Practice question
A compliance manual still says only a supervising authority may extend the default reporting period to ten working days under the older text. Which current statutory provision corrects that description?
- RA 10365 permits AMLC to prescribe a different period not exceeding fifteen working days.
- The old ten-day wording can never be amended.
- All reporting periods were abolished by RA 11521.
- Only the customer may set reporting deadlines.
- RA 12312 makes all AML reports optional.
Legal references
- RA 9160, Section 9(a)-(b), customer identification and recordkeeping: https://lawphil.net/statutes/repacts/ra2001/ra_9160_2001.html
- RA 10365, Sections 1 and 7, covered persons and reporting amendments: https://lawphil.net/statutes/repacts/ra2013/ra_10365_2013.html
- RA 10927, casino coverage and casino covered-transaction threshold: https://lawphil.net/statutes/repacts/ra2017/ra_10927_2017.html
- RA 11521, amended covered-person and covered-transaction provisions: https://lawphil.net/statutes/repacts/ra2021/ra_11521_2021.html
- RA 12312, Sections 8 and 17, Anti-POGO Act AMLA amendment: https://lawphil.net/statutes/repacts/ra2025/ra_12312_2025.html
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