FAITHFUL Bank is domestic bank with office in Ozamiz. The AMLC initiated an investigation of the financial transactions of Karl, a suspected smuggler based in Ozamiz City. The intelligence group of AMLC coordinated with the National Bureau of Investigation and gathered ample evidence establishing Karl's smuggling activities. The AMLC had probable cause that his deposits and investments in various banks, including Faithful Bank , were related to money laundering. Accordingly, AMLC now issued a formal demand to allow its agent to examine the banking transactions of Karl but Faithful Bank refuses. Is Faithful's refusal justified?

ANswer yes or no and with legal basis, 3 min sentences