An Act Promoting Transparent Governance and Instituting Anti-Corruption Mechanisms in the Operation of Banks and Other Financial Institutions, Amending for the Purpose Republic Act No. 1405, Otherwise Known as 'the Secrecy of Bank Deposits Law'
The bill would let the central bank look into certain bank accounts when it suspects fraud, while keeping the information secret except for a few agencies that need it for criminal cases. It also protects banks from lawsuits for complying and adds penalties of up to ten years in jail or a ₱2 million fine for illegal disclosure.
Automated summary by BatasWatch. It may miss nuance — read the bill text before citing it.
Printed from CivicSync PH: https://civicsync-ph-gamma.vercel.app/bills/SBN-1649. Status changes over time; check the link for the latest.
SBN-1649 · Sources: BatasWatch
Similar in what they’d do, filed by any lawmaker.