Practice question
A bank director deliberately inserts false entries in a report, thereby affecting financial interests as stipulated in Section 55.1(a). The director argues that the act is immune unless described separately as a fraudulent transaction. Which is accurate?
- False entries can never be prohibited.
- Only the external auditor can be responsible.
- The provision separately identifies false entries and participation in fraudulent transactions under its stated condition; a mere relabeling does not remove the established ground.
- Any false statement automatically proves every criminal offense without further elements.
- Only the report's cover color matters.
Legal references
- RA8791, General Banking Law, Sections2 and55: https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html
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