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ATTY. MICHAEL B. BONGALONTA CPA,MICB,MBA,CTT,DBA, MRIS,MRITAX

BANK SECRECY LAW 2023

1. What law governs bank deposits secrecy in the

Philippines?
7. What is the penalty for unauthorized disclosure of
a. Republic Act No. 1405 bank deposit information subject to secrecy under the
b. Republic Act No. 10168 Bank Secrecy Law?
c. Republic Act No. 7653
d. Republic Act No. 8791 a. Imprisonment of 5 to 10 years and a fine of Php
50,000 to Php 200,000

b. Imprisonment of 10 to 15 years and a fine of Php

2. What is the main objective of the Bank Secrecy
200,000 to Php 500,000
Law?
c. Imprisonment of 15 to 20 years and a fine of Php
a. To safeguard the confidentiality of bank deposits 500,000 to Php 1,000,000
b. To prevent fraud and corruption in the banking d. None of the above
system

c. To promote transparency in government financial

institutions
d. To encourage foreign investment in the Philippines
3. What is a bank deposit subject to secrecy under the
Bank Secrecy Law?
a. All types of bank accounts including savings,
checking, and time deposits
b. Only foreign currency accounts in Philippine banks
c. Only accounts held by government officials
d. None of the above
8. What is the process for lifting bank deposits secrecy
in cases of tax evasion?
a. The bank deposit information can be accessed
without a court order
b. The depositor must provide written consent for their
bank deposit information to be accessed
c. The Bureau of Internal Revenue (BIR) must secure a
court order to access the bank deposit information
d. None of the above

9. What is the effect of the Foreign Account Tax

4. Can a government agency access bank deposits
Compliance Act (FATCA) on bank deposits secrecy in
subject to secrecy under the Bank Secrecy Law?
the Philippines?
a. No, the confidentiality of bank deposits is absolute
a. It overrides the Bank Secrecy Law and allows for the
b. Yes, but only with a court order
disclosure of bank deposit information to the US
c. Yes, with the consent of the depositor
government
d. None of the above
b. It has no effect on bank deposits secrecy in the
Philippines
5. What is the purpose of the Anti-Money Laundering
Act (AMLA)? c. It encourages the Philippines to strengthen its bank
deposit secrecy laws
a. To regulate the operations of banks and other
financial institutions d. None of the above

b. To prevent the use of the financial system for

money laundering and terrorism financing activities
c. To promote transparency in government financial
institutions
d. To encourage foreign investment in the Philippines
6. What is the procedure for accessing bank deposits
subject to secrecy under the AMLA?
a. The Bangko Sentral ng Pilipinas (BSP) may
authorize an inquiry upon receiving information of a
suspicious transaction
10. What is the purpose of the Tax Amnesty Act?
a. To prevent tax evasion by increasing penalties for
non-compliant taxpayers
b. To encourage taxpayers to settle their tax liabilities
by providing amnesty for certain penalties and
interests
c. To provide tax waivers for foreign investors in the
Philippines
d. None of the above

b. An inquiry can only be made with a court order 11. Can bank deposit information be disclosed to a
c. The depositor must provide written consent for a foreign government in the absence of a tax treaty or
third party to access the bank deposit information agreement?

d. None of the above

a. Yes, as long as the request is made by a foreign
government agency
b. Yes, but only with the approval of the Bangko
Sentral ng Pilipinas (BSP)
c. No, bank deposit information cannot be disclosed to
a foreign government without a tax treaty or
agreement
d. None of the above
12. Can a depositor waive their rights under the Bank
Secrecy Law?
a. Yes, a depositor can voluntarily disclose their bank
deposit information
b. No, the confidentiality of bank deposits cannot be
waived by the depositor
c. Yes, a depositor can waive their rights under the law
by signing a waiver document
d. None of the above
13. Can a depositor use bank deposits subject to
secrecy under the Bank Secrecy Law as evidence in
court?
a. Yes, as long as the depositor has voluntarily
disclosed the information
b. No, bank deposits subject to secrecy cannot be used
as evidence in court
c. Yes, if the depositor gives consent for the bank
deposit information to be used as evidence
d. Yes, with a court order
14. Can a bank be held liable for unauthorized
disclosure of bank deposit information?
a. Yes, the bank can be fined and sued for damages
b. No, the bank is not responsible for unauthorized
disclosure by its employees
c. Yes, but only if the unauthorized disclosure was
intentional
d. None of the above
15. Can bank deposit information be used for
impeachment proceedings?
a. Yes, bank deposit information can be disclosed for
impeachment proceedings against a public official
b. No, the Bank Secrecy Law prohibits the disclosure of
bank deposit information for any purpose
c. Yes, with a court order
d. None of the above
16. Can a bank be compelled to disclose bank deposit
information as part of a criminal investigation?
a. Yes, as long as there is probable cause
b. No, the Bank Secrecy Law prohibits the disclosure of
bank deposit information for any purpose
c. Yes, with a court order
d. None of the above
17. Can a bank disclose bank deposit information to a
depositor's heirs in case of death?
a. Yes, as long as the depositor has given prior written
consent
b. No, bank deposits are subject to secrecy even in
cases of the depositor's death
c. Yes, only if the heirs provide proof of the depositor's
death
d. Yes, with a court order
18. Can a foreign government agency request the
disclosure of a depositor's bank deposit information?
a. Yes, as long as there is a tax treaty or agreement
between the Philippines and the foreign government
b. No, bank deposits subject to secrecy cannot be
disclosed to foreign government agencies
c. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
d. None of the above
19. What is the consequence of unauthorized
disclosure of bank deposit information by a
government employee?
a. Imprisonment of 5 to 10 years and a fine of Php
50,000 to Php 200,000
b. Imprisonment of 10 to 15 years and a fine of Php
200,000 to Php 500,000
c. Imprisonment of 15 to 20 years and a fine of Php
500,000 to Php 1,000,000
d. None of the above
20. Can a bank refuse to comply with a court order
requiring the disclosure of bank deposit information?
a. Yes, the bank can refuse to disclose the information
based on client confidentiality
b. No, the bank must comply with the court order or
face legal penalties
c. Yes, but only if the bank files an appeal against the
court order
d. None of the above
21. Can bank deposit information subject to secrecy be
disclosed for purposes of investigation of graft and
corruption cases?
a. Yes, with a court order
b. Yes, with the consent of the depositor
c. No, bank deposit information subject to secrecy
cannot be disclosed for any purpose
d. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
22. Can the Office of the Ombudsman compel a bank
to disclose bank deposit information as part of an
investigation?
a. Yes, as long as there is probable cause to believe
that the information is necessary for the investigation
b. No, bank deposit information subject to secrecy
cannot be disclosed to the Office of the Ombudsman
c. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
d. None of the above
23. Can bank deposit information be disclosed in cases
of violation of the Comprehensive Dangerous Drugs
Act?
a. Yes, with a court order
b. Yes, with the consent of the depositor
c. No, bank deposit information subject to secrecy
cannot be disclosed for any purpose
d. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
24. Can a bank disclose bank deposit information to a
foreign court under a mutual legal assistance
agreement?
a. Yes, as long as there is a mutual legal assistance
agreement between the Philippines and the foreign
government
b. No, bank deposits subject to secrecy cannot be
disclosed to foreign courts
c. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
d. None of the above
25. What is the penalty for a government employee
who conspires with others to obtain bank deposit
information subject to secrecy?
a. Imprisonment of 10 to 15 years and a fine of Php
200,000 to Php 500,000
b. Imprisonment of 15 to 20 years and a fine of Php
500,000 to Php 1,000,000
c. Imprisonment of 20 to 25 years and a fine of Php
1,000,000 to Php 2,000,000
d. None of the above
26. Can a bank disclose bank deposit information to
the High Court in case of a petition for habeas corpus
or writs of amparo and habeas data?
a. Yes, with the consent of the depositor
b. Yes, with a court order
c. No, bank deposit information subject to secrecy
cannot be disclosed for any purpose
d. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
27. What is the consequence of disclosing bank deposit
information subject to secrecy to unauthorized parties?
a. Imprisonment of 5 to 10 years and a fine of Php
50,000 to Php 200,000
b. Imprisonment of 10 to 15 years and a fine of Php
200,000 to Php 500,000
c. Imprisonment of 15 to 20 years and a fine of Php
500,000 to Php 1,000,000
d. None of the above
28. Can bank deposit information be disclosed to the
courts evidence in a civil case?
a. Yes, with a court order
b. Yes, with the consent of the depositor
c. No, bank deposit information subject to secrecy
cannot be disclosed for any purpose
d. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
29. Can the Anti-Money Laundering Council (AMLC)
disclose bank deposit information to law enforcement
agencies in cases of terrorism financing?
a. Yes, with a court order
b. No, bank deposits subject to secrecy cannot be
disclosed to law enforcement agencies without a court
order
c. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
d. None of the above
30. Can bank deposit information be used as evidence
in a criminal case without a court order?
a. Yes, as long as the prosecution establishes probable
cause
b. No, bank deposit information subject to secrecy
cannot be used as evidence without a court order
c. Yes, with the consent of the depositor
d. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
31. What is the consequence of banks refusing to
comply with a court order for bank deposit
information?
a. Banks can be fined and penalized by the court
b. Banks can be held liable for contempt of court
c. Banks can lose their licenses to operate in the
Philippines
d. None of the above
32. Can a bank disclose bank deposit information to
the Securities and Exchange Commission (SEC) for
regulatory purposes?
a. Yes, as long as the depositor has given prior written
consent
b. No, bank deposits subject to secrecy cannot be
disclosed to the SEC without a court order
c. Yes, with a court order
d. None of the above
33. Can bank deposit information be disclosed to
regulatory bodies for anti-trust purposes?
a. Yes, as long as there is a mutual legal assistance
agreement between the Philippines and the foreign
government
b. No, bank deposits subject to secrecy cannot be
disclosed to regulatory bodies without a court order
c. Yes, with a court order
d. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
34. Can a court order for bank deposit information be
issued ex parte?
a. No, the depositor must be notified of the court order
b. Yes, if the depositor is found to be a flight risk
c. Yes, if the depositor is a public official
d. None of the above
35. Can a bank compel the depositor to waive their
rights under the Bank Secrecy Law?
a. Yes, if the depositor is suspected of involvement in
criminal activity
b. No, the confidentiality of bank deposits cannot be
waived by the depositor
c. Yes, if the bank secures a court order for the
depositor to waive their rights
d. None of the above
36. Can a depositor's spouse gain access to bank
deposit information subject to secrecy under the Bank
Secrecy Law?
a. Yes, with a court order
b. Yes, with the consent of the depositor
c. No, bank deposit information subject to secrecy
cannot be disclosed to spouses
d. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
37. Can bank deposit information be disclosed to third
parties for purposes of credit investigation?
a. Yes, as long as the credit institution complies with
data privacy laws
b. No, bank deposits subject to secrecy cannot be
disclosed for credit investigation purposes
c. Yes, with a court order
d. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
38. Can bank deposit information be disclosed to the
creditor in case of bankruptcy proceedings?
a. Yes, with a court order
b. Yes, with the consent of the depositor
c. No, bank deposit information subject to secrecy
cannot be disclosed in case of bankruptcy proceedings
d. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
39. Can a depositor be held liable for money
laundering activities of someone who deposited money
in their bank account?
a. No, the depositor is not responsible for the activities
of others
b. Yes, the depositor can be charged with complicity in
money laundering activities
c. Yes, but only if the depositor knew about the
activities and failed to report them
d. None of the above
40. Can a depositor's bank deposits be frozen during
an investigation for corruption or money laundering?
a. Yes, with a court order
b. No, bank deposits subject to secrecy cannot be
frozen
c. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
d. None of the above
41. Can bank deposit information be disclosed to the
Department of Justice (DOJ) for investigation
purposes?
a. Yes, with a court order
b. Yes, with the consent of the depositor
c. No, bank deposits subject to secrecy cannot be
disclosed to the DOJ
d. Yes, with the approval of the Bangko Sentral ng
Pilipinas (BSP)
42. Can bank deposit information be disclosed to the
Anti-Money Laundering Council (AMLC) for
investigation purposes?
a. Yes, with