Senator Francis “Chiz” Escudero is uncertain whether or not Commission on Elections (Comelec) Chair Andres Bautista will testify on his alleged quite a few bank accounts with thrift bank Luzon Development Bank (LDB).
Escudero mentioned the proposed inquiry of his committee on banks, monetary establishments and currencies on Bautista’s 35 bank accounts with over P300 million in deposits in LDB would run afoul of the bak secrecy guidelines.
“(But) it depends on the pleasure of the members but initially, I will just invite BSP (Bangko Sentral ng Pilipinas), AMLC (Anti-Money Laundering Council) and LDB,” he mentioned.
“We’ll see how the hearing goes and will give the authors of the resolution ample leeway, within the bounds of law (ie secrecy of accounts) of course,” Escudero added.
In the decision launched by Majority Leader Tito Sotto and Senator Ping Lacson, they sought to inquire whether or not LDB exercised due diligence to clients who have been thought-about PEP or politically uncovered individuals.
In the case of LDB and the bank accounts of Bautista, Sotto and Lacson careworn that compliance with the required due diligence should be studied and investigated.
“The splitting of accounts of the Comelec chair in one small thrift bank so as not to be under the radar of the AMLC, likewise needs to be looked into. The LDB, although a small thrift bank, must be equally monitored just like the big commercial and universal banks, as the AMLA covers all banks, without providing any qualifications,” they mentioned.