AMLA - PINNACLE

It refers to a crime committed by any person who knowing that any monetary instrument or property represents, involves, or relates to the proceeds of any unlawful activity, transacts, converts, transfers, disposes of, moves, acquires, possesses or uses said monetary instruments or proceeds of any unlawful activity

a. Forgery

b. Money laundering

c. Bribery

d. Estafa

b. Money laundering

What is the objective of Anti-Money Laundering Law?

a. To protect and preserve the integrity and confidentiality of bank accounts

b. To ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity

c. Consistent with its foreign policy, to extend cooperation in transnational investigations and prosecutions of persons involved in money laundering activities wherever committed

d. All of the above

d. All of the above

Money laundering is committed by any person who, knowing that any monetary instrument or property represents, involves, or relates to the proceeds of unlawful activity

a. Transacts said monetary instrument or property

b. Converts, transfers, disposes of, moves, acquires, possesses or uses said monetary instrument or property

c. Conceals or disguise the true nature, source, location, disposition, movement or ownership of or rights with respect to said monetary instrument or property

d. All of the above

d. All of the above

Covered persons, natural or juridical, refer to

a. Banks, non-banks, quasi-banks, trust entities, foreign exchange dealers, pawnshops, money changers, remittance and transfer companies and other similar entities and all other persons and their subsidiaries and affiliates supervised or regulated by the Bangko Sentral ng Pilipinas

b. Insurance companies, pre-need companies and all other persons supervised or regulated by the Insurance Commission

c. Securities, dealers, brokers, salesmen, investment houses and other similar persons managing securities or rendering services as investment agent, advisor or consultant, mutual funds, close-end investment companies, common trust funds, and other similar persons, and other entities administering or otherwise dealing in currency, commodities or financial derivatives based thereon, valuable objects, cash substitutes and other similar monetary instruments or property supervised or regulated by the Securities and Exchange Commission

d. Casinos, including internet and ship-based casinos, with respect to their casino cash transactions related to their gaming operations

e. All of the above

e. All of the above

Statement I: Covered institutions shall establish and record the true identity of its clients based on official documents

Statement II: All records of all transactions of covered institutions shall be maintained and safely stored for 5 years from the date of transactions

a. Only Statement I is true

b. Only Statement II is true

c. Both are true

d. Both are false

c. Both are true

One method of preventing money laundering is customer identification. The following are the rules with regard to Customer Identification except

a. Covered institutions shall establish the true identify of clients based on official documents

b. Maintain a system of verifying true identity of clients

c. Peso and foreign currency non-checking numbered accounts are allowed

d. Anonymous accounts, those under fictitious names and similar accounts are not prohibited

d. Anonymous accounts, those under fictitious names and similar accounts are not prohibited.

ABSOLUTELY prohibited.

Which of the following is not a minimum customer identification to be required by a covered person from its client or customer? =

a. Name of customer, date and place of birth

b. Nationality of customer

c. Name of all relatives of customer and Present and permanent address

d. Nature of work and name of employer

c. Name of all relatives of customer and Present and permanent address

Unlawful activity refers to any act or omission or series or combination thereof involving or having direct relation to the following

a. Kidnapping for ransom under the Revised Penal Code

b. The Comprehensive Dangerous Drugs Act of 2002 RA (9165)

c. The Anti-Graft and Corrupt Practices Act

d. All of the above

d. All of the above

The following are required to be reported to the Anti-Money Laundering Council (AMLC) as they are covered transactions, except

a. Any transaction in cash or other equivalent monetary instrument involving a total amount in excess of P500,000 within 1 banking day

b. Jewelry dealers in precious stones, who, as a business, trade in precious stones, for transactions in excess of P1,000,000

c. The Land Registration Authority and all its Registries of Deeds to submit to the AMLC, reports on all real estate transactions involving an amount in excess of P500,000 within 15 days from the date of registration of the transaction, in a form to be prescribed by the AMLC

d. None of the above

d. None of the above

“Within 1 banking day” is irrelevant since it is still within 5 working days?

Covered transaction - within 5 working days

Suspicious transaction - within 1 working day

Statement I: Any person may be charged with and convicted of both the offense of money laundering and the unlawful activity’

Statement II: Any proceeding relating to the unlawful activity shall be given precedence over the prosecution of the offense of money laundering

a. Only Statement I is true

b. Only Statement II is true

c. Both are true

d. Both are false

a. Only Statement I is true

Which of the following is not considered offense punishable as money laundering?

a. Transacting known proceeds of any unlawful activity

b. Converting, transferring, disposing of, acquiring, possessing, moving or using known proceeds of any unlawful activity

c. Concealing, disguising the true nature, source, location, movement, or ownership of known proceeds of any unlawful activity

d. Mere knowledge of proceeds of any unlawful activity

d. Mere knowledge of proceeds of any unlawful activity

Which of the following is not considered offense punishable as money laundering?

a. Attempting or conspiring to commit money laundering offenses punishable by Anti-Money Laundering Law

b. Aiding, abetting, assisting or counseling the commissions of money laundering offenses punishable by Anti-Money Laundering Law

c. Performing or failing to perform any acts as a result of which facilitates the commission of money laundering offenses punishable by Anti-Money Laundering Law

d. Mere employment in a covered institution required to report suspicious or reportable transactions to Anti-Money Laundering Council

d. Mere employment in a covered institution required to report suspicious or reportable transactions to Anti-Money Laundering Council

Which of the following is not a predicate crime of Money Laundering Offense?

a. Fencing

b. Swindling

c. Illegal recruitment

d. Adultery

d. Adultery

Which of the following is not a predicate crime of Money Laundering Offense?

a. Voyeurism

b. Smuggling

c. Extortion

d. Homicide

d. Homicide

Which of the following is a predicate crime of Money Laundering Offense?

a. Violation of BP 22 a.k.a. Bouncing Check Law

b. Violation of Electronic Commerce Act of 2000 a.k.a. RA No. 8792

c. Violation of RA 11232 a.k.a the Revised Corporation Code of the Philippines

d. Violation of Data Privacy Act

b. Violation of Electronic Commerce Act of 2000 a.k.a. RA No. 8792

Which of the following is not a predicate crime of Money Laundering Offense?

a. Fraudulent practices and other violations of the Securities Regulation Code

b. Forgeries and Counterfeiting

c. Violations of Intellectual Property Code

d. Rebellion

d. Rebellion

17. The following are predicate crimes that may authorize Anti-Money Laundering Council to inquire bank accounts even without court order from Court of Appeals, except

a. Violation of Section 4, 5, 6, 9 to 16 of Comprehensive Dangerous Drugs Act

b. Hijacking

c. Carnapping

d. Kidnapping for Ransom

c. Carnapping

The following are predicate crimes that may authorize Anti-Money Laundering Council to inquire bank accounts even without court order from Court of Appeals, except

a. Murder

b. Financing of Terrorism, Terrorism and conspiracy to commit terrorism

c. Destructive arson

d. Plunder

d. Plunder

It refers to a type of transaction that shall be reported by a covered person to the Anti-Money Laundering Council because the transaction breaches the quantitative threshold of reporting purposes

a. Suspicious transaction

b. Reportable transaction

c. Exempted transaction

d. Covered transaction

d. Covered transaction

As a general rule, what is the quantitative threshold for any transaction in cash or other equivalent of a covered person such as financial institutions, lending companies, insurance companies, pre-need companies and other covered persons to be considered reportable transactions to Anti-Money Laundering Council?

a. A transaction with amount exceeding P100,000

b. A transaction with amount exceeding P500,000

c. A transaction with amount exceeding P1,000,000

d. A transaction with amount exceeding P5,000,000

b. A transaction with amount exceeding P500,000

In case of jewelry dealers, dealers of precious metals or dealers of precious stones, what is the quantitative threshold for any transaction in cash or other equivalent to be considered reportable transaction to AntiMoney Laundering Council?

a. A transaction with amount exceeding P100,000

b. A transaction with amount exceeding P500,000

c. A transaction with amount exceeding P1,000,000

d. A transaction with amount exceeding P5,000,000

c. A transaction with amount exceeding P1,000,000

In case of casino, what is the quantitative threshold for any transaction in cash or other equivalent to be considered reportable transaction to Anti-Money Laundering Council?

a. A transaction with amount exceeding P100,000

b. A transaction with amount exceeding P500,000

c. A transaction with amount exceeding P1,000,000

d. A transaction with amount exceeding P5,000,000

d. A transaction with amount exceeding P5,000,000

In case of Land Registration Authority and all Registry of Deeds, what is the quantitative threshold for any real estate transactions to be considered reportable transaction to Anti-Money Laundering Council?

a. A transaction with amount exceeding P100,000

b. A transaction with amount exceeding P500,000

c. A transaction with amount exceeding P1,000,000

d. A transaction with amount exceeding P5,000,000

b. A transaction with amount exceeding P500,000

It refers to a type of transaction that shall still be reported by a covered person to the Anti-Money Laundering Council even if the transaction does not breach the quantitative threshold for reporting purposes by reason of the unusual nature of the transaction

a. Suspicious transaction

b. Reportable transaction

c. Covered transaction

d. Exempted transaction

a. Suspicious transaction

It refers to the financial intelligence unit of the Republic of the Philippines which is entrusted with the implementation of Anti-Money Laundering Law

a. Anti-Money Laundering Council

b. Monetary Board of Bangko Sentral ng Pilipinas

c. Insurance Commission

d. Securities and Exchange Commission

a. Anti-Money Laundering Council

The composition of the Anti-Money Laundering Council are the following except

a. Governor of the Bangko Sentral ng Pilipinas

b. Chairman of the Civil Service Commission

c. Chairman of the Securities and Exchange Commission

d. Commissioner of the Insurance Commission

b. Chairman of the Civil Service Commission

Which of the following is not a suspicious transaction and therefore shall not be reported to Anti-Money Laundering Council?

a. Transaction in which the client is properly identified

b. Transaction in which the amount involved is not commensurate with the business or financial capacity of the client

c. Transaction that has no underlying legal or trade obligation, purpose or economic justification

d. Transaction that deviates from the profile of the client

a. Transaction in which the client is properly identified

Which of the following is not a suspicious transaction and therefore that shall not be reported to Anti-Money Laundering Council?

a. Transaction that may be perceived that the client’s transaction is structured in order to avoid being the subject of reporting requirements under AMLA

b. Transaction is any way related to an unlawful activity or any money laundering activity or offense that is about to be committed, is being or has been committed

c. Transaction that deviates from the client’s transactions with the covered person

d. Transaction entered into in the ordinary course of business of the client

d. Transaction entered into in the ordinary course of business of the client

This principle means that no administrative, criminal or civil proceedings shall lie against any person for having made a covered transaction report in the regular performance of his duties in good faith, whether or not such reporting results in any criminal prosecution under the AMLA or any other Philippine law

a. Immunity from suit

b. Tax exemption

c. Safe harbor provision

d. Privity of interest

c. Safe harbor provision

Which of the following statements about prosecution of money laundering offenses is true?

a. The prosecution of money laundering and the unlawful activity shall proceed independently such that any person may be charged with and convicted of both money laundering and the unlawful activity

b. The elements of money laundering are separate and distinct from the element of the unlawful activity

c. The elements of the unlawful activity, including the identity of the perpetrators and the details of the commission of the unlawful activity, need not be established by proof beyond reasonable doubt in the case for money laundering

d. All of the above

d. All of the above

Who is the chairman of the Anti-Money Laundering Council

a. Insurance Commissioner

b. SEC Chairperson

c. BSP Governor

d. BIR Commissioner

c. BSP Governor

Who among the following is not part of Anti-Money Laundering Council?

a. BSP Governor as chairperson of AMLC

b. BIR Commissioner as member of AMLC

c. Insurance Commissioner as member of AMLC

d. SEC Chairperson as member of AMLC

b. BIR Commissioner as member of AMLC

How shall the AMLC make decision in the discharge of its functions?

a. By majority vote of the three

b. By 1/3 vote of the three

c. By unanimous vote of the three

d. Any of the above

c. By unanimous vote of the three

What is the minimum retention period of all records of customer identification and transaction documents of their customers by a covered person under Anti-Money Laundering Law?

a. At least 1 year from the date of transaction or from date of closure of the account

b. At least 3 years from the date of transaction or from date of closure of the account

c. At least 5 years from the date of transaction or from date of closure of the account

d. At least 10 years from the date of transaction or from date of closure of the account

c. At least 5 years from the date of transaction or from date of closure of the account

Unless changed by the Anti-Money Laundering Council, what is the period for reporting all covered transactions or suspicious transactions by a covered person to Anti-Money Laundering Council?

a. Within a period of (5) five working days from the occurrence thereof

b. Within a period of (5) five calendar days from the occurrence thereof

c. Within a period of (15) fifteen working days from the occurrence thereof

d. Within a period of (15) fifteen calendar days from the occurrence thereof

a. Within a period of (5) five working days from the occurrence thereof

Which court has the jurisdiction to entertain a petition for civil forfeiture of any monetary instrument or property is in any way related to an unlawful activity or a money laundering offense?

a. Court of Appeals

b. Regional Trial Court

c. Municipal Trial Court

d. Court of Appeals

b. Regional Trial Court

Which court has the jurisdiction to issue a freeze order on bank accounts upon verified ex parte petition by the AMLC and after determination that probable cause exists that any monetary instrument or property is in any way related to an unlawful activity?

a. Municipal Trial Court

b. Court of Appeals

c. Regional Trial Court

d. Court of Tax Appeals

b. Court of Appeals

As an exception to the general rule, which court has original jurisdiction to try money laundering cases committed by public officers with salary grade of at least 26 and private persons in conspiracy with such public officers?

a. Municipal Trial Court

b. Court of Tax Appeals

c. Sandiganbayan

d. Regional Trial Court

c. Sandiganbayan

What is the validity period of the initial freeze order immediately issued by the Court of Appeals upon verified ex parte petition by the AMLC?

a. Period of 10 days

b. Period of 20 days

c. Period of 30 days

d. Period of 60 days

b. Period of 20 days

What is the maximum/total period of the freeze order that may be issued by Court of Appeals for bank accounts which is allegedly related to proceeds of any unlawful activity?

a. It shall not exceed (1) one month

b. It shall not exceed (2) two months

c. It shall not exceed (3) three months

d. It shall not exceed (6) six months

d. It shall not exceed (6) six months

What is the period allowed by AMLA to Court of Appeals to resolve the verified ex parte petition filed by the AMLC for the issuance of bank inquiry order of bank accounts or investment accounts related to proceeds of any unlawful activity?

a. Within 12 hours from the filing of the petition

b. Within 24 hours from the filing of the petition

c. Within 36 hours from the filing of the petition

d. Within 48 hours from the filing of the petition

b. Within 24 hours from the filing of the petition

What is the period allowed by AMLA to Court of Appeals to resolve the verified ex parte petition filed by the AMLC for the issuance of freeze order on bank accounts related to proceeds of any unlawful activity?

a. Within 12 hours from the filing of the petition

b. Within 24 hours from the filing of the petition

c. Within 36 hours from the filing of the petition

d. Within 48 hours from the filing of the petition

What quantum of evidence must be presented to AMLC before it may file with the Regional Trial Court through Office of Solicitor General a verified petition for civil forfeiture of any monetary instrument or property is in any way related to an unlawful activity or a money laundering offense?

a. Probable cause

b. Preponderance of evidence

c. Proof beyond reasonable doubt

d. Clear and convincing evidence

a. Probable cause

What quantum of evidence is necessary for conviction of crime of Money Laundering?

a. Probable cause

b. Preponderance of evidence

c. Proof beyond reasonable doubt

d. Clear and convincing evidence

c. Proof beyond reasonable doubt

When there is conviction for money laundering, to whom shall the monetary instrument or property found to be proceeds of an unlawful activity go to?

a. It shall be awarded by the regional trial court to the convicted person

b. It shall be awarded by the regional trial court to the innocent contracting party

c. It shall be given to non-stock non-profit charitable institutions

d. It shall be forfeited by the regional trial court in favor of the Government of the Republic of the Philippines

d. It shall be forfeited by the regional trial court in favor of the Government of the Republic of the Philippines