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FAQ on Secrecy of Bank Deposits

01.04.2001

With recent events putting in issue the confidentiality of bank deposits and the identification process by the banks for their depositors, the Bangko Sentral ng Pilipinas, in coordination with the Bankers Association of the Philippines, deemed it advisable to come out with the following primer on Frequently Asked Questions. This primer seeks to clarify any misunderstanding or misapprehension that may have arisen on the subject and, more importantly, it emphasizes that the secrecy of bank deposits remains sacrosanct and that their disclosure remains subject to strict safeguards and compliance with legal requirements. Trust accounts and other investments are partly included in the discussion.

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