Nov 11, 20232 min read

Bank's Stigma Against Lawyers: Account Opening Hurdles for Practicing Attorneys

Lawyers, already navigating a complex legal landscape, are now facing unexpected challenges when attempting to open bank accounts. A lawyer recently shared his disheartening experiences with two reputable banking institutions, shedding light on the hurdles legal professionals encounter in routine financial transactions.

Despite completing the customary application process, the lawyer found his account status marked as "conferred," indicating the need for additional evaluation before approval. The bank staff attributed this delay to a purported new policy from the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Act (AMLA).

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"May bagong policy po ang bangko galing BSP AT AMLA, for verification or evaluation, Muna application nyo," the bank staff explained.

They went on to state:

"CONSIDERED HIGH RISK PO KASI KAYONG MGA ABOGADO" LALO ANG MGA SOLO PRACTITIONER O MAY LAW FIRM,"

highlighting a categorization of lawyers as high-risk individuals, especially those in solo practice or with their law firms.

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Expressing his disappointment, the lawyer applicant remarked that it was seemingly easier to open an account as an ordinary individual than as a lawyer. This raises concerns about potential discrimination against lawyers, who are already subject to rigorous professional standards. Ads.

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The incident has sparked discussions within the legal community about the fairness and transparency of such classifications. Lawyers are questioning the criteria used to label them as high-risk for corruption, emphasizing the need for a nuanced approach that recognizes the diversity within the legal profession.

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As the lawyer awaits further clarification on the alleged policy and its implications, this case highlights the broader issue of professionals facing unjust obstacles in routine financial transactions. The legal community is now urging regulatory bodies to review and reconsider policies that may inadvertently stigmatize certain occupations, impacting their ability to engage in basic financial activities.

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