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  • Bank Secrecy Law Portfolio Requirement

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    RyD
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    The document provides instructions for a portfolio assignment on the Secrecy of Bank Deposits Act. Students are asked to answer 10 questions in a brief and concise manner related to the purpose of the Bank Secrecy Law, prohibited acts, types of deposits covered, exemptions for deposits, unclaimed balances, and what happens to unclaimed balances. The assignment is due on January 26, 2023 at 7:00 PM and late submissions will not be given any merit.

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    The document provides instructions for a portfolio assignment on the Secrecy of Bank Deposits Act. Students are asked to answer 10 questions in a brief and concise manner related to the purpose of the Bank Secrecy Law, prohibited acts, types of deposits covered, exemptions for deposits, unclaimed balances, and what happens to unclaimed balances. The assignment is due on January 26, 2023 at 7:00 PM and late submissions will not be given any merit.

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    © All Rights Reserved
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    17 views1 page

    Bank Secrecy Law Portfolio Requirement

    Uploaded by

    RyD
    The document provides instructions for a portfolio assignment on the Secrecy of Bank Deposits Act. Students are asked to answer 10 questions in a brief and concise manner related to the purpose of the Bank Secrecy Law, prohibited acts, types of deposits covered, exemptions for deposits, unclaimed balances, and what happens to unclaimed balances. The assignment is due on January 26, 2023 at 7:00 PM and late submissions will not be given any merit.

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    © All Rights Reserved
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    ACCOUNTANCY DEPARTMENT

    -----------------------------------------------------------------------------------------------------------------------------------

    Secrecy of Bank Deposits Act (Republic Act 1405)

    Deadline: January 26, 2023 at 7:00 PM


    Late submissions will not be given any merit.

    Instructions:
    a. Print a copy of this page in a long bond paper.
    b. In a separate long bond paper, write (handwritten) your answers to the questions provided.
    c. Answer in a brief and concise manner.

    1. What is the purpose of the Bank Secrecy Law? 5 pts.


    2. What are the prohibited acts under the said law? 5 pts.
    3. What are the basic types of deposits? 5 pts.
    4. What are the deposits covered under the Bank Secrecy Law? 5 pts.
    5. When are peso deposits exempt? 10 pts.
    6. When are foreign currency deposits exempt? 5 pts.
    7. Is there a violation of the law when bank accounts are garnished? Explain. 2.5 pts.
    8. When are deposits exempt from garnishment? 2.5 pts.
    9. What are unclaimed balances? 5 pts.
    10. What happens to unclaimed balances? 5 pts.

    Portfolio 02 Secrecy of Bank Deposits

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