AMLA - VARIOUS TEST BANKS

You are a bank manager and one of your valued clients is dividing his deposits into 2 by filling up two deposit slips upon the effectivity of AMLA but his total average deposit of P700K remained the same. Upon query, he explained to you that he is hiding his deposits from his wife.

How do you consider the deposit?

a. Covered transaction.

b. Possible suspicious transaction

c. Confidential transaction

d. Immoral transaction

e. Illegal transaction

b. Possible suspicious transaction

Coco Martin wanted to open a Peso Savings Account. As a standard operating procedure, the branch manager requested for the pertinent “Know Your Client” KYC documents. He only left a Xerox copy of his driver’s license, claiming that he is a very famous actor in the Philippines and everybody knows him, especially his teleserye “Probinsyano”. Will the branch manager allow the opening of a Peso Savinga Account?

a. No, simply because he is an actor.

b. Yes, because he is an actor and his identity is publicly

known.

c. No, because the AMLA required these KYC documents and other information before a bank can establish business relationship with a client.

d. Yes, because the branch can attain its quota requirement.

e. Yes, for marketing purposes.

c. No, because the AMLA required these KYC documents and other information before a bank can establish business relationship with a client.

3.4 Required Identification Data from Natural Persons.

For customers who are natural persons, covered persons shall gather the following identification information and ID before or during account opening or onboarding:

(a) Identification Information:

(1) Full name;

(2) Date of birth;

(3) Place of birth;

(4) Sex;

(5) Citizenship or nationality;

(6) Address;

(7) Contact number or information, if any;

(8) Specimen signatures or biometric information;

(b) Identification Documents:

(1) PhilID; or

(2) Other identification document, as herein defined.

Coco Martin wanted to open a Peso Savings Account. As a standard operating procedure, the branch manager requested for the pertinent “Know Your Client” KYC documents. He only left a Xerox copy of his driver’s license, claiming that he is a very famous actor in the Philippines and everybody knows him, especially his teleserye “Probinsyano”. Will the branch manager allow the opening of a Peso Savings Account?

How about if the client is a low-profile businessman, will the branch manager allow the opening of a Peso Savings Account?

a. No, simply because he is a low profile businessman

b. Yes, because he is a businessman

c. No, because the AMLA required these KYC documents and other information before a bank can establish business relationship with a client.

d. Yes, because the branch can attain its quota requirement.

e. Yes, for marketing purposes.

c. No, because the AMLA required these KYC documents and other information before a bank can establish business relationship with a client.

3.4 Required Identification Data from Natural Persons.

For customers who are natural persons, covered persons shall gather the following identification information and ID before or during account opening or onboarding:

(a) Identification Information:

(1) Full name;

(2) Date of birth;

(3) Place of birth;

(4) Sex;

(5) Citizenship or nationality;

(6) Address;

(7) Contact number or information, if any;

(8) Specimen signatures or biometric information;

(b) Identification Documents:

(1) PhilID; or

(2) Other identification document, as herein defined.

Mr. X wanted to open a dollar savings account, what is not included in the mandatory minimum information requirement?

a. Complete name

b. Nationality

c. Source of Funds

d. Grandmother’s maiden name

d. Grandmother’s maiden name

3.4 Required Identification Data from Natural Persons.

For customers who are natural persons, covered persons shall gather the following identification information and ID before or during account opening or onboarding:

(a) Identification Information:

(1) Full name;

(2) Date of birth;

(3) Place of birth;

(4) Sex;

(5) Citizenship or nationality;

(6) Address;

(7) Contact number or information, if any;

(8) Specimen signatures or biometric information;

(b) Identification Documents:

(1) PhilID; or

(2) Other identification document, as herein defined.

What are the transactions covered by AMLA?

a. Covered and Suspicious transactions.

b. Covered transactions only.

c. Suspicious transactions only.

d. Bank transactions only

e. Insurance transactions only

a. Covered and Suspicious transactions.

The Anti-Money Laundering Council (AMLC) is composed of:

a. The Governor of the BSP as Chairman, Commissioner of the Insurance Commission and the Chairman of the SEC

b. The Governor of the BSP only

c. The Commissioner of the Insurance Commission only

d. The Chairman of the SEC only

e. The Cabinet Secretaries.

a. The Governor of the BSP as Chairman, Commissioner of the Insurance Commission and the Chairman of the SEC

AMLC also extends cooperation in transnational investigation and prosecutions of persons involved in _____________activities wherever committed.

a. Money laundering

b. Criminal

c. International

d. Financial

e. Social

a. Money laundering

As a rule, how should covered persons submit its CTRs and STRs to the AMLC?

a. Reports must be submitted electronically

b. Reports must simultaneously be submitted electronically and physically

c. Reports must initially be submitted electronically, with the physical copy to be submitted not later than 15 days from the end of the month

d. Reports must initially be submitted electronically, with the physical copy to be submitted not later than 30 days from the end of the month

a. Reports must be submitted electronically

STATEMENT 1: Cockfighting is an unlawful activity under the AMLA.

STATEMENT 2: Pusoy Dos is an unlawful activity under the AMLA.

a. Only STATEMENT 2 is true.

b. Both STATEMENTS are true.

c. Both STATEMENTS are false.

d. Only STATEMENT 1 is true.

c. Both STATEMENTS are false.

Only “Jueteng” and “Masiao” punished as illegal gambling under Presidential Decree No. 1602;

The AMLC filed an application to freeze the bank accounts of Andy, an alleged money launderer. Assuming that you are the judge deciding on the application, what is the maximum period that you may allow?

a. initially 20 days, extendible for a period not to exceed a total of six months

b. initially 20 days, extendible for a period not to exceed a total of three months

c. initially 10 days, extendible for a period not to exceed a total of three months

d. initially 10 days, extendible for a period not to exceed a total of six months

a. initially 20 days, extendible for a period not to exceed a total of six months

Which of the following refers to the process of determining the identity of the customer vis-a-vis the valid and acceptable identification document submitted to and presented before the covered person?

a. Customer verification process

b. Customer extraordinary due diligence

c. Customer due diligence

d. Customer identification process

d. Customer identification process

Under the AMLA, which government agency is permitted to conduct annual testing of bank accounts without violating the bank secrecy laws, but solely limited to the determination of the existence and true identity of the owners of accounts?

a. Anti-Money Laundering Council

b. Bangko Sentral ng Pilipinas

c. Philippine Deposit Insurance Corporation

d. Securities and Exchange Commission

b. Bangko Sentral ng Pilipinas

David committed an unlawful activity under the AMLA. Based on its financial investigations, the AMLC discovered that David is also a potential money launderer. The AMLC now wants to look into the bank deposits of David. In such case, _____.

a. the AMLC cannot file an ex parte bank inquiry application, unless the court has received David’s controverting evidence

b. the AMLC can file an ex parte bank inquiry application

c. the AMLC cannot file an ex parte bank inquiry application, unless the court has determined that there is probable cause to file such ex parte bank inquiry application

d. the AMLC can file an ex parte bank inquiry application, subject to the court’s receipt of David’s controverting evidence

b. the AMLC can file an ex parte bank inquiry application

Johnny committed an unlawful activity under the AMLA. Based on its financial investigations, the AMLC discovered that Johnny is also a potential money launderer. Further, it appeared that Johnny transferred funds to Justine, a close friend. The AMLC now wants to look into the bank deposits of Johnny. Which court should the AMLC file its application for bank inquiry?

a. Regional Trial Court

b. Supreme Court

c. Court of Appeals

d. Any competent court

c. Court of Appeals

Lyndsy, a digital nomad, has multiple bank accounts with ODENKIRK BANK in three branches of the same bank, i.e., MULLENS BRANCH, ROSE BRANCH, and BOBBINS BRANCH. For Lyndsy’s convenience, she deposited P200,000, P250,000, and P150,000 in one banking day to MULLENS BRANCH, ROSE BRANCH, and BOBBINS BRANCH, respectively. Which of the following is true?

a. The covered person must file both a covered and suspicious transaction reports.

b. The covered person does not have to file any transaction report.

c. The covered person must file a covered transaction report.

d. The covered person must file a suspicious transaction report.

c. The covered person must file a covered transaction report.

Not suspicous since it’s only for her convenience.

Jocelyn, a young entrepreneur, opens multiple bank accounts with SCHITT BANK in different branches. Over the next three months, she deposits amounts ranging from P450,000 to P495,000 in one banking day. When asked about the nature of her business, she provides vague answers and refuses to submit supporting documents. She also avoids transactions of at least P500,000. The bank manager of SCHITT BANK notices that Jocelyn’s declared business (i.e., handmade crafts) does not seem to justify these large deposits. Jocelyn, however, insists that she is simply diversifying her banking options. What should the bank do?

Advise Jocelyn to consolidate her funds into a single account

Report the pattern to the AMLC as a suspicious transaction due to possible structuring

Approve the transactions since Jocelyn has an active business

Wait until Jocelyn deposits PHP 500,000 or more before reporting to the AMLC

_________ is when dirty money is introduced into the financial system, while _________ is when the illicit funds are moved around to disguise their origin.

a. Integration; placement

b. Placement; integration

c. Placement; layering

d. Integration; layering

c. Placement; layering

STATEMENT 1: To be convicted for money laundering, the alleged money launderer should have committed at least one unlawful activity.

STATEMENT 2: To be convicted for money laundering, there should be an exchange of monetary instruments or properties, either through physical or electronic transactions.

a. Only STATEMENT 1 is true.

b. Both STATEMENTS are true.

c. Both STATEMENTS are false.

d. Only STATEMENT 2 is true.

c. Both STATEMENTS are false.

There should only be PROBABLE CAUSE.

Grant, a registered real estate agent, receives an offer from a foreign client to purchase a condominium unit worth P45,000,000. The buyer, Sean, prefers to pay in cash through multiple installments. To justify the payments, Sean provides a letter claiming that he is a businessman involved in various international projects. However, he does not provide further details about his business, nor does he have an established presence in the Philippines. Grant is eager to close the deal and considers accepting the payments to speed up the sale. What should Grant do?

a. Reject the payment and transaction while simultaneously blacklisting Sean as a potential money launderer

b. Proceed with the sale since Sean is a foreign investor who is engaged in an isolated transaction

c. File either a covered transaction report or a suspicious transaction report, at the option of Grant

d. File a covered transaction report and conduct an enhanced due diligence

d. File a covered transaction report and conduct an enhanced due diligence

Exceeded 7.5M threshold. No STR filing since there are no valid grounds for suspicion.

On 03 February 2025, Mutt went to SANDS BANK to deposit P700,000. Based on the internal guidelines of the bank, reports to the AMLC should be filed within the next day to avoid unnecessary delay. Unfortunately, SANDS BANK’s computer system went haywire on 04 February 2025. It was able to submit the covered transaction report only on 05 February 2025. Which of the following is true?

a. SANDS BANK has exposed itself to a potential money laundering and unlawful activity cases, since it knew that it should file the report, but failed to do so within the time frame.

b. SANDS BANK has exposed itself to a potential unlawful activity case, since it knew that it should file the report, but failed to do so within the time frame.

c. SANDS BANK has exposed itself to a potential money laundering case, since it knew that it should file the report, but failed to do so within the time frame.

d. SANDS BANK did not violate the AMLA.

d. SANDS BANK did not violate the AMLA.

CTR – 5 working days

STR – 1 working day

Which of the following is the intergovernmental organization tasked to fight money laundering and terrorism financing?

a. Financial Action Task Force

b. Inter-Governmental Anti-Money Laundering Organization

c. International Monetary Fund

d. United Nations Office on Money Laundering and Terrorism Financing

a. Financial Action Task Force

Ted is a public official who plundered the coffers of the government. The NBI conducted its investigation to determine the extent of the crime committed. Alongside, the AMLC conducted a financial investigation relative to the money laundering aspect of the case. In the context of the AMLA and its IRR, the AMLC is doing a _____.

a. parallel financial investigation

b. simultaneous case disposition

c. coordinated case management

d. concurrent financial analysis

a. parallel financial investigation

STATEMENT 1: Banks that do not extend credit to the public are not required to comply with the AMLA.

STATEMENT 2: Insurance companies that do not extend credit to the public are not required to comply with the AMLA.

a. Both STATEMENTS are false.

b. Only STATEMENT 1 is true.

c. Only STATEMENT 2 is true.

d. Both STATEMENTS are true.

a. Both STATEMENTS are false.

As long as you are regulated by BSP, IC, SEC.