Banking Laws Flashcards
RA1405, As Amended
Bank Secrecy Law
2 Prohibited Acts under Bank Secrecy Law
- To disclose any information concerning deposits
- To inquire, examine or look into bank deposits or bonds issued by government
Bank Secrecy Law Exceptions
WIObmu CARO TEA
- Written Permission
- Impeachment Cases
- Order of Competent Court
a. brivery or dereliction
b. deposits are subject for litigation
c. unexplained wealth - Comissoner of BIR inquiry
- AMLC order
- Reports to Treasurer of PH and AMLC
- Ombudsman order
- Terrorism Cases upon order of CA
- Examination by: BSP, PDIC, COA PCGG
- Auditor hired by bank tp conduct regular audit
A legal procedure by which a creditor can collect what a debtor owes by reaching the debtor’s property when it is in the hands of someone other than the debtor.
Garnishment
Is there any violation of bank secrecy law for Garnishment?
No. Since the amount of deposit is not actually disclosed
PDIC ACT____
RA 3591 As Amended
PDIC insured deposits not exceed to____
P500,000
Examples of types of deposits covered in PDIC:
- Savings deposits
- Special Savings
- Demand/checking account
- Negotiable Order of Withdrawals
- Certificate of Time Deposits
- Foreign Currency Deposit
PDIC - Deposits not Entitled to Payment:
SHAOUI
- Splitting of deposit
1.a broken down and transferred
1.b 120 days prior to or during closure order
1.c for pupose of availing maximun deponinsurance - Head Office’s deposit of foreign bank in its PH branch
- AMLA - deposits thatbare unlawful defined by AMLA
- Outside PH deposits payable
- Unfunded, Fictitious or Fraudulent
- Unsafe and unsound banking practices determined by PDIC
- Invesments products like bonds and securities trust accounts and other similar instruments
PDIC-Who are the depositor?
Accounts:
1. Juan - “BY” Pedro?
2. Juan - “ITF: Pedro?
3. Juan - “FAO” Pedro?
- Juan
- Pedro
- Pedro
PDIC
Notes: Joints Accounts are insured_____
Separately
Period for PDIC to settle claim?
6 months
Failure to settle the claim by PDIC within___is responsible to imprisonment from___to____
6 months; 6mos to 1 year
T or F?
1. Trust Accounts are covered by bank secrecy laws
- Invesetments in government bonds are covered by bank secrecy law?
T
T
Stages of Money Laudering:
- Placement - insertion of dirty money
- Layering - sending money thru other banks
- Integration - the money re-enters mainstream economy it legitimate looking
AMLA - RA___, as amended by RA___
9160, 9194
AMLC is composed of:
- Chairman: BSP Governor
- Members:
a. Comissioner of Insurance Comission
b. Chairman of SEC
AMLA Covered transactions:
Other Entities: total amount in excess of_____within one banking day
Casinos: in excess of____
Real State Developers/Brokers:
In excess of______
- 500K
- 5M
- 7.5M
AMLA - Wheter covered transaction or suspicious transaction, covered entities need only to prepare a_______ report
Suspicious Transaction
Foreign Currency deposits are generally exempt from garnishment
True
Which of the following may be conaidered as an insured deposit?
I. Savings deposit
II. Certificates of Deposit
III. Foreign Currency Deposit
All
AMLA covered institutions shall report to the ALMC all covered transactions within____
5 working days from occurence thereof
Lawyers and Accountants are covered by AMLA?
No
