AMLA Flashcards

1
Q

Money laundering

A

is committed by any person who, knowing that any monetary instrument or
property represents, involves, or relates to the proceeds of any unlawful activity of:
• Transacting or attempting to transact money laundering
• Facilitating money laundering
• Failure to report

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2
Q

Modes of Money Laundering

A
  • Mix with legitimate funds
  • Use for legitimate purpose/s
  • Invest in legitimate business/es
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3
Q

Special powers of Anti-Money Laundering Council (AMLC)

A
  • Inquiry Into/Examination of Bank Deposits/Investments
  • Freeze of Dirty Money/Property
  • Forfeiture of Dirty Money/Property
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4
Q

The Anti-Money Laundering Council is composed of:

A
  • Chairman: BSP Governor
  • Members:
    i. Commissioner of Insurance Commission
    ii. Chairman of SEC
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5
Q

Obligations of Covered Institutions

A
  • Customer Identification
  • Safe Harbor
  • Reportorial Requirements
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6
Q

Stages of Money Laundering

A
  • Placement
  • Layering
  • Integration
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7
Q

When a transaction is determined to be both a covered and a suspicious transaction, it shall be
reported as?

A

Suspicious Transaction

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8
Q

A transaction in cash or other equivalent monetary instrument involving a total amount in
excess of Five Hundred Thousand Pesos (P500,000.00) within one banking day.

A

Covered Transactions

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9
Q

Anti-Money Laundering Act’s Three Major Requirements

A
  • Customer Identification and Due Diligence
  • Record Keeping or Retention
  • Reportorial Duty
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10
Q

What are the prohibited accounts under the Anti-Money Laundering Act?

A
  • Anonymous Accounts
  • Accounts under fictitious names
  • Numbered checking accounts
  • Other similar accounts
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11
Q

When may the Anti-Money Laundering Council inquire into bank deposits?

A

General Rule: Only upon order of any competent court in cases of violation of RA 9160
“Anti-Money Laundering Act of 2001”, as amended.
Exception: No need of court order in cases of Kidnapping, Hijacking, Drugs, Arson, and
Murder

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12
Q

Who has jurisdiction for violation of AMLA?

A
  • Regional Trial Court - all cases on money laundering
  • Sandiganbayan - Those committed by public officers and private persons in conspiracy
    with them.
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13
Q

Which court has the jurisdiction to issue a freeze order?

A

It is solely the Court of Appeals which has the authority to issue a freeze order upon
application by the Anti-Money Laundering Council and after determination that
probable cause exists.

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