AMLA Flashcards
It is a crime committed by any person knowing that any monetary instrument or property represents or involves or relates to the proceeds of any unlawful activity
money laundering
Stages of money laundering
- Placement
- Layering
- integration
The launderer inserts dirty money into a legitimate financial institution
placement
It involves sending money through various financial transactions to change its form and make it more difficult to follow
layering
At this stage the money reenters mainstream economy in legitimate looking for appearing to have come from a legitimate transaction
integration
A crime committed by any public officer who by himself or in connivance with members of his family relatives by affinity or consanguinity business associates subordinates or other persons a masses accumulates or a core skill gotten wealth through a combination or series of overt or criminal acts
plunder
True or false. theft or taking of personal property with intent to gain but without violence or intimidation of persons or force of a things is an unlawful activity under the amla
false, unless the crime was committed with an abuse of confidence in which case it will be qualified theft which is considered as an unlawful act
Tax evasion where the basic tax in the final assessment is in excess of _____________ taxable year for each tax type with finding of probable cause
25 million
What are the covered entities (bsism jfc ro)
bsp regulated institutions
regulated entities administering or otherwise dealing in currency commodities for financial derivatives and other similar monetary instruments
insurance commission regulated entities
securities dealers brokers salesman associated persons of brokers or dealers investment houses investment agents and consultants trading advisors and other management securities or rendering similar services
mutual funds are open and investment companies or issuers and other similar entities
jewelry dealers in precious metals or stones who as a business trade in precious metals stones for transactions in excess of 1 million
foreign exchange corporations
casinos including internet and paste casinos with respect to their personal cash transactions related to the gaming operations
estate developers and brokers
offshore gaming operators and their service providers
Jewelry dealers in precious metals or stones who has a business trade in precious metals or stones for transactions in excess of ___________
1 million
True or false. Lawyers and accountants acting as independent legal professionals or not covered with respect to privileged information covered by confidentiality and attorney-client relationship
true
The obligations of covered institutions (csr)
customer identification
record keeping for at least five years from the date of transaction
safe harbor
No administrative, criminal or civil proceedings shall lie against any person for having made a transaction report in the regular performance of his duties and in good faith whether or not such results to any criminal prosecution under philippine laws
safe harbor
Covid institutions shall report to the amlc all covered transactions within _____ from occurrence thereof, unless the amlc prescribes a longer period not exceeding __________
5 working days; 15 working days
a covered transaction is a transaction in cash or other equivalent monetary instrument involving a total amount in excess of ____________ within one banking day
500,000
For casinos, a single casino cash transaction in excess of _________ or its equivalent in any other shall be considered as a covered
5 million
For real estate developers or brokers, a single cash transaction involving an amount in excess of _________ or its equivalent in any other currency shall be considered as a covered transaction
7,500,000
In case of suspicious transactions, covered persons should promptly file to suspicious transaction reports within ___________________ thereof, which for the purposes of the rule shall be the date of establishment of suspicion or determination of the suspicious nature of the transaction
next working day from occurrence
True or false. A suspicious transaction gives no record to the amount involved
true
Should a transaction be determined to be both a covered and a suspicious transaction it shall be reported as a covered transaction. Two or false
false, shall be reported as a suspicious transaction
True or false. It’s all be prohibited from communicating directly or indirectly in any manner or by any means to any person that that a covered or suspicious transaction report was made, the content thereof and any other information in relation thereto
true
Composition of anti-money laundering council
- Chairman: the bsp governor
- Members
a. Commissioner of insurance commission
b. Chairman of sec
True or false. The amlc can institute for future proceedings if the tax due evaded has been recovered by the bir
false
Are those accounts, the fonts and sources of which originated from endor or or material a link to the monetary instrument or property subject of the breeze orders
related web of accounts
The court of appeals upon application ex parte bye amlc and after determination that probable cause exists that any monetary instrument or property is in any way related to an unlawful activity, may issue a ________ which shall be effective immediately for a period of ______ unless extended by the court of an application by the amlc
freeze order; 20 days
Within the 20 day period, the court of appeals shall conduct a _________ with notice to the parties to determine whether or not to modify or lift the freeze order or extend its effectivity. The total period of the face order issued by the court of appeals shall not exceed ____________
summary hearing; 6 months
True or false. The phrase order or asset reservation order shall be limited only to the amount of cash or monetary instrument or value of property that court finds there is probable cause to be considered as proceeds of a predicate offense
true
No court shall issue a temporary restraining order or treat of injunction against any freeze order except the
supreme court
True or false. It is only the courts who have the power to issue a freeze order
false. For purposes of implementing targeted financial functions in relation to proliferation of weapons of mass destruction and its financing, the amlc shall have the power to issue such without delay
True or false. The amlc can inquire into deposits, always upon order of the court, when there is probable cause that the deposits are related to the crime or unlawful activities
False. A court order is not necessary when the offense or unlawful activity involved is related to kidnapping for ransom, drugs, hijacking, arson and murder, terrorist
True or false. There must be a pre existing criminal case before inquiry into deposits
false. It may be availed even in the absence of such
It refers to an entity engaged in offering online games of chance or sporting events via the internet using a network and software program by themselves or through local service providers
offshore gaming operator
First to julie constituted business corporation who provide components of offshore gaming operations to offshore gaming operators
service providers
It refers to both asset freezing and prohibition to prevent phones or other assets from being made available directly or indirectly for the benefit of any individual natural or legal person or entity designated pursuant to relevant united nations security council resolution and its designation processes
targeted financial sanctions
It refers what a person makes available an asset, or provides financial service, or conducts a financial transaction and the person knows that or is reckless as to whatever the asset financial service or financial transaction is intended to in whole or in part facilitate proliferation of weapons of mass destruction
proliferation finance
True or false the powers of the amlc include the application for the issuance of subpoena add testificandum and or or duces tecum
true
