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Question 1

Which of the following are covered by the bank secrecy law?


A. Only demand deposits
B. All deposits of whatever nature
C. Investments in bonds issued by the Philippine Government
D. B and D

Answer: D. The law states that all deposits of whatever nature with banks or banking
institutions in the Philippines including investments in bonds issued by the Government of
the Philippines, its political subdivisions and its instrumentalities are considered absolutely
confidential.

Question 2
True/False. Foreign currency deposits are excluded from the protection of bank secrecy
laws.

Answer: False. Republic Act No. 6426, known as the “Foreign Currency Deposit Act of the
Philippines”, Sec. 8 states that all foreign currency deposits are also considered of an
absolutely confidential nature.

Question 3
In all of the following cases, the deposits may be examined, inquired or looked into
by any person, government official, bureau or office. Choose the exception.
A. When permitted (written) by the depositor
B. In cases of impeachment
C. When the depositor is a public official
D. In cases where the money deposited or invested is the subject matter of litigation

Answer: C. Being a public official does not automatically waive the right to bank secrecy.
The deposit may only be examined, inquired or looked into upon order of competent court in
cases of bribery or dereliction of duty of public officials.

Question 4
Can independent external auditors inquire into or examine bank deposits during the
course of the audit?
A. Yes, anytime.
B. Yes, in the regular audit of the bank, with conditions
C. No, because of the absolute nature of secrecy
D. No, unless the auditor has reason to believe that bank fraud exists

Answer: B. Presidential Decree No. 1792, amending Republic Act No. 1405 states that,
during a regular audit of a bank by an independent auditor, the auditor may inquire,
examine or look into deposits, provided that the following conditions are satisfied: a)
the examination is for audit purposes only, and b) the results of the examination shall be for
the exclusive use of the bank.

Question 5
Violations of the bank secrecy law subjects the offender, upon conviction, to which
of the following?
A. Imprisonment of not more than 2 years or fine of not more than P20,000 or both
B. Imprisonment of not more than 5 years or fine of not more than P20,000 or both
C. Imprisonment of not more than 2 years or fine of not more than P40,000 or both
D. Imprisonment of not more than 5 years or fine of not more than P40,000 or both

Answer: B.