BS

Bank Secrecy Law (RA 1405, as amended)

A law in the Philippines aimed at discouraging private hoarding and promoting depositing money in banks for economic development.

Prohibited Acts

Unlawful actions include disclosing deposit information and examining bank deposits without authorization.

Deposits Covered

All types of deposits with banks in the Philippines, including Trust Accounts.

Deposits

Money placed in a bank that can be withdrawn by the depositor, creating a creditor-debtor relationship.

Investments in Government Bonds

Debt securities backed by the full taxing power of the Government of the Philippines.

Exceptions

Instances where bank deposit secrecy can be waived, such as in cases of impeachment or court orders.

Garnishment

Legal process where bank accounts may be seized by creditors without violating bank secrecy laws.

Penalties for Violation

Imprisonment and fines for breaching the bank secrecy law in both Peso and Foreign Currency Deposits.