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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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