Practice question
A bank refuses a duly authorized BSP Section 12 AFASA inquiry into accounts potentially involved in the Act's prohibited offenses, claiming RA 1405 and RA 6426 categorically block every inquiry even under that later statute. All statutory predicates are stipulated. Which is correct?
- The bank-secrecy laws automatically nullify AFASA
- AFASA expressly makes the specified secrecy laws inapplicable to accounts subject to that authorized investigation
- Every bank employee can instead publish all balances
- BSP may investigate only with a rival's permission
- The bank may rewrite the Act by internal policy
Legal references
- RA 12010, Sections 12,14-15: https://lawphil.net/statutes/repacts/ra2024/ra_12010_2024.html
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