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RFLIB > Anti Money Laundering Act > Flashcards

Anti Money Laundering Act Flashcards

1
Q

Process of making illegally obtained proceeds appear legal

A

Money Laundering

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2
Q

What are the stages of Money Laundering

A

Placement
Layering
integration

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3
Q

At this stage, the launderer inserts dirty money into a legitimate financial institution

A

Placement

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4
Q

Stage that involves sending money through various financial transactions to change its form and make it more difficult to follow

A

Layering

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5
Q

At this stage, the money re-enters the mainstream economy in a legitimate-looking form, appearing to have come from a legitimate transaction

A

Integration

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6
Q

What is the RA of AMLA

A

9160

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7
Q

What is the policy of the State under AMLA

A

To protect and preserve the integrity and confidentiality of bank accounts

To ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity

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8
Q

What is a prerequisite in all cases of situations constituting a money laundering activity?

A

The person knows that the assets at hand came from unlawful activity

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9
Q

When is money laundering commited?

A
  1. Transacts the monetary instrument from unlawful activity
  2. Converts, transfers, disposes, move, etc., the monetary instrument
  3. Conceals or disguises the true nature or source of the instrument
  4. Attempts or conspires to commit money laundering offenses
  5. aids or assists the commission of the money laundering offenses
  6. performs or fails to perform any acts as a result of which he facilitates the offense
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10
Q

Money Laundering is also commited by any __ __ who, knowing that a ___ or ___ ___ is required under this act to be reported to the AMLC fails to do so

A

covered person, a covered or suspicious transaction

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11
Q

Pedro enacted theft, and the proceeds were transferred to another person. Was money laundering done?

A

No. Qualified theft must be done

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12
Q

Proceeds from a homicide was used in a transaction. Is it considered money laundering?

A

No. Murder, and not homicide must be done.

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13
Q

Covered Persons or Institutions: Casino are considered to be under the covered institution if the Cash Casino Transactions is?

A

In excess of 5M

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14
Q

Covered Persons or Institutions: Real Estate Developers for single cash transaction involving an amount

A

In excess of 7.5 M

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15
Q

Covered Persons or Institutions: Jewelers of Precious Stones and Metals are included from?

A

In excess of 1M

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16
Q

What is the exclusion in covered person/institution?

A

Lawyers and accountants who are authorized to practice in the PH acting as legal professionals.

17
Q

What are the obligations of Covered Persons/Institution

A
  1. Customer Identification
  2. Record Keeping (5 years)
  3. Reporting of Covered and Suspicious transactions to the AMLC
18
Q

When should the covered person/institutions report to the AMLC

A

Within 5 working days from occurrence or not exceeding 15 working days

19
Q

T or F: Reporting of a bank to the AMLA is a violation of Bank Secrecy Law

A

F

20
Q

No administrative, criminal, or civil proceedings, shall lie against any person or institution for reporting

A

Safe Harbor Provision

21
Q

Covered transactions are transactions involving monetary instruments that are in excess of, and must be reported to amla, within _ banking day.

A

500k, one banking day

22
Q

What do you call transactions that need to be reported regardless of their value

A

Suspicious Transaction

23
Q

The circumstances upon which consitutes a suspicious construction:

A
  1. No underlying legal obligation, purpose, or economic justification
  2. Non Identification of Client
  3. The amount and the financial capacity of client misaligns greatly
  4. Transactions structured for avoidance of reporting
  5. Deviation with client’s past transaction
24
Q

Enumare the Covered Persons

A
  1. Regulated by the BSP
  2. Regulated by the Insurance Commission
  3. Regulated by the SEC
  4. Jewelers for stones and metals transactions over 1m
  5. Provides service as an officer for others
  6. Provides management or creation of assets and business
25
Q

What is the composition of the AMLC?

A
  1. BSP Governor (Chairman)
  2. Commissioner of the Insurance Commission
  3. Chairman of the SEC
26
Q

The court of appeals may issue a ____ ___ which shall be effective immediately, and shall not exceed __ months.

A

freeze order, 6

27
Q

The court shall act to freeze the instrument within?

A

24 hours from filing

28
Q

Only the ___ ___ can issue a temporary restraining order on a freeze order

A

Supreme Court

29
Q

The Court of Appeals shall act on the application to inquire into or examine any deposit or
investment with any banking institution or non-bank financial institution within
___ ___ from filing of the application.

A

(24) hours

RFLIB (7 decks)

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