AMLA

The following are covered persons except:

Dealers in precious metals who trade in P1,000,000

Insurance & pre-need companies

Internet and ship-based casinos

None of the above

A casino cash transaction in excess of P1,000,000 is a covered transaction

True

False

Which of the following is not a suspicious transaction:

Amount involved is not commensurate with financial capacity

Client is not properly identified

Both are suspicious transactions

None are suspicious transactions

The following are considered unlawful activities except:

Bribery & Corruption of Public Officers

Photo & Video voyeurism

Libel

Plunder

What is a qualification of an executive director?

Served for at least 5 years at BSP, SEC, or IC

Considered as full time permanent employee of SEC with the rank of Assistant Governor

Appointed by AMLC for a 6 year term

All are qualifications of an executive director

This is applied for all complex, unusually large transactions which have no economic or lawful purpose

Customer due diligence

Enhanced due diligence

Reduced due diligence

Covered persons shall update all customer information and identification document:

Once a year

Once every 2 years

Once every 3 years

Once every five years

CTR/STR shall be reported to AMLC within

10 working days

15 working days

30 days

5 working days

If a transaction is deemed suspicious, who can issue freeze orders?

AMLC

Court of Appeals

Department of Justice

Regional Trial Court

No court shall issue a temporary restraining order or writ of injunction against freeze order except:

Supreme Court

Court of Appeals

Department of Justice

Regional Trial Court

What is the penalty for transacting monetary instruments, converts, transfers, acquires, uses, conceals nature, and conspires to commit money laundering?

Imprisonment from 6 months-1 year and/or fine not less than 100K

Imprisonment from 6 months-4 years and fine not less than 100K

Imprisonment from 4-7 years and fine not less than 1.5M

Imprisonment from 7-14 years and fine not less than 3M

What is the penalty for failing to report to AMLC?

Imprisonment from 6 months-1 year and/or fine not less than 100K

Imprisonment from 6 months-4 years and/or fine not less than 100K

Imprisonment from 3-8 years and fine not less than 500K

Imprisonment from 4-7 years and fine not less than 1.5M

What is the penalty for failure to keep records?

Imprisonment from 6 months-1 year and/or fine not less than 100K

Imprisonment from 6 months-4 years and fine not less than 100K

Imprisonment from 3-8 years and fine not less than 500K

Imprisonment from 7-14 years and fine not less than 3M

What is the penalty for breach of confidentiality?

Imprisonment from 6 months-1 year and/or fine not less than 100K

Imprisonment from 6 months-4 years and fine not less than 100K

Imprisonment from 3-8 years and fine not less than 500K

Imprisonment from 4-7 years and fine not less than 1.5M

Covered persons shall update their AML programs in no longer than

1 year

2 years

3 years

5 years

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