Practice question
A covered person knows a suspicious transaction must be reported to AMLC but fails to report it. What does section 4 provide?
- Reporting failure can never be laundering
- Only the account holder can owe reporting duties
- It is automatically harmless if the amount is small
- Only a verbal apology is prescribed
- The knowing failure falls within the section’s express reporting-offense provision
Legal references
- https://lawphil.net/statutes/repacts/ra2013/ra_10365_2013.html — RA 10365, sections 4 and 5 amending AMLA sections 4 and 6
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