RFBT 13 - BANKING LAWS

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RFBT thirteen - Banking Laws

Banking Laws

Secrecy Of Bank Deposits (Republic Act one thousand four hundred five, as amended)

PURPOSE OF THE LAW: It hopes to discourage private hoarding and at the same time encourage the people to deposit their money in banking institutions, so that it may be utilized by way of authorized loans and thereby assist in economic development. PROHIBITED ACTS: It shall be unlawful: It boil down to confidentiality of deposits.

One. Bank (any official or employee or independent auditor of a bank) - to disclose to any person other than a bank director, official or employee authorized by the bank, any information concerning deposits.

Two. Any person, including the government - to inquire, examine or look into bank deposits or bonds issued by the government.

Deposits Covered

EXCEPTIONS; Peso Deposits: (WIOBMU CARO TEA)

PDIC Act (Republic Act three thousand five hundred ninety-one, As Amended)

Deposit accounts not entitled to payment: (SHA OU2

Determination Of The Amount Due

Procedure For The PDIC

Truth In Lending Act

Penalties

Stages Of Money Laundering:

Four. Plunder under RA seven thousand eighty.

Five. Robbery and extortion under Articles two hundred ninety-four, two hundred ninety-five, two hundred ninety-six, two hundred ninety-nine, three hundred, three hundred one and three hundred two of

Six. Jueteng and masiao under PD one thousand six hundred two

Eight. Qualified theft under Article three hundred ten of RPC

Twelve. Hijacking and other violations under RA six thousand two hundred thirty-five

Thirteen. Destructive arson and murder as defined under RPC

Fourteen. Terrorism and conspiracy to commit terrorism as defined and penalized under Sections

Fifteen. Financing of terrorism under Section Four and offenses punishable under Sections Five, Six, Seven and

Covered Entities

Eleven. Real Estate Developers and Brokers (as amended by RA Number ten thousand one hundred twenty-one, effective January thirty-one,

Overview

This text provides a comprehensive overview of the Philippine Banking Laws, specifically detailing the Secrecy of Bank Deposits Act (RA 1405) and its provisions, including prohibited acts and exceptions where bank deposit information may be disclosed. It emphasizes the importance of these laws in promoting public trust in the banking system while balancing the need for transparency in specific circumstances.

Key Points

1The law aims to encourage deposits in banks to aid economic development
2It prohibits unauthorized disclosure of banking information
3Exceptions to the law include circumstances involving legal orders and anti-money laundering efforts
4The document details penalties for violations of the Banking Laws
5The Philippine Deposit Insurance Corporation (PDIC) ensures the safety of depositor funds up to a certain amount.

Details

Category: Law and Legal Studies

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