Practice question
A covered casino receives a single casino cash payment in foreign currency. Its properly established equivalent is PHP5.3 million. The casino says only peso-denominated payments can cross its covered-transaction threshold. Resolve.
- The foreign-currency equivalent also counts under the statutory casino threshold.
- Only physical Philippine banknotes can count.
- Foreign currency automatically makes the transaction lawful and unreportable.
- The threshold becomes PHP7.5 million whenever dollars are used.
- Currency conversion is prohibited for every AML classification.
Legal references
- RA 9194, Sections 1-2 and 6, AMLA transaction definitions and Section 9(c) safe harbor: https://lawphil.net/statutes/repacts/ra2003/ra_9194_2003.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
Answer this question in flashcards to review your response and continue practicing.