Practice question
A covered bank keeps transaction records only until the customer closes the account, even though the applicable five-year retention period has not elapsed. It asserts closure automatically erases record duties. Which is best?
- Closure automatically authorizes destruction
- All records belong only to the customer
- Retention applies only to profitable accounts
- AMLA requires no recordkeeping
- The applicable AMLA retention requirements continue despite closure
Legal references
- RA 9160 Section 9(b): https://lawphil.net/statutes/repacts/ra2001/ra_9160_2001.html
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