Bank between client employee phils relationship

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bank between client employee phils relationship

(1) banks, non-banks, quasi-banks, trust entities, and all other institutions and a total amount in excess of Four million Philippine pesos (Php4,,) or an (f) "Proceeds" refers to an amount derived or realized from an unlawful activity. or obligation or giving rise to any contractual or legal relationship between the . 32 Metropolitan Bank and Trust reviews in Manila, Philippines. A free inside look at "Good benefits, enhance communication skills, Good customer relation," (in 13 reviews). "Good Benefits Former Employee - Relationship Associate in Makati, Rizal (Philippines) Lots of experiences to learn from. Cons. Reviews from Philippine Bank of Communications employees about Philippine Teller,Admin Assistant,Customer Service Officer (Former Employee) – Makati, . Associate Relationship Manager (Former Employee) – Manila Philippines –

Dela Rosa-Ramos pointed out that as of July 5,her checking account had P, A check of a certain Lee See Bin in the amount of P, As a result, Tan was able to encash Check No.

bank between client employee phils relationship

Dela Rosa-Ramos subsequently amended her complaint to include Co. Later, it was found out that he had passed away. The sum of P, The sum of P1, As Co failed to file a brief within the period prescribed, his appeal was dismissed. On February 14,the CA rendered its appealed decision, the dispositive portion of which reads: On October 2,the CA denied it for lack of merit.

In the case of Co, he never appealed the CA decision. Thus, only the Bank is now before this Court raising the following issues: Ignacio, 24 The banking system has become an indispensable institution in the modern world and plays a vital role in the economic life of every civilized society — banks have attained a ubiquitous presence among the people, who have come to regard them with respect and even gratitude and most of all, confidence, and it is for this reason, banks should guard against injury attributable to negligence or bad faith on its part.

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Considering that banks can only act through their officers and employees, the fiduciary obligation laid down for these institutions necessarily extends to their employees. Thus, banks must ensure that their employees observe the same high level of integrity and performance for it is only through this that banks may meet and comply with their own fiduciary duty. Guided by the following standard, the Bank, given the fiduciary nature of its relationship with Dela Rosa- Ramos, should have exerted every effort to safeguard and protect her money which was deposited and entrusted with it.

As found by both the RTC and the CA, Ramos was defrauded and she lost her money because of the negligence attributable to the Bank and its employees. Indeed, it was the employees who directly dealt with Dela Rosa-Ramos, but the Bank cannot distance itself from them.

That they were the ones who gained at the expense of Dela Rosa-Ramos will not excuse it of its fundamental responsibility to her. As stated by the RTC, The factual circumstances attending the repeated irregular entries and transactions involving the current account of the plaintiff-appellee is evidently due to, if not connivance, gross negligence of other bank officers since the repeated assailed transactions could not possibly be committed by defendant Tan alone considering the fact that the processing of the questioned checks would pass the hands of various bank officers who positively identified their initials therein.

Hence, this Court is of the opinion that the appellant bank should be held liable for the damages suffered by the plaintiff-appellee in the case at bench.

As regards Check No. It argues that her continued acts of dealing and transacting with the Bank like subsequently issuing checks despite her experience with this check only shows her acquiescence which is tantamount to giving her consent.

Obviously, the Bank has not taken to heart its fiduciary responsibility to its clients. Rather than ask and wonder why there were indeed subsequent transactions, the more paramount issue is why the Bank through its several competent employees and officers, did not stop, double check and ascertain the genuineness of the date of the check which displayed an obvious alteration.

This failure on the part of the Bank makes it liable for that loss. When reporting covered transactions to the AMLC, covered institutions and their officers, employees, representatives, agents, advisors, consultants or associates are prohibited from communicating, directly or indirectly, in any manner or by any means, to any person, entity, the media, the fact that a covered transaction report was made, the contents thereof, or any other information in relation thereto.

Neither may such reporting be published or aired in any manner or form by the mass media, electronic mail, or other similar devices. In case of violation thereof, the concerned officer, employee, representative, agent, advisor, consultant or associate of the covered institution, or media shall be held criminally liable.

Notice to the depositor that his account has been frozen shall be issued simultaneously with the issuance of the freeze order. The depositor shall have seventy-two 72 hours upon receipt of the notice to explain why the freeze order should be lifted. No court shall issue a temporary restraining order or writ of injunction against any freeze order issued by the AMLC except the Court of Appeals or the Supreme Court.

bank between client employee phils relationship

Authority to Inquire into Bank Deposits. Provided, That this provision shall not apply to deposits and investments made prior to the effectivity of this Act. The verified petition shall be filed with the court which rendered the judgment of conviction and order of forfeiture, within fifteen 15 days from the date of the order of forfeiture, in default of which the said order shall become final and executory.

This provision shall apply in both civil and criminal forfeiture.

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Mutual Assistance among States. The principles of mutuality and reciprocity shall, for this purpose, be at all times recognized. Provided, That the court shall not issue such an order unless the application is accompanied by an authenticated copy of the order of a court in the requesting State ordering the forfeiture of said monetary instrument or property of a person who has been convicted of a money laundering offense in the requesting State, and a certification or an affidavit of a competent officer of the requesting State stating that the conviction and the order of forfeiture are final and that no further appeal lies in respect of either.

Provided, That the documents accompanying the request in support of the application have been duly authenticated in accordance with the applicable law or regulation of the foreign State; and 4 applying for an order of forfeiture of any monetary instrument or property in the proper court in the foreign State: Provided, That the request is accompanied by an authenticated copy of the order of the regional trial court ordering the forfeiture of said monetary instrument or property of a convicted offender and an affidavit of the clerk of court stating that the conviction and the order of forfeiture are final and that no further appeal lies in respect of either.

The certificate of authentication may also be made by a secretary of the embassy or legation, consul general, consul, vice consul, consular agent or any officer in the foreign service of the Philippines stationed in the foreign State in which the record is kept, and authenticated by the seal of his office. The penalty of imprisonment ranging from seven 7 to fourteen 14 years and a fine of not less than Three million Philippine pesos Php 3, The penalty of imprisonment from four 4 to seven 7 years and a fine of not less than One million five hundred thousand Philippine pesos Php1, The penalty of imprisonment from six 6 months to four 4 years or a fine of not less than One hundred thousand Philippine pesos Php, The penalty of imprisonment from six 6 months to one 1 year or a fine of not less than One hundred thousand Philippine pesos Php, Any person who, with malice, or in bad faith, reports or files a completely unwarranted or false information relative to money laundering transaction against any person shall be subject to a penalty of six 6 months to four 4 years imprisonment and a fine of not less than One hundred thousand Philippine pesos Php, Provided, That the offender is not entitled to avail the benefits of the Probation Law.

If the offender is a corporation, association, partnership or any juridical person, the penalty shall be imposed upon the responsible officers, as the case may be, who participated in the commission of the crime or who shall have knowingly permitted or failed to prevent its commission.

If the offender is a juridical person, the court may suspend or revoke its license. If the offender is an alien, he shall, in addition to the penalties herein prescribed, be deported without further proceedings after serving the penalties herein prescribed. If the offender is a public official or employee, he shall, in addition to the penalties prescribed herein, suffer perpetual or temporary absolute disqualification from office, as the case may be.

Any public official or employee who is called upon to testify and refuses to do the same or purposely fails to testify shall suffer the same penalties prescribed herein.

The punishment of imprisonment ranging from three 3 to eight 8 years and a fine of not less than Five hundred thousand Philippine pesos Php,

bank between client employee phils relationship