Practice question
An ordinary bank customer makes a single P500,000 cash transaction in one banking day. No other relevant transaction or suspicious indicator exists. Does the amount alone exceed the general covered threshold?
- Yes, equality always means excess
- Yes, every bank transaction is covered by amount
- Only if the customer wears formal clothes
- No, the statutory amount must be in excess of P500,000
- No transaction can ever be reportable
Legal references
- RA 11521 Section 2, amending AMLA Section 3(b)-(b-1): https://lawphil.net/statutes/repacts/ra2021/ra_11521_2021.html
Answer this question in flashcards to review your response and continue practicing.