bank secrecy law (ra 1405)

• trust accounts and investments in gov bonds are covered by bank secrecy law
• crime of theft where it is unknown where the funds were deposited is not an exception to secrecy of bank deposits
• foreign currency = exempt from garnishment
• garnishment = not a vilation of bank secrecy law
• 10 year period - for a deposit to be considered as covered by Unclaimed Balances Act
• Philippine Deposit Insurance Corp

  • receiver of banks
• amount of insured deposits for each legitimate deposit shall not exceed 500k
• savings deposit, cert of time deposit, foreign currency deposit are considered as insured deposit
• depositor must file claim within 2 years from actual takeover of the closed bank
• covered institutions shall report to AMLC all covered transactions within 15 working days from occurrence