Chapter 3. It shall be unlawful for an official or employee of a banking institution to disclose information about such deposits to persons other than those referred to in Section Two of this Agreement. Section 2.1. All deposits of any kind with banks or banking institutions in the Philippines, including investments in bonds issued by the Government of the Philippines, its political divisions and instruments, are considered absolutely confidential and shall not be examined, examined or studied by any person, government official, office or office. except with the written consent of the depositor or in case of removal or by order of a court of competent jurisdiction in case of corruption or breach of duty by public officials, or in cases where the money deposited or invested is the subject of the dispute. Section 1. It is hereby stated that it is the policy of the government to encourage people to deposit their money with banking institutions and to discourage private hoarding so that it can be properly used by banks as part of approved loans to support the economic development of the country. [31 U.S.C. 5327 and 5328 have been repealed.
Section 5327, which deals with financial institutions that report on customers, was repealed in 1996. Section 5328, which deals with whistleblower protection, was repealed by the National Defence Authorization Act for fiscal year 2021.] 31 U.S.C. 5311 – Declaration of Purpose 31 U.S.C. 5312 – Definitions and Application 31 U.S.C. 5313 – Reports on Domestic Coins and Currency Transactions 31 U.S.C. 5314 – Records and Reports of Transactions of Foreign Financial Agencies Section 4. All Acts or parts of Acts, special charters, regulations, rules and regulations that are inconsistent with the provisions of this Act are repealed. 31 U.S.C. 5316 – Reports on the Export and Import of Monetary Instruments 31 U.S.C. 5317 – Search for and Forfeiture of Monetary Instruments 31 U.S.C. 5318 – Compliance, Exemptions, and Subpoena 31 U.S.C. 5318A – Special Measures for Jurisdictions, Financial Institutions, International Transactions, or Types of Primary Money Laundering Accounts Concern 31 U.S.C.
5319 – Availability of Reports 31 U.S.C. 5320 – Injunctions 31 U.S.C. 5321 – Penalties Civil 31 U.S.C. 5322 – Criminal Penalties 31 U.S.C. 5323 – Incentives and Protections for Whistleblowers 31 U.S.C. 5324 – Structuring Transactions to Circumvent Prohibited Reporting 31 U.S.C. 5325 – Identification Required to Purchase Certain Monetary Instruments 31 U.S.C. 5326 – Records of Certain Domestic Transactions On March 1, 2011, FinCEN transferred its regulations from 31 CFR Part 103 to 31 CFR Chapter X as part of ongoing efforts to increase the efficiency and effectiveness of its regulatory oversight. 12 U.S.C. 1829b – Record Retention by Insured Deposit-Taking Institutions A LAW THAT PROHIBITS THE DISCLOSURE OR EXAMINATION OF DEPOSITS WITH A BANKING INSTITUTION AND PROVIDES PENALTIES FOR REPRISAL. The Monetary and Foreign Transaction Reporting Act of 1970 – whose legal framework is commonly referred to as the Bank Secrecy Act (BSA) – requires U.S. financial institutions to assist U.S.
government agencies in detecting and preventing money laundering. Specifically, the law requires financial institutions to keep records of cash purchases of negotiable instruments, file reports on cash transactions over $10,000 (daily total), and report suspicious activity that may indicate money laundering, tax evasion or other criminal activity. It was passed by the United States Congress in 1970. The BSA is sometimes referred to as the Money Laundering Act (AML) or collectively the “BSA/AML”. Several laws, including the provisions of Title III of the USA PATRIOT Act of 2001 and the Anti-Money Laundering Act of 2020, have been enacted to date to amend the BSA. (See 12 U.S.C. 1829b, 12 U.S.C. 1951-19600, 31 U.S.C. 5311-5314, 5316-5336, and 31 CFR Chapter X [formerly 31 CFR Part 103].) Federal Crime of Money Laundering – Title 18, United States Code, Crime and Criminal Procedure.