OF COVERED PERSONS R.A. 9160

Customer Due Diligence
Covered persons shall undertake CDD measures when:
1. Establishing business or professional relationships.
2. Carrying out occasional transactions above (Php 100,000.00) or any other threshold as may be
determined by the relevant SAs, with notice to the Council, including situations where the
transaction is carried out in a single operation or in several operations that appear to be linked.
3. Carrying out occasional wire transfers in the circumstances under Rule 19, Section 6 hereof.

PREVENTIVE MEASURES AND OBLIGATIONS OF COVERED PERSONS R.A. 9160

Customer Due Diligence
1. There is a suspicion of ML/TF, regardless of any exemptions or thresholds that are
referred to elsewhere under this IRR.
2. The covered person has doubts about the veracity or adequacy of previously
obtained identification information and/or data.

PREVENTIVE MEASURES AND OBLIGATIONS OF COVERED PERSONS R.A. 9160

Customer Due Diligence
Covered persons shall conduct the appropriate CDD measures, which include the following
procedures:
a. Customer Identification Process
b. Customer Verification Process
c. Identification and Verification of Agents
d. Beneficial Ownership Verification
e. Determination of the Purpose of Relationship
f. Ongoing Monitoring Process

PREVENTIVE MEASURES AND OBLIGATIONS OF COVERED PERSONS R.A. 9160

Beneficial Ownership
refers to any natural person who:
1. Ultimately owns or controls the customer and/or on whose behalf a
transaction or activity is being conducted; or
2. Has ultimate effective control over a legal person or arrangement

Beneficial Ownership Information

refers to the identification documents and information of the beneficial
owner of a customer.

ANTI-MONEY LAUNDERING ACT (AMLA) LAW R.A. 9160

Record Keeping Requirements
Covered persons are also required to keep records of the beneficial owner and identification
processes undertaken, consistent with the requirements under the AMLA and its
implementing rules issued by the AMLC. Such records should be kept in a readily auditable
manner, whereby covered persons shall provide the AMLC with accurate and current
information of a customer, immediately upon request in the conduct of a money laundering
investigation.

The information and records should be maintained for at least five years after the date on
which the customer ceases to be a customer of the covered person.

ANTI-MONEY LAUNDERING ACT (AMLA) LAW REPUBLIC ACT NO. 9160

Safe Harbor
No administrative, criminal or civil proceedings, shall lie against any person for
having made a CTR or STR in the regular performance of his duties and in good
faith, whether or not such reporting results in any criminal prosecution under this
act or any other Philippine law. (Sec. 9)

ANTI-MONEY LAUNDERING ACT (AMLA) LAW R.A. 9160

REFERENCES:
https://lawphil.net/statutes/repacts/ra1963/ra_3765_1963.html https://www.thefreedictionary.com/trade+in
https://dictionary.cambridge.org/dictionary/english/trade-in
https://youtu.be/pz2B2txIciA?si=xQxHph-YWKRxshLf
https://www.studocu.com/ph/document/university-of-eastern-philippines/accountancy/rfbt-13-banking-lawspdf-version-
1/60457495
https://www.pdic.gov.ph/files/PDIC%20Charter%202022.pdf
https://www.scribd.com/doc/283535391/Law-on-Secrecy-of-Bank-Deposits
https://ndvlaw.com/philippine-bank-secrecy-law-simplified/
http://www.amlc.gov.ph/laws/money-laundering/2015-10-16-02-50-56/republic-act-9160
https://www.pdic.gov.ph/d_transparencyseal_ti-1
https://www.pdic.gov.ph/faqs-5
https://www.pdic.gov.ph/di_howtofileclaims
https://lawphil.net/statutes/repacts/ra2001/ra_9160_2001.html
http://www.amlc.gov.ph/images/PDFs/FINAL%202018%20IRRv1.pdf
http://www.amlc.gov.ph/images/PDFs/ARI%201%20(2021)%202018%20IRR%20AMENDMENTS.pdf
http://www.amlc.gov.ph/images/PDFs/Main/Advisory%20Reminder%20on%20Risk-based%20Preventive%20Measures_.pdf

THANKS!