Does the Data Privacy Act hinder banks from complying with the Anti-Money Laundering Act?
No, the Data Privacy Act explicitly does not hinder banking institutions from fulfilling their legal mandates under the Anti-Money Laundering Act. Information absolutely necessary for banks and other financial institutions under the Bangko Sentral ng Pilipinas to effectively comply with Republic Act No. 9160 is exempted. This ensures that privacy rules are not maliciously used to shield illicit financial activities from rightful government scrutiny. This important exemption regarding financial transparency is guaranteed under Section 4 Data Privacy Act. “This Act does not apply to the following… (f) Information necessary for banks and other financial institutions under the jurisdiction of the independent, central monetary authority or Bangko Sentral ng Pilipinas to comply with Republic Act No. 9510, and Republic Act No. 9160, as amended, otherwise known as the Anti-Money Laundering Act and other applicable laws;” 22-May-26About Nicolas and De Vega Law Offices
Nicolas and De Vega Law Offices is a full-service law firm in the Philippines. You may visit us at the 16th Flr., Suite 1607 AIC Burgundy Empire Tower, ADB Ave., Ortigas Center, 1605 Pasig City, Metro Manila, Philippines. You may also call us at +632 84706126, +632 84706130, +632 84016392 or e-mail us at [email protected]. Visit our website https://ndvlaw.com/.
