4 Basic Exceptions to the Law on Secrecy of Bank - Examination by the AMLC even without court

Deposits (RA 1405): order, in the three cases mentioned in section 11

1) Upon written permission of the depositor; of AMLA.
2) In cases of impeachment - Disclosure to the BSP in the course of
3) Upon order of a competent court in cases of examination to ensure compliance with the
bribery or dereliction of duty of public officials AMLA.
4) In cases where the money deposited or invested 4. GBL (RA 8791), particularly Unclaimed Balances
is the subject matter of the litigation (incidental) Act (RA 3936)
Garnishment is not a violation of secrecy laws - (Section 2) Disclosure to the Treasurer of the
Philippines for dormant deposits for at least 10
Other laws which provides for exceptions
years under the Unclaimed Balances Act.
1) Anti-Graft and Corrupt Practices Act (RA No.
5. Human Security Act of 2007, as amended by Anti-
3019)
Terrorism Law
2) National Internal Revenue Code (section 6F, RA
- (Section 27) Examination upon order of the Court
8424)
of Appeals when there is probable cause.
3) Anti-Money Laundering Law Act of 2001 (RA
6. Terrorism Financing Prevention and Suppression
9160)
Act of 2012
4) General Banking Law, particularly Unclaimed
- Investigation under Section 10 of RA 10168
Balances Law (section 2, RA 3936)
where AMLC is authorized to inquire into or
5) Human Security Act of 2007, as amended by Anti-
examine deposits and investments with any
Terror Law
banking institution or non-bank financial
6) Terrorism Financing Prevention and Suppression
institution and their subsidiaries and affiliates
Act of 2012 (RA 10168)
without a court order.
7) Philippine Deposit Insurance Corporation Law/
7. PDIC Law/Philippines Deposit Insurance
PDIC Law
Corporation Law (RA 3591)
(RA 3591)
- PDIC’s inquiry into and examination of deposit
8) Financial Rehabilitation and Insolvency Act of
accounts and all information related thereto in
2010
case there is a finding of unsafe or unsound
(RA 10142)
banking practice under 8th paragraph of section 8
of RA 3591 as amended by RA 9576.
Exceptions from other laws (8 earlier mentioned)
Unsafe or unsound banking practice-
1. Anti-Graft and Corrupt Practices Act (RA 3019)
includes bank runs, bank holidays and in
- Upon order of the competent court or tribunal in
cases of receivership.
cases involving unexplained wealth (by
8. Financial Rehabilitation and Insolvency Act of
Ombudsman).
2010 RA 10142)
2. National Internal Revenue Code (RA 8424)
- (Section 17a) Disclosure to the rehabilitation
- Upon inquiry by the Commissioner of Internal
receiver upon the issuance of the
Revenue for the purpose of determining the net
Commencement Order in a Rehabilitation
estate of a deceased person (determination of
Proceeding.
net estate and tax compromise)
3. Anti-Money Laundering Act of 2001 (RA 9160)
- Report to the Anti-Money Laundering Council
(AMLC) by banks of covered and suspicious
transactions.
- (Section 11) Examination by the AMLC, upon the
order of the Court of Appeals where there is
probable cause of money laundering.