Law Summary
Authorized Examinations of Deposits
- Examination of deposits is permitted when conducted:
- During a special or general bank examination authorized by the Monetary Board.
- If there is reasonable ground to believe a bank fraud or serious irregularity occurred or is occurring.
- When necessary to establish such fraud or irregularity.
- By an independent auditor hired by the bank for regular audit purposes, with results exclusively for the bank's use.
- Upon written permission of the depositor.
- In cases of impeachment.
- Upon order of a competent court in cases of bribery or dereliction of duty of public officials.
- When money deposited or invested is the subject matter of litigation.
Prohibition on Unauthorized Disclosure
- It is unlawful for any bank official or employee to disclose deposit information to unauthorized persons.
- Independent auditors conducting regular audits are also restricted from disclosing information except to authorized bank directors, officials, or employees.
Immediate Effectivity
- The amendments take effect immediately upon enactment.
This decree strengthens the Central Bank's supervisory powers while maintaining depositor confidentiality, outlining clear exceptions where examination and disclosure of deposits are legally permissible to enhance banking system integrity and public trust.