Encourage people to deposit money as means for economic development
Bank deposits are absolutely confidential, except in the ff cases:
Written permission of the depositor
In cases of impeachment
Order of competent court in cases of bribery or dereliction of duty
Money deposited is the subject matter of litigation
In cases of violation of AMLA
S1: It shall be unlawful for any official or employee of a banking institution to disclose to any person other than those mentioned in Section two hereof any information concerning said deposits.
S2: Any violation of this law will subject offender upon conviction, to an imprisonment of not more than five years or a fine of not more than twenty thousand pesos or both, in the discretion of the court.
TRUE.
Any violation of this law will subject offender upon conviction, to an imprisonment of not more than five years or a fine of not more than twenty thousand pesos or both, in the discretion of the court.