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Secrecy of Bank Deposit Act (RA 1405)

Secrecy of Bank Deposit Act (RA 1405)

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Published by alvinbfrancisco

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Categories:Business/Law, Finance
Published by: alvinbfrancisco on Feb 01, 2011
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02/03/2011

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REPUBLIC ACT No. 1405AN ACT PROHIBITING DISCLOSURE OF OR INQUIRY INTO, DEPOSITS WITHANY BANKING INSTITUTION AND PROVIDING PENALTY THEREFOR.Section 1.
It is hereby declared to be the policy of the Government to give encouragement to the people to deposit their money in banking institutions and to discourage private hoarding so thatthe same may be properly utilized by banks in authorized loans to assist in the economicdevelopment of the country.
Section 2.
 
1
All deposits of whatever nature with banks or banking institutions in the Philippinesincluding investments in bonds issued by the Government of the Philippines, its politicalsubdivisions and its instrumentalities, are hereby considered as of an absolutely confidentialnature and may not be examined, inquired or looked into by any person, government official, bureau or office, except uponwritten permission of the depositor, or in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of duty of public officials, or incases where the money deposited or invested is the subject matter of the litigation.
Section 3.
It shall be unlawful for any official or employee of a banking institution to disclose toany person other than those mentioned in Section two hereof any information concerning saiddeposits.
Section 4.
All Acts or parts of Acts, Special Charters, Executive Orders, Rules and Regulationswhich are inconsistent with the provisions of this Act are hereby repealed.
Section 5.
Any violation of this law will subject offender upon conviction, to an imprisonment of not more than five years or a fine of not more than twenty thousand pesos or both, in thediscretion of the court.
Section 6.
This Act shall take effect upon its approval.Approved: September 9, 1955
Footnote
1
This Section and Section 3 were both amended byPD No. 1792issued January16, 1981, PD 1792 was expressly repealed by Sec 135 of  R.A. No. 7653,  approved June 14, 1993. The original sections 2 and 3 of R.A. No.1405 arehereby reproduced for reference, as follows; "Sec 2 All deposits of whatever nature with banks or banking institutions in the Philippines including investmentsin bonds issued by the Government of the Philippines, its political subdivisionsand its instrumentalities, are hereby considered as of an absolutely confidentialnature and may not be examined, inquired or looked into by any person,government official, bureau or office, except upon written per-mission of the

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