A House Committee On Banks News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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A LAWMAKER is pushing amendments to the Bank Secrecy Law to lift certain provisions to prevent criminal activities by giving the regulator authority to look into bank accounts.
In a House Committee on Banks and Financial Intermediaries hearing on Thursday, the committee chair Junie E. Cua said he wants to be “extra careful” in amending the 65-year-old law while emphasizing the need to revise provisions in the law as it “is used as a shield” for money laundering and other anomalous activities.
The Bank Secrecy Law currently prohibits the disclosure or inquiry into deposits as these are confidential in nature. ....

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