Bank Secrecy Law Quiz

Melanie, an employee of ABC Bank, saw the bank account details of her
archenemy, Brittany. Melanie revealed to her friend Hannah that Brittany
has been depositing P450,000 weekly and now has an account balance of
P92 million. Hannah, having this knowledge, informed Brittany's
husband, Jeremy, of the bank balances. Jeremy was shocked, considering
that he does not know of the huge amounts. Jeremy confronted Brittany
in a public place, said out loud her bank balance resulting to seven (7)
other people hearing information about Brittany's bank account. Who is
liable for the violation of RA No. 1405?

• Melanie only.

• Melanie and Hannah only.

• Melanie and Jeremy only.

• Melanie, Hannah, and Jeremy.

Statement 1: Trust accounts are not covered by bank secrecy laws. Statement 2: Investments in government bonds are not covered by bank secrecy laws.

• Only Statement 1 is true.

• Only Statement 2 is true.

• Both statements are true.

• Both statements are not true.

Marites a director in XYZ Bank. She intends to obtain a P4,000,000 housing loan from XYZ Bank. With this:

• Marites has impliedly waived the secrecy of her bank deposits.

• Marites is required to execute a written waiver of secrecy of bank deposits.

• No waiver is required of Marites considering there is no showing that the loan exceeded 10% of the cash position of XYZ Bank.

• No waiver is required of Marites if Marites will be able to secure the approval of the Board of Directors without her vote.

Which of the following is not an exception to the secrecy of bank deposits?

• Impeachment cases of the Vice President

• Crime of Plunder

• Cases involving unexplained wealth under the Anti-Graft Corrupt Practices Act

• Crime of theft where it is unknown where the funds were deposited

The Commissioner of Internal Revenue may inquire into the bank balance of a taxpayer in the following cases, except:

• When taxpayer applies for compromise on the ground of financial incapacity

• Pursuant to a request for tax information of specific taxpayers made by a foreign tax authority pursuant to a tax treaty

• When taxpayer applies for abatement of taxes on the ground that it is a jeopardy assessment

• For purposes of determining the gross estate of a deceased depositor

Which of the following statements is true regarding the examination of law enforcement officers of bank accounts in terrorism cases?

• It must be upon order of the trial court

• It must be upon order of the Court of Appeals

• It must be upon order of the Supreme Court

• Law enforcement officers cannot examine bank accounts in terrorism cases.

Which of the following is a common exception on the secrecy of bark
deposits for both peso deposits and foreign currency deposits?
I. Anti-Money Laundering Act
II. Human Security Act
III. PDIC Law

• I only.

• I and II only.
  
  

• I and III only.

• I, II, and III.

Statement 1: Foreign currency deposits are generally exempt from garnishment. Statement 2: Garnishment is a violation of the bank secrecy law.

• Only Statement 1 is true.

• Only Statement 2 is true.

• Both statements are true.

• Both statements are not true.

In order for a deposit to be considered as covered by the Unclaimed Balances Act, the person must be known to be dead or has not made further deposits or withdrawals for a period of:

• At least 3 years

• At least 5 years

• At least 10 years

• At least 20 years

Statement 1: The PDIC is empowered to examine and investigate banks. Statement 2: The PDIC shall act as insurers of deposits.

• Only Statement 1 is true.

• Only Statement 2 is true.

• Both statements are true.

• Both statements are not true.