Section 8Sec./Art. 8

Coordinated Verification of a Disputed Transaction. - Upon receipt of a complaint, an information from another Institution, or detection through FMS, the Institutions and Account Owners involved shall initiate a coordinated verification process to validate the disputed transaction, regardless of whether the funds remain in the banking system or not. The provisions of Republic Act No. 1405, as amended; Republic Act No. 6426, or the "Foreign Currency Deposit Act of the Philippines", as amended; Republic Act No. 8367, or the "Revised Non-Stock Savings and Loan Association Act of 1997"; and Republic Act No. 10173, or the "Data Privacy Act of 2012" shall not apply during the coordinated verification process of a disputed transaction.