Practice question
A business routinely acts as formation agent for juridical persons for third parties. It argues only banks can be covered persons. Which is correct?
- Every formation service is exempt automatically
- The absence of bank deposits eliminates all AML duties
- Only its logo matters
- The statutory company-service-provider category can cover that business
- Only cashiers can be covered persons
Legal references
- RA 10365 Section 1, amending AMLA Section 3(a)(6): https://lawphil.net/statutes/repacts/ra2013/ra_10365_2013.html
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