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

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Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • 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.

  • Ben

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

  • 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!

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