AMLA MCQ with ans - sfdgnb PDF

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B 1. As to the character of the offense, “Money Laundering” isA. Civil B. Criminal C. Political D. NaturalBasis: Rule 4: Money laundering is a crime whereby the proceeds of an unlawful activity are transacted, thereby making them appear to have originated from legitimate sources.B 2. What is the thr...

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B 1. As to the character of the offense, “Money Laundering” is A. Civil B. Criminal C. Political D. Natural Basis: Rule 4: Money laundering is a crime whereby the proceeds of an unlawful activity are transacted, thereby making them appear to have originated from legitimate sources. B 2. What is the threshold figure for a “covered transaction”? A. at least P500,000 B. more than P500,000 C. at least P4,000,000 D. more than P4,000,000 Basis: Rule 3.g1: A covered transaction is a transaction in cash or other equivalent monetary instrument involving a total amount of more than P500,000 within 1 banking day. (Note: the more than P4,000,000 threshold was before the amendments made under RA No. 9194). B 3. The “more than P500,000” threshold applies to “suspicious transactions”. A. True B. False Basis: False. Suspicious transactions are transactions with covered institutions, regardless of the amounts involved, where any of the circumstances enumerated in the law exist. C 4. Suspicious transactions are transactions with covered institutions, regardless of the amounts involved, where any of the following circumstances exist (choose the exception): A. There is no underlying legal or trade obligation, purpose or economic justification B. The client is not properly identified C. The amount involved is commensurate with the business or financial capacity of the client D. The transactions is in a way related to an unlawful activity or offense under the Act that is about to be, is being or has been committed Basis: The phrase should be: The amount involved is “not commensurate” with the business or financial capacity of the client. D 5. Suspicious transactions shall be reported by covered persons. Which of the

following is least likely considered as a covered person? A. Bank or banking institution B. Insurance company C. Jewelry dealer in precious metal D. Lawyer acting as independent legal counsel Basis: Covered persons shall not include lawyers and accountants acting as independent legal professionals in relation to information concerning their clients or where disclosure of information would compromise client confidences or the attorney-client relationship. C 6. To which specific body shall covered persons report the occurrence of suspicious transactions? A. COA – Commission on Audit B. BSP – Bangko Sentral Ng Pilipinas C. AMLC – Anti-Money Laundering Council D. PDIC – Philippine Deposit Insurance Commission Basis: Covered persons shall report to the AMLC all covered transactions and suspicious transactions. (Rule 4) C 7. Within how many days shall covered persons report to the AMLC the occurrence of suspicious transactions? A. 1 working day B. 3 working days C. 5 working days D. 7 working days Basis: Covered persons shall report to the AMLC all covered transactions and suspicious transactions within 5 working days from occurrence thereof, unless the AMLC prescribes a different period not exceeding 15 working days D 8. What is the objective of Anti-Money Laundering Law? A. To protect and preserve he integrity and confidentiality of bank accounts B. To ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity C. Consistent with it's foreign policy, to extend cooperation in transnational investigations and prosecutions of persons involved in money laundering activities wherever committed. D. All of the above Basis: Rule 2. Declaration of Policy. ‐ It is hereby declared the policy of the State to protect the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any

unlawful activity. Consistent with its foreign policy, the Philippines shall extend cooperation in transnational investigations and prosecutions of persons involved in money laundering activities wherever committed. C 9. 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 money instruments or proceeds of any unlawful activity. A. Estafa B. Forgery C. Money Laundering D. Bribery Basis: Rule 4. Money Laundering Offense. ‐ Money laundering is a crime whereby the proceeds of an unlawful activity as herein defined are transacted, thereby making them appear to have originated from legitimate sources. A 10. It refers to a type of transaction that shall be reported by a covered person to the Anti-Money Laundering Council because the transaction breaches the quantitative threshold for reporting purposes. A. Covered transaction B. Suspicious transaction C. Reportable transaction D. Exempted transaction Basis: Rule 3.g.1. “Covered Transaction” is a transaction in cash or other equivalent monetary instrument involving a total amount in excess of five hundred thousand pesos (Php500,000.00) within one (1) banking day. A 11. In case of jewelry dealers, dealers of precious metals or dealers of precious stones, what is the quantitative threshold for any transaction in cash or other equivalent to be considered reportable transaction to Anti-Money Laundering Council? A. A transaction with amount exceeding P1,000,000 B. A transaction with amount exceeding P100,000 C. A transaction with amount exceeding P500,000 D. A transaction with amount exceeding P5,000,000 Basis: Rule 3: Covered transaction refers to transaction exceeding One Million pesos (Php1,000,000.00) in cases of jewelry dealers, dealers in precious metals and dealers in precious stones. B 12. It refers to a type of transaction that shall still be reported by a covered person to the Anti-Money Laundering Council even if the transaction does not breach the quantitative threshold for reporting purposes by reason of the unusual

nature of the transaction. A. Covered transaction B. Suspicious transaction C. Reportable transaction D. Exempted transaction Basis: Rule 3.g.2 Suspicious transaction is a transaction where any circumstance relating to the transaction which is observed to deviate from the profile of the client and/or the client’s past transactions with the covered institution; the transaction is in any way related to an unlawful activity or any money laundering activity or offense under the AMLA, as amended, is being or has been committed; D 13. Which of the following is not a suspicious transaction that shall be reported to Anti-Money Laundering Council? A. Transaction that may be perceived that the client’s transaction is structured in order to avoid being the subject of reporting requirements under AMLA. B. Transaction is any way related to an unlawful activity or any money laundering activity or offense that is about to be committed, is being or has been committed. C. Transaction that deviates from the client’s transactions with the covered person. D. Transaction entered into in the ordinary course of business of the client. Basis: Rule 3.g.2 Suspicious transaction is a transaction, regardless of amount, where any of the following circumstances exist: * taking into account all known circumstances, it may be perceived that the client’s transaction is structured in order to avoid being the subject of reporting requirements under the act; * any circumstance relating to the transaction which is observed to deviate from the profile of the client and/or the client’s past transactions with the covered institution; * the transaction is in any way related to an unlawful activity or any money laundering activity or offense under the AMLA, as amended, is being or has been committed; C 14. As a general rule, which court has original jurisdiction to try money laundering cases committed by private individuals? A. Municipal trial court B. Court of Tax Appeals C. Regional Trial Court D. Sandiganbayan Basis: Rule 5.a. Jurisdiction of Money Laundering Cases. ‐ The Regional Trial Courts shall have the jurisdiction to try all cases on money laundering.

D 15. Who among the following is not a part of Anti-Money Laundering Council?

A. BSP Governor as chairperson of AMLC B. Insurance Commissioner as member of AMLC C. SEC Chairperson as member of AMLC D. BIR Commisioner as member of AMLC Basis: Rule 7.a.1. Composition. ‐ The Anti ‐Money Laundering Council is hereby created and shall be composed of the Governor of the Bangko Sentral ng Pilipinas as Chairman, the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as Members. D 16. Which of the following is not a minimum customer identification to be required by a covered person from its client or customer? A. Name of customer, date and place of birth and present and permanent address B. Nationality of customer C. Nature of work and name of employer D. Name of all relatives of customer Basis: Rule 9.a.3. Minimum Information/Documents Required for Individual Customers. ‐ The following minimum information/documents shall be obtained from individual customers: (a) Name; (b) Present address; (c) Permanent address; (d) Date and place of birth; (e) Nationality; (f) Nature of work and name of employer or nature of self ‐employment/business; A 17. Which court has the jurisdiction to issue a freeze order on bank accounts upon verified ex parte petition by the AMLC and after determination that probable cause exists that any monetary instrument or property is in any way related to an unlawful activity? A. Court of Appeals B. Municipal Trial Court C. Regional Trial Court D. Court of Tax Appeal Basis: Rule 10.a. Freezing of any monetary instrument or property. – Upon verified ex parte petition by the AMLC and after determination that probable cause exists that any monetary instrument or property is in any way related to any unlawful activity as defined in Rule 3.h hereof or to a money laundering offense, the Court of Appeals may issue a freeze order on said monetary instrument or property which shall be effective immediately. B 18. What is the period allowed by AMLA to Court of Appeals to resolve the verified ex parte petition filed by the AMLC for the issuance of freeze order on bank accounts related to proceeds of any unlawful activity? A. Within 12 hours from the filing of the petition B. Within 24 hours from the filing of the petition...