Chapter 5 Flashcards by Guia Monique Flores

it exercises the powers and functions of the BSP

monetary board

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chairman of BSP

BSP governor

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how many members the BSP have

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is the chief executive officer of the BSP and is required to direct and supervise the operations and internal administration of the BSP

Governor

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deputy governor heads each of the BSP sector and these are

monetary stability sector
supervision and examination sector
resource management sector

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takes charge of the formulation and implementation of the BSPs monetary policy

monetary stability sector

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enforces and monitors compliance to banking laws to promote a sound and healthy banking system

supervision and examination sector

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serves the human, financial and physical resource needs of the BSP

Resource management sector

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who appointed the members of bsp

president of the philippines

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the seven members are

the bsp governor
5 members from private sector
1 member from the cabinet

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he shall be head of a department and his appointment shall be subject to confirmation by the commission on appointments

bsp governor

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whenever the governor is unable to attend a meeting of the board, he shall designate a

deputy governor

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whenever the designated cabinett member is unable to attend a meeting of the board, he shall designate an

undersecretary in his department

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3 members from the private sector shall have a term of… and the other 2 shall have a term of..

6 years
3 years

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no member of the monetary board may be reappointed

more than once

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why they are vacancy in the monetary board

death
resignation
removal

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members of the monetary board must be a

natural born citizen of the philippines and at least 35 years old

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the governor should at least

40 yrs old

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the members of the monetary board coming from the.. shall not hold any other public office or public employment during the tenure

private sector

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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

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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

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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

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the monetary board meets

at least once a week

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the board meets every

thursday

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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

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