Rfbt-Special Topics_Amla

Front 1

A crime whereby the proceeds of an unlawful activity are transacted, thereby making them appear to have originated from legitimate sources

Back 1

Money laundering

Front 2

I. Money laundering is committed by any person who, knowing that the monetary intrument or property relates to the proceeds of any unlawful activity, transacts, converts, conceals or disguises the true nature of said monetary instrument.

II. It is also committed when attempts or conspires to commit, aids or assists, preforms or fails to perform as a result of which facilitates the offense of money laundering

III. It is also committed by any covered person who, knowing that they are required to report covered or suspicious transactions, fails to do so

Back 2

All statements are true

Front 3

What are covered transactions in AMLA?

Back 3

1. Transaction in cash or other equivalent monetary instrument exceeding P500,000

2. Transaction exceeding P1,000,000 in cases of jewelry dealers, dealers in precious metals and dealers in precious stones

3. Single casino cash transaction exceeding P5,000,000 or its equivalent in any other currency

Front 4

Suspicious transactions are transactions regardless of the amounts involved where there is no legal or economic justification; the client is not properly indentified; the amount involved is not commensurate with the business or financial capacity of the client.

Back 4

True

Front 5

Who are covered persons under AMLA?

Back 5

1. Regulated by BSP

-banks, non-banks, quasi-banks, trust entities, foreign exchange dealers, pawnshops, money changers, remittance and transfer companies

2. Regulated by Insurance Commission(IC)

-insurance companies, pre-need companies

3. Regulated by SEC

-security dealers, brokers, salesmen,investment houses

-mutual funds, close-end investment companies,common trust funds

-other entities dealing in currency, commodities or financial derivatives

4. Jewelry dealers in precious metals, exceeding 1,000,000

5. Jewelry dealers in precious stones, exceeding 1,000,000

6. Company service providers

-formation agent of juridical persons

-acting as a director or corporate secretary

-providing a registered office

-acting as a nominee shareholder

7. Management of client money, bank, companies and juridical persons

Front 6

Who are specifically excluded from covered persons?

Back 6

Lawyers and accountants provided authorized to practice in the philippines

Front 7

Composition of Anti-Money Laundering Council

Back 7

Chairman- Governor of BSP

Member- Commissioner of IC

Member- Chairman of SEC

Front 8

AMLC should apply before the Court of Appeals for the freezing of any monetary instrument or property alleged to be laundered

Back 8

True

Front 9

How many days do AMLC require Land Registration Auhtority to report all real estate transactions exceeding 500,000?

Back 9

15 days from date of registration of transaction

Front 10

Jurisdiction of Money Laundering Cases

Back 10

Regional Trial Courts to try all cases on money laundering

Front 11

Jurisdiction of money laundering cases committed by publice officers and private persons who are in conspiracy with such public officers

Back 11

Sandiganbayan

Front 12

Prosecution of Money Laundering

Back 12

May be charged with BOTH the offense of money laundering and unlawful activity

Front 13

The prosecution of any offense under AMLA shall proceed independently of any proceeding relating to unlawful activity

Back 13

True

Front 14

Ways of preventing money laundering

Back 14

Customer Identification

Record Keeping

Front 15

Customer Identification ways

Back 15

-face-to-face contact

-minimum customer informatiin and identification documents

-third party reliance

-outsourcing

-identification and verification of a beneficial owner, trustee, nominee, or agent

Front 16

The use of Information and Communication Technology in the conduct of face-to-face contact may be allowed provided what?

Back 16

-covered person is in possession of and has verified the identification documents submitted by client prior to interview

-entire procedure is documented

Front 17

Customers who engage with a covered person for the first time shall be required to present what?

Back 17

original and clear copy of at least 1 official identification document

Front 18

Where the customer or authorized representative is a foreign national, covered person shall require such person to?

Back 18

Present passport or alien certificate of registration issued by Bureau of Immigration

Front 19

A covered person may rely on third party to perform customer identification provided the 3rd party shall be

Back 19

-covered person; or

-financial institution or DNFBP operating outside phil that is covered by equivalent customer identification requirements

Front 20

A covered person may outsource the conduct of customer identification provided that employees of counter-party what?

Back 20

undergo equivalent training program as that of the covered person's own employees

Front 21

Where an account is opened or a transaction is conducted by any person in behalf of another, covered person shall establish and record the true and full identity and existence of?

Back 21

Both the account holder or transactor and beneficial owner

Front 22

In case there is doubt as to whether the account holder or transactor is being used as a dummy in circumvention of existing laws, what shall covered persons do?

Back 22

-apply enhanced due diligence; or

-file a Suspicious Transaction Report, if warranted

Front 23

Retention of all records of all transactions

Back 23

5 years from the date of transactions

Front 24

Retention of records where the account is subject of a case

Back 24

Kept beyond the 5 year period until it is officially confirmed by the AMLC Secretariat that the case has been resolved

Front 25

Retention of records in case of closed accounts

Back 25

at least 5 years from the date the accounts were closed

Front 26

Form of records

Back 26

Originals or in such forms admissible in court

Front 27

Form of records for low risk customers

Back 27

whatever form

Front 28

Electronic copies of all covered and suspicious transaction reports shall be kept for

Back 28

at least 5 years from the date of submission to AMLC

Front 29

Reporting of covered and suspicious transaction

Back 29

within 5 working days from occurrence thereof, unless AMLC prescribes diff period not exceeding 15 working days

Front 30

For suspicious transactions, occurrence means?

Back 30

Date of determination of the suspicious nature of transaction

Front 31

Determination of suspicious nature of transaction should be made when?

Back 31

Not exceeding 10 calendar days from the date of transaction

Front 32

Determination of suspicious nature of transaction related to unlawful activity should be made when?

Back 32

Not exceeding 10 calendar days from the date the covered person knew or should have known the suspicious transaction indicator

Front 33

Form of Covered Transaction Report and Suspicious Transaction Report to be filed by covered persons to AMLC

Back 33

Electronic form

Front 34

Covered persons and their officers and employees are prohibited from communicating directly or indirectly to any person any information in relation to CTR and STR

Back 34

True

Front 35

A provision where no administrative, criminal or civil proceedings shall lie against any person for having made a CTR or STR in the regular performance of his duties and in good faith whether or not such reporting results in any criminal prosecution

Back 35

Safe harbor provision

Front 36

Should a transaction be determined to be both a covered transaction and a suspicious transaction, the covered person shall be required to report the same as a?

Back 36

Suspicious transaction

Front 37

When is there authority to inquire into bank deposits?

Back 37

-upon order of competent court

-in instances even without court order

a. Kidnapping for ransom

b. Violation of Comprehensive Dangerous Drugs Act of 2002

c. Hijacking, destructive arson and murder

d. Felonies

Front 38

AMLA shall not be used for political prosecution or instrument to hamoer competition in trade and commerce

Back 38

True

Front 39

Money laundering cannot be filed to the prejudice of a candidate for an electoral office during an election period

Back 39

True