Anti Money Laundering Act

Question 1

Is this Money Laundering?
- nag attempt lang naman magmoney laundering pero di nangyari

Answer 1

YES

Question 2

Is this Money Laundering?
- related sa proceeds of an unlawful activity pero without knowledge

Answer 2

NO (dapat is with knowledge)

Question 3

Is this Money Laundering?
- covered person ako and I failed to report sa AMLC yung mga required na ireport

Answer 3

YES (kaya dapat maging diligent ka if covered person ka)

Question 4

Sa anong stage ng money laundering pinakamahirap idetect?

Answer 4

2. Layering

Question 5

Is this an unlawful activity?
- kidnapping

Answer 5

NO (dapat kidnapping FOR RANSOM)

Question 6

Is this an unlawful activity?
- theft

Answer 6

NO (dapat QUALIFIED theft)

Question 7

What are the additions to unlawful activity under RA 11521?

Dalawang Additions

Answer 7

• “The Strategic Trade Management Act”, in relation to Proliferation of Weapons of Mass Destruction
• Deficiency Basic Tax Due in the Final Assessment is in excess of ₱25,000,000 per Taxable Year for each tax type with finding of malicious intent

Question 8

Covered Institutions / Persons

BIS

Answer 8

regulated by
- BSP
- IC
- SEC

Question 9

Covered Institutions / Persons

DNFBP

Answer 9

Jewelry Dealers (Precious Metals and Stones)
- transactions are in excess of 1M

Company Service Providers

Question 10

Covered Institutions / Persons

CRO

Answer 10

Casino
- incudes internet and ship-based casino

Real Estate Developers / Brokers

Offshore Gaming Operators and Service Providers

Question 11

Not Covered Persons

Answer 11

Lawyers and CPA
- as independent

Question 12

Obligations of Covered Institution

Record Keeping

Answer 12

for 5 years from date of transaction

Question 13

Obligations of Covered Institution

Safe Harbor

Answer 13

kung yung tao is nagreport lang naman in good faith, bawal siya kasuhan

Question 14

Obligations of Covered Institution

Reportorial Requirements - Covered Transactions (BJCR)
shall report covered transactions to AMLC within ?

Answer 14

• Bank - more than 500K in 1 day
• Jewelry - more than 1M for single transaction
• Casino - more than 5M for single transaction
• Real Estate Developers / Brokers - more than 7.5M for single transaction

5 days from occurrence

Question 15

Obligations of Covered Institution

Reportorial Requirements - Suspicious Transactions (SUSU DIC)
shall report suspicious transactions to AMLC within ?

Answer 15

• Structured in order to avoid being the subject of reportorial requirements
• related to Unlawful activity
• Similar to other under this
• no Underlying legal obligation, purpose, or economic justification
• Deviate from profile of client
• client is not properly Identified
• not Commensurate with capacity of client

next working day from occurrence

Question 16

Covered persons and their officers and employees
must NOT disclose any details about a reported or pending suspicious transaction. T or F?

This includes information to any person and entity. Violations will result in criminal liability for the concerned individuals. T or F?

Answer 16

• T
• F (includes media)

Question 17

If a transaction is both covered and suspicious transaction, what will be the judgement?

Answer 17

treat as suspicious transaction

Question 18

Who is the chairman of AMLC?

Answer 18

BSP governor

Question 19

Who are the 2 members of AMLC?

Answer 19

1. Commissioner - IC
2. Chairman - SEC

Question 20

Freeze Order

total period possible for freeze order

Answer 20

• The Court of Appeals can issue a 20-day freeze order
• The freeze order shall not exceed 6 months