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Banks seek safe harbor clause Lawrence Agcaoili In changes to bank secrecy law MANILA, Philippines Philippine banks want a “safe harbor” provision in the proposed amendments to the country’s bank secrecy law to shield industry players from possible civil liability in connection with any deposit examination by the central bank. In a position paper submitted to the Committee on Banks and Financial Intermediaries of the House of Representatives, the Bankers Association of the Philippines (BAP) said it fully supports the proposed amendments to Republic Act 1405 or “The Secrecy of Bank Deposits Law.” The BAP wrote committee chairman Rep. Junie Cua, seeking to provide the industry with a “safe harbor” clause to protect banks against “frivolous suits” from depositors in connection with any deposit examination done by the Bangko Sentral ng Pilipinas (BSP). ....
endIndex: Metro Manila (CNN Philippines, February 11) - A bill amending the Philippines 65-year-old Bank Secrecy Law is gaining steam at the House of Representatives, and sailing smoothly off to plenary. Influential bankers from the Bankers Association of the Philippines (BAP) and the Chamber of Thrift Banks rallied behind a proposal to give the Bangko Sentral ng Pilipinas more power to examine bank deposits. The BAP has written House Committee on Banks chairman Junie Cua, proposing that the central bank be allowed to share information from the investigation of deposit accounts with other law enforcement or regulatory agencies to expedite prosecution. ....