What is the maximum period given to Court of Appeals to resolve petition filed by AMLC for the issuance of bank inquiry order involving bank accounts of suspected launderer?

What is the maximum period given to Court of Appeals to resolve petition filed by AMLC for the issuance of bank inquiry order involving bank accounts of suspected launderer?

• A. 12 hours
• B. 24 hours
• C. 36 hours
• D. 48 hours

Answer: (B)

This item tests the fast-track timeframe for the Court of Appeals when acting on AMLC petitions for a bank inquiry order. The law sets a 24-hour limit for the Court of Appeals to resolve such petitions after filing. This quick turnaround is essential because bank inquiry orders involve obtaining access to bank records of suspected launderers, and timely action helps preserve evidence and prevents the dissipation of assets that could hinder ongoing investigations. A swift judicial review balances the need for urgent financial crime action with a review process, avoiding protracted delays that could undermine enforcement. The other timeframes are not the standard provided by the rule, which is why 24 hours is the correct maximum.

This item tests the fast-track timeframe for the Court of Appeals when acting on AMLC petitions for a bank inquiry order. The law sets a 24-hour limit for the Court of Appeals to resolve such petitions after filing. This quick turnaround is essential because bank inquiry orders involve obtaining access to bank records of suspected launderers, and timely action helps preserve evidence and prevents the dissipation of assets that could hinder ongoing investigations. A swift judicial review balances the need for urgent financial crime action with a review process, avoiding protracted delays that could undermine enforcement. The other timeframes are not the standard provided by the rule, which is why 24 hours is the correct maximum.