Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Bank Secrecy Law gives confidence to the depositors as to the extreme confidentiality of their bank deposits. Relevant thereto, inquiries into the bank deposits

The Bank Secrecy Law gives confidence to the depositors as to the extreme confidentiality of their bank deposits. Relevant thereto, inquiries into the bank deposits cannot be entertained without the express consent of the depositor or unless there is a court order if the deposit is a subject matter of impeachment or any litigation. In one case, X has deposits consisting of gold bars valued at P10M in Chinabank. For the last 5 years, X is paying the required bank service fees for the safekeeping of these valuables in its safety deposit boxes. QUESTION: Are those deposits of X likewise covered by the protection of the Bank Secrecy Law if someone would like to inquire on them?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

14th edition

130565353X, 978-1305887510, 1305887514, 978-1305653535

Students also viewed these Law questions

Question

Please this is a conceptual problem. Thanks

Answered: 1 week ago