Ched Rick Gatchalian

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House approves bill seeking to amend bank secrecy law

Vivienne Gulla

ABS-CBN News

MANILA — A bill seeking to amend the Bank Secrecy Law has hurdled the House of Representatives.The measure allows the Bangko Sentral ng Pilipinas to examine, under strict and limited conditions, bank deposits when there is a reasonable suspicion of an unlawful activity. During the plenary session on Monday, the lower chamber unanimously voted to approve on third and final reading House Bill 6707 to “combat tax evasion, money laundering and other financial crimes” and “comply with international standards on transparency in financial transactions”.<div><a href="https://www.abs-cbn.com/news/nation/2025/10/6/bsp-pushes-for-easing-of-bank-secrecy-law-1711">BSP pushes for easing of Bank Secrecy Law</a></div>The measure also aims to remove barriers to the effective investigation and prosecution of corrupt or illegal financial actions by stockholders, owners, directors, trustees, officers, or employees of entities supervised and regulated by the BSP.The bill defines the term &quot;deposits&quot; as money or its equivalent received by a bank in the usual course of business and for which it is obliged to give credit to a commercial, checking, savings, time or thrift account evidenced by a passbook, certificate of deposit or other evidence of deposit, and other obligations of a bank which forms part of its deposit liabilities under applicable BSP rules and regulations.It empowers the BSP to inquire into or examine deposits in the course of its investigation of closed banks, or when, in the determination of the Monetary Board, there is reasonable ground to believe that fraud, serious irregularity, or unlawful activity has been committed by a stockholder, owner, director, trustee, officer, or employee of BSP-supervised institutions, the representative, agent, related party or conspirators.It limits the use of the results of bank examinations exclusively to the BSP, Securities and Exchange Commission, Philippine Deposit Insurance Corporation, Anti-Money Laundering Council, Department of Justice, and the courts.The measure further provides a safe harbor clause exempting banks or financial institutions, their directors, officers, or employees from any action, claim, demand, or liability, for acts done in compliance with an order of inquiry or examination of deposits from the BSP.<div><a href="https://www.abs-cbn.com/news/business/2025/7/7/marcos-backs-bill-mandating-gov-t-officials-to-waive-rights-to-bank-secrecy-law-palace-1615">Marcos backs bill for gov’t officials to waive rights to Bank Secrecy Law: Palace</a></div>Under the proposed law, officials or employees of the BSP and banking institutions are prohibited from disclosing any information concerning deposits to any person other than those authorized under the law. It forbids the use of the Bank Secrecy Law for purposes of persecution or harassment, or as an instrument to hamper competition in trade and commerce.Any person or entity found guilty of violating the proposed law faces imprisonment of not less than two years but not more than 10 years, or a fine of not less than P50,000 or more than P2 million, or both, at the discretion of the court.The House will transmit the bill to the Senate for action.

The bill allows the Bangko Sentral to examine bank deposits when there is a reasonable suspicion of an unlawful activity.

The bill allows the Bangko Sentral to examine bank deposits when there is a reasonable suspicion of an unlawful activity.

House approves bill to amend Bank Secrecy Law

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House approves bill to amend Bank Secrecy Law

Vivienne Gulla,

ABS-CBN News

Published December 22, 2025 05:51 PM PHT

Read More:

Bank Secrecy Law

BSP

Bangko Sentral ng Pilipinas

House of Representatives

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