MANILA, Philippines — Parties who misuse information on accounts of bank clients — including leaking them to the press to have them published for political persecution or harassment — will face long jail terms and stiff fines under the central bank’s new proposal to update the country’s archaic deposit secrecy laws.
In an online press briefing, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the bills backed by the regulator currently being deliberated on in Congress will make it easier for authorities to examine suspicious bank accounts, but also sets heavy penalties to guard against its abuse.
“The proposed reforms will place the country’s deposit secr…
Keep on reading: BSP bats for more power to probe bank deposits, stiffer penalties vs info leaks