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29 Cards in this Set
- Front
- Back
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What is the mode of payment by PDIC of claims of depositors from a closed bank?a. By cashb. By making available to each depositor a transferred deposit in another insured bank in an amount equal to insured deposit of such depositorc. By checks, promissory note or bill of exchanged. Either A or B |
D |
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What is the maximum period for payment by PDIC to depositors of their claims from a closed bank in order not to make PDIC's officer liable for failure to pay due to grave abuse of discretion, gross negligence, bad faith or malice?a. Within 2 years from the date of filing of deposit insurance claim to PDICb. Within 1 year from the date of filing of deposit insurance claim to PDICc. Within 6 months from the date of filing of deposit insurance claim to PDICd. Within 3 months from the date of filing of deposit insurance claim to PDIC |
C |
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What is the effect of payment by PDIC of insured deposits to depositors?a. PDIC may recover from the assets of the closed in so far as the payment made by PDIC is beneficial to depositors.b. PDIC shall be legally subrogated to all rights of depositor against the closed bank to the extent of such payment.c. PDIC may not recover from the assets of the closed bank if the payment is without the knowledge or against the will of the closed bank.d. PDIC may only recover from the assets of the closed bank if the payment is with the consent of the closed bank. |
B |
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Under Republic Act No. 1405, what is the nature of bank deposit and investment in government bonds?a. As a general rule, they are absolutely confidential in nature.b. As a general rule, they are generally subject to any type of inspection.c. They are exempted from any type of inquiry.d. None of the above. |
A |
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Under Republic Act No. 1405, the following instruments are considered absolutely confidential in nature, excepta. Savings depositb. Time depositc. Current account or Demand accountd. Investment in government bondse. Money market placement or Telegraphic Notes or Telegram notes |
E |
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They refer to money or funds placed with a bank that can be withdrawn on the depositor's order or demand.a. Depositsb. Trust fundsc. Money market placementsd. Deposit substitutes |
A |
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Under Republic Act No. 1405 a.k.a. Philippine Peso Deposit Secrecy Law, the bank deposits and investment in government bonds may be inquired into in the following exceptional instances, excepta. Upon written permission or consent in writing by the depositor.b. In cases of impeachment of the President, Vice President, members of the Supreme Court, members of the Constitutional Commission (Commission on Elections, Civil Service Commission and Commission on Audit) and the Ombudsman for culpable violation of the Constitution, treason, bribery, graft and corruption, other high crimes or betrayal of public trust. (Art. XI, Sec. 2, 1987 Philippine Constitution)c. Upon order of a competent court in cases of bribery or dereliction of duty of public officials.d. In cases where the money deposited or invested is the subject matter of the litigation.e. In cases of tax evasion cases filed by BIR Commissioner against a taxpayer. |
E |
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Which of the following inquiries will be considered a violation of Philippine Peso deposit secrecy law?a. Periodic inquiry or special examination of bank deposits by BSP to ensure compliance with the Anti-Money Laundering Law.b. Inquiry of bank deposits by BIR Commissioner in relation to an application for compromise of taxable liability or determination of a decedent's gross estate under National Internal Revenue Code.c. Inquiry of bank deposits by PDIC when there is finding of unsafe or unsound banking practices.d. Inquiry of bank deposits by DOJ Secretary for the purpose of persecution of the members of the opposing political party. |
D |
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Which of the following disclosures will be considered a violation of Philippine peso deposit secrecy law?a. Reporting of unclaimed balances of a bank deposit to the Treasurer of the Philippines or Bureau of Treasury by authorized bank officials.b. Using of insider information about the bank deposits by bank employees in order to determine the credit rating or credit standing of their depositors for purposes of offering credit cards.c. Turn-over by authorized bank officials to the BIR Commissioner of the amount in bank accounts as may be sufficient to satisfy the writ of garnishment issued to collect delinquent taxes.d. Disclosure by a bank officer or employee upon order of a competent court in connection with a deposit in a closed bank that was used in the perpetration of anomalies. |
B |
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A government employee, purchased DBP Bonds with a total value of P100,000 and receives annual interest income from his investment. Under Bank Secrecy Law, the investment of the government employee may be inquired into even without need of a court order by thea. Public prosecutor handling estafa case against the government employeeb. BIR officer auditing the VAT of the government employeec. Credit investigator of a lending institution where the government employee applied for the loand. None of the foregoing |
D |
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A government employee, purchased DBP Bonds with a total value of P100,000 and receives annual interest income from his investment. Under Bank Secrecy Law, the investment of the government employee may be inquired into even without need of a court order by thea. Public prosecutor handling estafa case against the government employeeb. BIR officer auditing the VAT of the government employeec. Credit investigator of a lending institution where the government employee applied for the loand. None of the foregoing |
C |
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The following are the exceptional cases when the BIR Commissioner may inspect bank deposits, excepta. When there is application of compromise liability by a taxpayer on the ground of financial incapacityb. To determine the gross estate for computation of estate tax's liabilityc. When a request for tax information of specific taxpayers made by a foreign tax authority pursuant to a tax treaty under The Exchange of Information on Tax Matters Act of 2009d. To determine the taxable income of politicians |
D |
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What is the penalty provided by law for violation of RA 1405 a.k.a. Philippine Peso deposit secrecy law?a. Imprisonment of not more than five years or fine of not more than P20,000 or both imprisonment and fine.b. Imprisonment of not more than ten years or fine of not more than P200,000 or both imprisonment and fine.c. Imprisonment of not more than twenty years or fine of not more than P2,000,000 or both imprisonment and fine.d. Imprisonment of not more than one year or fine of not more than P2,000 or both imprisonment and fine. |
A |
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Under Foreign Currency Deposit Act of the Philippines or R.A. 6426, what is the only exception for the absolutely confidential nature of Foreign Currency Bank Deposits?a. Upon written permission or consent in writing by the depositor.b. In cases of impeachment of the President, Vice President, members of the Supreme Court, members of the Constitutional Commission (Commission on Elections, Civil Service Commission and Commission on Audit) and the Ombudsman for culpable violation of the Constitution, treason, bribery, graft and corruption, other high crimes or betrayal of public trust. (Art. XI, Sec. 2, 1987 Philippine Constitution)c. Upon order of a competent court in cases of bribery or dereliction of duty of public officials.d. In cases where the money deposited or invested is the subject matter of the litigation. |
A |
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Which is false about Foreign Currency Deposit Act also known as R.A. No. 6426?a. The foreign currency deposits maintained abroad by Filipino citizens are not covered by the provisions of this act.b. Depositary banks which have been qualified by the Monetary Board to function under expanded foreign currency deposit system are exempt in maintain the fifteen percent (15%) foreign currency cover for their liabilities in the form of foreign currency deposit with BSP.c. Foreign currency deposits are of absolutely confidential nature, except upon the written permission of the depositor.d. Foreign currency deposits are subject to attachment, garnishment, or any other order or process of the court. |
D |
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A non-resident alien was convicted beyond reasonable doubt of raping a minor. Such non-resident alien does not have any property in the Philippines except a foreign currency deposit with a domestic bank. May the court issue a writ of garnishment of the foreign currency deposit of that convicted non-resident alien?a. No because Foreign Currency Deposit Act of the Philippines provides that foreign currency deposits are exempted from attachment or garnishment.b. Yes but only if the non-resident alien will give his permission or consent in writing.c. Yes because if that foreign currency deposit will be exempted from garnishment, injustice would result especially to a citizen aggrieved by a foreign guest.d. No because foreign currency deposits are absolutely confidential in nature and making an exception to the confidentially of foreign currency deposits will discourage foreign investments. |
C |
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What is the penalty provided by R.A. No. 6426 for violation of confidentiality of foreign currency deposit act of the Philippines?a. Imprisonment of not less than 1 year nor more than 5 years or fine not less than P5,000 but not more than P25,000 or both imprisonment and fine.b. Imprisonment of not less than 2 years nor more than 10 years or fine not less than P10,000 but not more than P50,000 or both imprisonment and fine.c. Imprisonment of not less than 3 years nor more than 15 years or fine not less than P20,000 but not more than P100,000 or both imprisonment and fine.d. Imprisonment of not less than 4 year nor more than 20 years or fine not less than P50,000 but not more than P500,000 or both imprisonment and fine. |
A |
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Which type of bank deposit of impeachable officer may be examined by impeachment court without consent of the impeachable officer?a. Philippine Peso Bank Depositb. Foreign Currency Bank Depositc. Both A and Bd. Neither A nor B |
A |
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As a general rule, which type of bank deposit may not be subject to attachment, execution or garnishment?a. Philippine Peso Bank Depositb. Foreign Currency Bank Depositc. Both A and Bd. Neither A nor B |
B |
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They include credits or deposits of money, bullion, security or other evidence of indebtedness of any kind, and interest thereon with banks in favor of any person known to be dead or who has not made further deposits or withdrawal during the preceding ten (10) years or more. a. Dormant accountsb. Unclaimed balancesc. Dead accountsd. Closed deposits |
B |
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Which of the following credits may is not covered by Unclaimed Balances Law?a. Credits of moneyb. Deposits of moneyc. Security of indebtednessd. Bond indenture or other evidence of indebtedness of any kinde. Telegraphic note or Telegram notef. Patent or copyright or trademark |
F |
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Which of the following institutions is not covered by Act No. 3936 also known as unclaimed balances law?a. Banksb. Trust companiesc. Mutual building and loan associationd. Nonstock savings and loans association |
D |
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Which government agency has the authority to reactive an unclaimed balance account?a. Bureau of Internal Revenueb. Bureau of Customsc. Bureau of Treasuryd. Bureau of Unclaimed Balance |
C |
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What petition may be filed by the Office of Solicitor General in behalf of the Republic of the Philippines in order to forfeit unclaimed balances of a person who, dying intestate and leaving no heir entitled to his estate?a. Petition for escheatb. Petition for quo warrantoc. Petition for mandamusd. Petition for certiorari |
A |
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What is the objective of Anti-Money Laundering Law?a. To protect and preserve the integrity and confidentiality of bank accountsb. To ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activityc. Consistent with its foreign policy, to extend cooperation in transnational investigations and prosecutions of persons involved in money laundering activities wherever committedd. All of the above |
D |
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It refers to a crime committed by any person who knowing that any monetary instrument or property represents, involves, or relates to the proceeds of any unlawful activity, transacts, converts, transfers, disposes of, moves, acquires, possesses or uses said monetary instruments or proceeds of any unlawful activity.a. Estafab. Forgeryc. Money launderingd. Bribery |
C |
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Which of the following is not considered offense punishable as money laundering?a. Transacting known proceeds of any unlawful activity.b. Converting, transferring, disposing of, acquiring, possessing, moving, or using known proceeds of any unlawful activity.c. Concealing, disguising the true nature, source, location, movement, or ownership of known proceeds of any unlawful activity.d. Mere knowledge of proceeds of any unlawful activity. |
D |
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Which of the following is not considered offense punishable as money laundering?a. Attempting or conspiring to commit money laundering offenses punishable by Anti-Money Laundering Law.b. Aiding, abetting, assisting or counseling the commissions of money laundering offenses punishable by Anti-Money Laundering Law.c. Performing or failing to perform any act as a result of which facilitates the commission of money laundering offenses punishable by Anti-Money Laundering Law.d. Failing to report suspicious or reportable transactions to Anti-Money Laundering Council by a covered institution of Anti-Money Laundering Law.e. Mere employment in a covered institution required to report suspicious or reportable transactions to Anti-Money Laundering Council. |
E |
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Which of the following is not a predicate crime of Money Laundering Offense?a. Swindlingb. Adulteryc. Fencingd. Illegal recruitment |
B |
