Latest Stories

BSP bank audit does not cover records of deposit accounts


MANILA, Philippines—The Bangko Sentral ng Pilipinas (BSP) on Wednesday said its normal audit process did not cover records of deposit accounts owned by clients of banks.

Bank audits, which entail review of financial statements of banks, are regularly conducted by the BSP as part of its regulatory function.

Fe de la Cruz, head of the corporate affairs office of the BSP, said the exclusion of bank deposit records from the audit was due to the Bank Secrecy Law that the central bank was observing.

“Audits do not include bank deposit records,” De la Cruz said when asked to comment on allegations that the BSP, which earlier audited Philippine Savings Bank (PSBank), had records of Corona’s deposit accounts and that it was the one that leaked the records.

In a brief statement issued Wednesday night, the BSP said that besides the Bank Secrecy Law, two other laws prohibited the central bank from looking into deposit accounts.

DoJ to probe leak

“Bank examiners [of the BSP] are not authorized to look into deposit accounts by virtue of three laws: Republic Act No. 1405 or the Secrecy of Bank Deposits Law, Republic Act No. 6426 or the Foreign Currency Deposit Act and Republic Act No. 7653 or the BSP Charter,” the central bank said.

In Malacañang, deputy presidential spokesperson Abigail Valte said it would be the Department of Justice (DoJ) that would investigate the leakage of PSBank documents.

Valte said the DoJ would launch the investigation if someone filed a complaint.

“If there is an alleged violation of the Bank Secrecy Law, that would be the DoJ. That’s a criminal case,” Valte told reporters in reference to the deposit account records of Corona that the prosecution had presented as evidence and which PSBank officials claimed were not similar to the original documents in their possession.

Valte said the Palace had no part in the leakage. “Malacañang has no access to these records. As testified to by the bank manager herself, they are the only ones who have custody and access (to the documents),” she said.—With a report from Christine O. Avendaño

Originally posted at 09:15 pm | Wednesday, February 15,  2012

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Annabelle Tiongson , audit process , Bangko Sentral ng Pilipinas , bank audits , Bank Secrecy Law , bank secrecy laws , Banking , banks , chief justice , Corona Impeachment , Fe Dela Cruz , foreign currency deposits , Impeachment , Judiciary , Politics , Renato Corona , Supreme Court

  • http://profile.yahoo.com/MVQTXYYHXZF5LNAQFNQ6CU6W6M P P

    Anti-Money Laundering Council – buhay pa ba kayo?

    • Loggnat

      Anti-Money Laundering Council (AMLC) is composed of Governor of the Bangko Sentral ng Pilipinas Amando Tetangco as chairman, Commissioner of the Insurance Commission Santiago J. Ranada and Chairman of the Securities and Exchange Commission Teresita J. Herbosa as members.

  • http://pulse.yahoo.com/_AYITA5V33GYZSLC3G37UCVNTKA Ben

    Revise your auditing procedures now  then…..rahter than tellling us what you can`t do…amend it so no more problems next time.

  • http://profile.yahoo.com/XRTVSQTRF7HUY3BZAPQ5SENCRY Rafael Paulo Z

    Ben: Auditors don’t look at the deposit balance. They only check if the bank/branch is following proper procedures and policies of the bsp/bank. It is the Anti-Money Laundering Council who do the job of looking into the deposit balance. The bank should report to AMLC if the amount is greater than P500k or equivalent in dollars upon opening of the account and/or if there is a very large amount deposited to the existing account. 

  • parefrank

    Try to transfer 100000 Pesos coming from US, Europe, via Western Union and many times it will be refused due to AMLA and you have to send less, even sending in two parts makes it veru expensive. The more now, since you are charged phil. stamp tax without any stamp attached to you receipt.

  • sigena

    sigurado nag leak si Valte

    • billygunn23

      Tama. Para kasing modess yan na pagnag-eak cgurado mabaho. lol

  • billygunn23

    Ba’t nga naman aamin ang palasyo e hindi nga nila maamin na sila ang nagpasimuno nitong impeachment!

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
  1. Napoles spills beans on Enrile, Estrada, Revilla – De Lima
  2. Opinions split on Napoles turning state witness
  3. Delfin Lee: Blame Pag-Ibig, not me
  4. Plunder complaint filed vs PNP chief, firearms office head over license delivery deal
  5. Cedric Lee’s cohort flies out of PH despite look-out order – De Lima
  6. San Juan cops fail to arrest Cedric Lee
  7. More ‘Yolanda’ bodies found
  8. Gigi Reyes pins blame on aide
  9. Lawyer: Napoles ‘will tell all’
  10. Boy ‘sexually assaulted’ at Indonesia international school
  1. Napoles spills beans on Enrile, Estrada, Revilla – De Lima
  2. Gigi Reyes pins blame on aide
  3. Estrada: Gigi Reyes won’t testify vs JPE
  4. Bernice Lee arrested by NBI team
  5. Enrile chief aide back in PH ‘to face charges’
  6. ‘No real progress in PH if dynasties not dismantled’
  7. Suspect in Vhong Navarro’s mauling wants to turn state witness – De Lima
  8. Reckless driver endangered lives of Aquino, entourage–report
  9. More legal woes for Cedric Lee
  10. Henares on Pacquiao bashing: I did not start this
  1. KL confirms Malaysian Airlines Flight MH370 ended in Indian Ocean
  2. MRT passengers pass the hat for 6-year-old Ashley
  3. Rookie, lady cops lauded for quick response to MOA heist
  4. Malaysia averts another air tragedy; pilot lands troubled plane safely
  5. Revilla says he was joking; Lacson stands by his story
  6. Revilla ‘consulted’ Lacson on how he evaded arrest
  7. Cudia, dismissed for lying, got 99% in conduct
  8. Kim Henares needs a reprimand, says Cayetano
  9. Hammer-wielding robbers cause chaos at Philippines’ Mall of Asia
  10. Napoles spills beans on Enrile, Estrada, Revilla – De Lima


  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Napoles surgery in Makati hospital successful
  • Save the queen? Aide takes fall for Enrile, Gigi Reyes
  • Napoles turnaround alarms whistle-blowers
  • Palace prepared to charge its allies
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • Entering the monkhood a rite of passage
  • Haneda International Airport: A destination on its own
  • Wanted: Beauty queen with a heart that beats for the environment
  • Kim Atienza: At home with art and design
  • Life lessons I want to teach my son
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Banks allowed to use ‘cloud’
  • SMIC to issue P15-B bonds
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Believe it or not: Filipinos love US more than Yanks
  • Marketplace