Commercial Law, 2012 Bar — Question 77

MULTIPLE CHOICE

X, a private individual, maintains a dollar deposit with ABC Bank. X is suspected to be the leader of a Kidnap for Ransom Gang and he is suspected of depositing all ransom money in said deposit account which are all in US Dollars. The police want to open said account to know if there are really deposits in big amounts. Which statement is most accurate? A) The same rules under Secrecy of Bank Deposit Act will apply. B) An approval from the Monetary Board is necessary to open the account. C) Because the deposit is in US Dollars, it is covered by the Foreign Currency Deposit Act which allows disclosure only upon the written permission of the depositor. D) Approval from the Court is necessary to order disclosure of the account.

You can write freely without an account. Sign in to reveal the suggested answer and track your progress.