Philippines Moves to Ease Bank Secrecy Law to Strengthen Financial Crime Probes

The Philippines has moved closer to reforming its bank secrecy regime after lawmakers approved on second reading amendments to the Philippines bank secrecy law granting the Bangko Sentral ng Pilipinas broader investigative powers.

House Bill No.6707 would allow the central bank to examine bank deposits of officers and employees suspected of fraud, tax evasion, money laundering or other financial crimes once the Monetary Board determines reasonable grounds.

The bill also extends BSP authority to foreign-currency deposits held in domestic banks and offshore branches, though not in member-only cooperatives. Results of investigations would remain confidential and be shared only with selected regulators.