Practice question
Two institutions and the account owners conduct a coordinated verification of a disputed transfer under AFASA Section 8. All statutory predicates are met. One institution refuses solely because bank-secrecy laws apply without exception even during that process. Which is correct?
- Section 8 expressly disapplies the specified secrecy laws during the qualifying coordinated verification
- Every private allegation automatically permits unlimited publication
- AFASA repeals all bank secrecy for every purpose
- Only a newspaper may conduct verification
- The receiving institution may invent any unrelated use
Legal references
- RA 12010 Sections 8 and12-15: https://lawphil.net/statutes/repacts/ra2024/ra_12010_2024.html
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