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C. Absolute Confidentiality
all deposits of whatever nature including investment bonds issued by the government
unlawful for bank officials and employees to disclose any information concerning said deposits
1. Prohibition against inquiry into or disclosure of deposits under RA 8367 (An Act Providing for the
Regulation of the Organization and Operation of Non-stock Savings and Loan Associations)
(Section 6, RA 8367)
The officer may levy on debts due the judgment obligor and other credits, including bank deposits,
financial interests, royalties, commissions and other personal property not capable of manual delivery in the
possession or control of third parties.
The prohibition against examination of or inquiry into a bank deposit does not preclude its being garnished to
insure satisfaction of a judgment. (China Banking Corp v. Ortega, GR No. L- 34964, January 31, 1973)
Foreign currency deposits of Filipino depositors are not covered by the Foreign Currency Deposit Act, and are
thus not exempt from the processes duly-issued by the BIR. (Estrada v. Desierto, GR No. 156160, December
9, 2004 )
C. Secrecy and Exemption from Attachment and Garnishment of Foreign Currency Deposits Cannot be Used
as Device for Wrongdoing
Exemption from attachment, garnishment, or any other order of process of any court, legislative body,
government agency or any administrative body whatsoever, is not applicable to a foreign transient, otherwise,
injustice would result especially to a citizen aggrieved by a foreign guest. ( Salvacion v. Central Bank of the
Philippines, GR No. 94723, August 21, 1997)
D. Graft and Corruption
The Anti-Graft Law directs in mandatory terms that bank deposits shall be taken into consideration in its
enforcement, notwithstanding any provision of law to the contrary. It is intended to amend RA 1405 by providing an
additional exemption to the rule against the disclosure of bank deposits. It applies when there is a court order in
cases of unexplained wealth or inquiries into illegally acquired property or property not legitimately acquired.
(PNB v. Gancayco, 15 SCRA 91)
E. Authority to Inquire into Bank Deposits under AMLA (Section 11, RA 9160)
The AMLC may inquire into or examine any particular deposit or investment, including related
accounts, with any banking institution or non-bank financial institution upon order of competent court based on an
ex parte application in cases of violations of RA 9160, where it has been established that:
there is probable cause that the deposits or investments, including related accounts, are related to
an unlawful activity defined in Section 3(i); or
money laundering offense under Section 4
the BSP may inquire into or examine any deposit or investment in the course of periodic or special
examination (Section 11, RA 9160)
disclosure is also allowed when the Monetary Board has reasonable ground to believe that a bank fraud or
serious irregularity has been or is being committed, or during the conduct of a banks regular audit (Marquez
v. Desierto, GR No. 135882, June 27, 2001)
the Ombudsman has the power to examine and have access to bank accounts and records, with the
following conditions:
- there is a pending case
- the account must be clearly identified
- the inspection must be limited to the subject matter of the pending case
- the bank personnel and the account holder must be notified to be present during the inspection
- the inspection should cover only the account identified
mere investigation would not warrant the opening of the bank account for inspection, since it is not considered
as pending litigation (Marquez v. Desierto, GR No. 135882, June 27, 2001)
in case the DOSRI contracts a loan or any form or financial accommodation under Section 26 of the
NCBA, he shall be required by the lending bank to waive secrecy of his deposits of whatever nature in all
banks in the Philippines
information obtained shall be held strictly confidential, may be used by the examiner only in connection with
their supervisory and examination responsibility or by the BSP in case of legal action initiated involving the
deposited account