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    RFBT-8605-Banking-Laws

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    363 views14 pages

    RFBT 8605 Banking Laws

    Uploaded by

    chxrlttx

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    of 14
    | ‘PA REVIEW ScHOOL OF THEPHIUPFIES | REGULATORY FRAMEWORK FOR BUSINESS TRANSACTIONS * ‘4. Detroit Piipnae Depo Inurane Corpora | readin 1969 by virus of RAPUBETAEESSB to insure the deposits pall banks which benefits of insurance. The PDICis an tached agency of he DANES EERE ‘The latest amehdments to RA 9591 are contained in RAVUOBIBTE red into law of MAV2IEOIS RA 10846 empowered PDIC with ‘oe depESNg OBIS eine billy. The new aw ls nlodes import Frovisions to ensure tha th PDIC remains fisanclly and nstonlly soo ofl is mane nde is Charts The PIC ow asthe ati p eps an quieras tnd dpesis shud i nk ene poble tancs wil sl apes he tn po a lomad taka te ou Ser sos peas "au hee uo engage sae ed std ig pains, " ‘With its enbanced resolution authorise, PIC woud als be ele to more effectively promote financial inclusion trough early Intervention in problem barks or open bank resolution. Tn eases where bank closure becomes inevitable, the new la enhanced the chances of recovery by creditors of thelr elms agit thease ofthe closed bank by preventing the fre dissipation of these assets through seamless wanton fom bank closure to liqudetio,| 1 ‘Thee lov does 2na> with te SAE EESEPRSEARE aol PIC o proceed diet 10 GUAR. The immsdite et : ‘lotion of percha of ests aa tuo fliguition a egress rohan cn reopens. hanks ordre closed by dhe Moneary Buard ofthe Banoko Swnal ni Plpins would help chance recovery rate fo crate of lved bank, m [Claw 1 By 1c Savings Deposit 1B. Special Svetgs € Demand Checking Account j 44 Negotiable Order of Withdrawal (NOW) | ' fe Canieate of Time Deposits j Foreign eateney Depost | 2. By Depo = ace individuly-ownod eosuns or aocounts eld under ons nae, ether a8 natal person ingle por ndvidu) jure! ety (orpraion partnership or cooperative). & fre econ held under nore tan oe rae | {eA joint acoount regardless of wheter the conjunction “and” or or “undo” is wed shall be insured ‘spacey fom singe accounts. fi, Unless a diferent sharing is sipulted ix th documents, the insured amount up t the neg marae Conergy of ps0 Sm abo aiMAl Sulipowen ce mong co ‘owners of joint account. ii The wa shares of a co-owner in sever! joint sccounts may exceed PkpS00,000 but will ony |be insured upto the Meximism Deposit Insuance Coverage of Phps00,000. iv, Joint accounts held in he names of juriial ent abd a narra person shal be presumed to being, ely to the juridical entity. & Account By", in Trst For" (FTF) or “Forte Account of (PAO) another person {Ina "By" sceount, Ana by Ben, Anais the geposie, Ina "in Trost Fer (ITF acount, Ana [a Twst For Ben, Beni the depositor. | tha "Fe the Accoust of" FAO) account, Ane Far the Account of Ben, Bens the depositor, | 4 ei etic owner of = IPFor he or very case whew eos oe eek woe pesrst or nse eat rset the eMail of these accous shal betas a te entra she nhs accounts slept fs uP Se ee ela a “CeAR aygulitry Fromework for Busines Transactions — REBT 8605 Page 1 of 14 ‘Gltems that are not covered by PDIC Depos! Insurance ‘The following, whether denominated, documented, recorded or booked as deposit by the bank, are @udeanoam DC eesti (Det tbe POC Carte ‘VI OR snd and ssi, ssc and oer sinlarnsrnets 8 Telaraphic nat © Depstacons rsa at rc ded tio fred Contac srr emanate fom unsafe and ur-ound baking practices as determined by the PDIC. 8 Ceslaton wih te BSP, afer orca Hing at publican of PDIC's case & dei reer Sgaist och Spon ccounttearsctns ia, Me"Tetemned to be proceeds ofan lw stv a defined in the AniMoney Landing Ast ‘epic Ac 960, a8 mended) 4. Bank Depts in Foreign Barks operating ouside the Phippine ery or Bark Deposits in Foreign branch of Ames bak operating ee Pipi et Note: Vasfeam uur deported actvesnlade ong ots: (PDIC Regulatory Inance No. 2011-01) > Deponticlae pcicectvigfesactonwibew te approval OF adgine consol reqed under ig lav ues and ogulations > Fle to wp bark records within tank premises ; > Grating igh nets rts, when bask has: agave wipro eapa,o i gid ase to deposit ratio feet 08 > Nen-complance wit PDIC regulations ‘D. Maximum Liability (Maximum Deposit Ingurance Coverage) DIC shall pay deposit iosurance on allnali@i@eDOsil6 up to the Masianum Deposit counts maitsned i he same right and capacity for a depo ‘own name ori the name of others, are covered by deposit insurance 's benefit, wheter in ‘Mstrative example: |. How much is Fe Ststs's insared deposit she has the following four deposit socount inthe sume bask? RCCOUNT NAME, ~[Beposi a FHP] “naire Depot of Fe Sats Fe Same [ 1a000, Ti 0 Bn Santos For the accownd af Fo | 100000 100,000 Sance ‘Chav Sata Ts a = [Fe Santos" Store (Sole Pres — Total sho hs the fllownrg vee int accounts i the same bank? Tnsared Deposit of Fe Sarios oa 250,000, 2. How auch is Fe Santos's iret dezoe [accouxt t Fe Sano oF B F (eS nd Dai Set [Lenn ee alas _1 Ei iii (Fowt | 2800, Notes Mis Fe Senins does wot have anv insived joint aesouns she has wits Ben and Chae Santos. 2. How much sFe Son's inured dspos oa er shgle and jon account ig the same bank? "ACCOUNT NAME T epost (in PH wld Deposit of Fe Santos “AIL single accounts of Fe Samos in] 1,900,000 510,000 po Branch _ Al joi acounis of Fo Sesion ta 5000 BOOB? ee nae Total sooo. Fran ‘Not: For purposes of somputng the insured deposits, sof bak closure, shall be’ (DIC Regulatory Isuance No. 2011-00) on anda cata) person, the maximum insured deposit of "Note: Incase of joint account involving a juridical 'P500,000 to such joim account shall (CAR argulatory Sramework fr Susinuss ransctions~ RFBT 8605 E Requirements for Claims of Insured Deposits 1, When are clains fled? Claims ae fle during the lai tenet operationsperiod as announced inthe NGBEETOIDEPOERS published in atonal oF local or posed inthe bankpremises and conspicuous places within the locality, and in the PDIC WEEE = DEFER have nba from PDIC's takeover ofthe closed bank SE WERaEp Oo Lan I 22 Who are required tole deposit insurance claims? Deposiors with valid deposit accounts with balances of mote than Php 100,000, Depostors who have outstanding obligations with the closed bank regardless of amount of deposits. Depositors with account balances of las than Php100,000 who have no updated addresses inthe bank records or who have not updated their addresses through the Mailing Address Update Form (MAUF) issued by the PDIC. ‘4. Depostors who maintain their accounts under the name of business entities, repardles of typeof account 1nd account balance. ‘e. Depostors with accounts not eligible for early payment, regardless of type of socount and account balance per advice of PDIC. ‘3. Who are depositors not required to fle depot insurance claims? ‘Depositors with valid deposit accounts with SEHSSPSPIPEpIOOOOONaAg BETO re ‘eins provided they have @vOHigaosith the cose bark ad have emplteraupeeineses in te ‘onk records or have updated tse through the ‘sued bythe PDIC. epostor wih deposi blances of Php 100,000 and below may update their addresses using the MAUF and tint to PDIC representatives salioned atthe closed bank premisee before the sat of the onsite claims Set opesinn Poi! Sciatseeuumaommnstoeens ines looser pommel he ‘provide Payments to these ‘ace sent as postalimoney orders to the ‘depos:tprs’ mailing addresses. 4 ‘Steps in fling deposit insurance claims Prep be flwing document i Orin COMSREE OEMEPERI such es savings pasbook, cxrifcate of tine deposit, bak suet unused fi. Original copy of ts Driver's License, $88) GSIS 1D, Senior Citizen's ID, Pasipor, PRC ID, OWWA/ OFW ID, Seaman's ID, Alien Cerifstion of Registration ID, Veter 1D, 1BP.Plesse ensure that the ID number is clear ad legible 1B. Ifthe depositor i a photocopy of hister Giese rom the Philippine Sutsies Author (PSA) or duly certied copy fom the local ivi registrar and valié Ds of he paren. iv. Original copy of « S68iSS41SpREIPEWETSMARSREV(SRAD)Cor claimants who are not the signatories inthe bank reords. Inthe case of minor depositor, te SPA must be executed by the parent . Submits: i. fing persona 1. The atthe premises of the closed bank during Clas Settlement Operations (CSO) orto the PDIC Public Assistance Centers the 3 Flour, $88 Biss, (6782 Ayala Avene corner V.A. Rufino Stee, Makati ity afr the onsite CSO. 4 fling trough Mait Ir Send the secomplished and notried Claim Form and requirements to The Clams eat of PDIC 4/F SSS Building, 6782 Ayala Avenue comer V.A. Processing ulin St 1226 Makati City ‘5. Who should sign the deposit insurance claim form’ 1. Depostor ofthe account for depositors 18 years old and above 1. Parent ifthe depositr is below 18 years old 2 Agent—inthe ese of "By" accounts Trustee in the case of "he Trust for (TPF? sexounts {@Exch Depositor~in he cae of joist accounts such 2s “Or", “And/Or” or “And” accounts Page 3 of 14 6 Procedures for Claing Insurance Proceeds ‘Period for Paymeat ‘Whenever an sured banks closed by Monetary Board Payment shall be made by PDIC 00H 5088616 . Mode of payment By Ca ‘By making available to cach depos a nstnedidpos in another insred back in en amount equal to insured deposit of such depositor seat before payment is PIC may reqie ROOTOFEEIRS before paying he insured deposit. ITPDIC isnot sated ast the valy of w claim for an insured deposit, it may require final The New Cera Bank Act (Se. 26, Rep. Act No. 7653) 4. The Commissioner of Inemal Revenue is authorized to inguie nto bank deposit scouts i relation to: (1) an aplication for compromise cf tax lability or a etemination ofa decedent's gross exuts nder The Natical ternal Revere Code Rep. Act No. 8624, as amended by Rep. Act No. 10021; and 2 a request for tax information of specific taxpayers made by foreign tx authority pursuant to. tx weaty under The Exchange of Infomation on Tax Masts Act of 2009 ep. Act No, B24, as amended by Rep. Act No, 10021, ThevAntaMonegoaindring Cour sy be auhsied to examine ad inquire into bask deposits or fvesmess with banks or nosbark Fnac nstiuions (@) with cour order, when thes is probable cause that the deposits or lnvesmenis ar related 10 an unlawful acvity or a money lundzing offense (Sect. 3] aad of Rep. Act No 9160), and (2) without ned of cout ode, wen probable cause exists tht « paiculer depositor irvestmert with any ‘raking iastinon ig elated to cenaln predate crimes, such s kidnapping fr ransom, violation ofthe Comprehensive Dangerous Drgs Act jacking and ther vieatons under Republic Act No. 6235, destructive arson and mre (Se. tet 9160). ushorzed to (1) inquire into or examine bank deposits cr investments in the course of» (OSGIORSPSSINEMENKIOD to ensure niplace with The AMoney Laundering Law, in accordance with he ue of ‘ctnaion of te Bengko Sena (Ses. 11, Rep. Act No, $160 s amended), fad G) condoct ecaal texting whichis lated to We detemnuton of the fisence and tue wea ofthe owners of sumbered accounts (Se. 9, Rep. Act No. 9160, a amended) ‘The Philipine Deposit Inswence Commission und the, Bangko Sentral m ee te ioe oe ai; TT aie (Se. 8, Rep. ActNo, 3591, a8amended) B a (COAG Renalvors Frome for Gustuss Tansacions RFT 8605 Page Sof 14 ‘The COUATEFTAPRE designated as a special cout, may issue an order suhonzing nw enlorcemeatocets wo examin and gale information on the deposits, placements, trust accounts, assets and records in a bank or financial inition in connetion wth anti-terrorism case. (Rep. Act No. 9372) A. The (COnmiSSIGTGHNAWAR is authorized to examine and audit government ) whch sport othe Trearar fie Philp an unclaimed the wecount bg apple fe 18 som sateen exoound by the responsible eucried officer ofthe bank sbsolving the vera of the Tenaury ftom ay nly that aay ase due to whe grating ofthe ‘Applica’ egoest fo eescivaicn, 1B. Brosdure for Reactvation of Vuclimed Bolances Reporid tothe Treeaucer ofthe Philippines CeAR- 2 (GERBER of Depastortresitor, The depontvereivr shall et is ceposion bank requesting for the reaction of his asecuntiech vas inside i se repor of uncial balazees te the Buceau of the Treasury. by. REREERUORET* covered jns-ution shall aubonticte and verify the requst for reactivation and the of © ‘The deposiory bank shall wit the Bureau ofthe Treasury ‘though te authorized approving oF ea, requesig authority oreastnate the deposit account concerned ching fo is eter te stamped verified ltr ofthe deposited. 4. CDRSUGEEMIERARIB Ne covered insraton ivagh te responsible authorized offs, shall execu & Deed of Undertaking ensring tat the Buren of the Trastzy’ and ir officials and employees bell be free and burmles from in liability once the account ie eativate, « GERSSCAREIONGANORD ne compte dacimennonspprig the eur te Buran of the Treasury, through the authored officer shall sue the authoky tthe covered insinion tO roactvate the aout. (GiERGUTSHEREP In case the requeing puty/deposivereito is a jr! enty/prson, the request must be asomjanied wi correspond ng Dokd resolutions und Jor Secretary's Cerificate showing that ‘he signatory the vogue: fer tesclvation fll aioraed to ransac: with he Bureau ofthe Treasiry relative 1 the rasta of its sett. Rigen) Fomeuon fr Busnes Tenactons REBT 605 Page 8 of 14 {& APPROVING AUTHORITY The authority to reactivate on unclaimed balance accoun shall be issued by the following offices 1 ‘aggregate amount of unclaimed balance not exceeding P360,000.00 c = aggregate amount of unclaimed balance exceeding P100,000.00 but not ‘exceeding P300,000.00 1,

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