Chapter 5 Flashcards
it exercises the powers and functions of the BSP
monetary board
chairman of BSP
BSP governor
how many members the BSP have
7
is the chief executive officer of the BSP and is required to direct and supervise the operations and internal administration of the BSP
Governor
deputy governor heads each of the BSP sector and these are
monetary stability sector
supervision and examination sector
resource management sector
takes charge of the formulation and implementation of the BSPs monetary policy
monetary stability sector
enforces and monitors compliance to banking laws to promote a sound and healthy banking system
supervision and examination sector
serves the human, financial and physical resource needs of the BSP
Resource management sector
who appointed the members of bsp
president of the philippines
the seven members are
the bsp governor
5 members from private sector
1 member from the cabinet
he shall be head of a department and his appointment shall be subject to confirmation by the commission on appointments
bsp governor
whenever the governor is unable to attend a meeting of the board, he shall designate a
deputy governor
whenever the designated cabinett member is unable to attend a meeting of the board, he shall designate an
undersecretary in his department
3 members from the private sector shall have a term of… and the other 2 shall have a term of..
6 years
3 years
no member of the monetary board may be reappointed
more than once
why they are vacancy in the monetary board
death
resignation
removal
members of the monetary board must be a
natural born citizen of the philippines and at least 35 years old
the governor should at least
40 yrs old
the members of the monetary board coming from the.. shall not hold any other public office or public employment during the tenure
private sector
no person shall be a member of the monetary board if he has been connected directly with any multilateral banking within.. prior to his appointment
1 year
no member of the monetary board shall be employed in any such institution within.. after the expiration of his term except when he serves as an official representative of the philippine governmenr
2 yrs
the president may removed any member of the monetary board for any of the following reasons
if the member is subsequently disqualified under the provisions of section 8
if he is physically or mentally incapacitated and lasted for more than 6 months
if he is guilty of acts of fraudulent or illegal character
if the member no longer possesses the qualifications specified in section 8
the monetary board meets
at least once a week
the board meets every
thursday
major functions of the monetary board include the powers to
issue rules and regulations
direct the management, operations and administration of bangko sentral
establish a human resource managenent system
adopt an annual budget
indemnify its members and other officials of bangko sentral
the bsp monetary board
felipe m medalla
benjamin diokno
antonio abacan
v bruce tolentino
peter favila
anita linda aquino
eli remolona
prepares the agenda for the meetings of the monetary board and submits policy rwcommendations for consideration of the board
governor
executes and administers policies and measures approved by the monetary board
governor
appoints and fixes the remunerations and other emoluments of personnel
governor
renders opinions, decisions, or rulings, which shall be final and executory until reversed or modified by the monetary board
governor
exercises such powers as may be vested in him by the monetary board
governor
is the principal representative of the monetary board and of the bsp
governor
the governor is empowered to
represent the monetary board and the bsp in all dealings with other offices
sign contracts entered into by the bsp
AMLA
anti money laundering act
a criminal offense, prescribes penalties for such crimes committed and forms the foundation of a central monitoring and implementing council
money laundering
AMLC
anti money laundering council
AMLC comprised of 3 members and these are
Governor of the Bangko Sentral
Commissioner of the Insurance Commission
Chairman of the Securities and Exchange Commission
It acts unanimously in the discharge of its functions
AMLC
AMLC also referred to as the cpuntrys
Financial Intelligence Unit (FIU)
AMLCS
anti money laundering council secretariat
AMLCD is headed by
executive director
FATF
Financial Action Task Force
NCCTs
Non-cooperative countries and territories
RIRR
Revised Implementing Rules and Regulations
was created to address the need for technical expertise in the supervision of AML activities of banks and non bank financial institution
AMLSG
aims to be BSPs core unit of highly competent, dynamic, and ethical professionals who work to ensure financial institutions adopt and maintain adequate and effevtive policies
AMLSG
is tasked to develop relevant guidelines and regulations to support and guide the AML efforts of financial institutions
AMLSG
shall perform off site monitoring to identify those FIs whose operations present an elevated risk of money laundering activities
AMLSG
AMLSG
anti money laundering specialist group
UARR
updated AML rules and regulations
ARRS
adoption of AML risk rating system
was issued for the purpose of consolidating all existing BSP circulars,
UARR
it enhances the implementation of the existing AML legal framework to better conform with international standarfs
UARR
applies to all covered institutions supervised and regulated by the BSP
UARR
emphasizes the incorporation of a sound risk management system to ensure that risks associated with money laundering and terrorist financing are identified
UARR
encourages covered institutions to formulate a risk based and tiered customer acceptanve
UARR
also strongly supports several financial inclusion advocacies promoted by the BSP
UARR
includes adequate and active board and senior management oversight
Sound risk management system
is an internal rating system to be used by BSP to understand whether the risk management policies and practices as well as internal controls of banks
ARSS
is an effective supervisory tool that undertake to ensure that all covered institutions
ARSS
has the exclusive power and authority to issue the national currency
BSP
is designed to help the public recognize genuine Philippine currency qnd guard against counterfeits
Know your philippine currency
