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Prohibited Transactions (Banking Law)
Prohibited Transactions (Banking Law)
OF GBL -
PROHIBITED TRANSACTIONS
A. Prohibited Transactions by a Bank
Director, Officer, Employee, or Agent
1. False Entries in Bank Report or Statement – which
a. affected the financial interest of the bank or any person, or
b. caused damage to the bank or any person,
The transfer of property by a borrower after a suit has begun and while
it is pending, is denominated a “badge of fraud” and satisfies this
section
4. Offer to Influence Approval of Loan - the borrower will be liable
under Sec. 55.2 (d) while the bank officer will be liable under Sec.
55.1 (c) This provision is similar to Section 3 of R.A. No. 3019
which enumerates the corrupt practices of public officers and
employees. The person giving the gift is punished together with the
offending public officer.
C. Prohibited Acts of Examiners, Officers or Employees of
the Bangko Sentral or of Any Department or Bureau,
Office, Branch or Agency of The Government
Sanctions -