RFBT.06 AMLA, BP-22 Drill, and EDBA Drill

The officers of the homeowners association shall be given _____ working days to refer the application to the members of the association

Choices:

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3

-

5

-

7

-

10

Correct answer: 10

The making, drawing and issuance of a check payment of which is refused by the drawee because of insufficient funds when presented within 90 days from the date of the check, shall be prima facie evidence of knowledge of such sufficiency of funds. Which among the following is an exception to the foregoing statement:

Choices:

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When the maker or drawer issues another check in favor of the holder thereof

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Make arrangements for payment in full by the drawee of such check within 5 banking after receiving notice that such check has not been paid by the drawee.

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When the maker or drawer pays the holder thereof half of the amount due thereon

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Make arrangement for partial payment by the drawee of such check within 5 banking days after receiving notice that such check has not been paid by the drawee.

Correct answer: Make arrangements for payment in full by the drawee of such check within 5 banking after receiving notice that such check has not been paid by the drawee.

S1 - BP 22 covers crossed check.
S2 – The word “credit” as used under BP 22 shall be construed to mean an arrangement or understanding with the bank for the payment of such check.

Choices:

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All statements are correct

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All statements are incorrect

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Only S1 is correct

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Only S2 is correct

Correct answer: All statements are correct

X drew a check a payable to z, in payment of his loan.  X left the check on his table. Z saw the check on the table and took it without the consent of X. The check was subsequently dishonored upon presentment for payment by drawee bank for reason “DAIF.” Despite written demand to make good of the check, X failed to do so. Is X liable?

Choices:

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Yes, A is liable since mere issuance of a worthless check is the act punished by BP 22.

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Yes, since there is insufficiency of funds

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No, since there was unauthorized completion of the amount of the check

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No, since it is an undelivered check

Correct answer: No, since it is an undelivered check

The following persons are not liable under Bank Secrecy Law, except:

Choices:

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Any person or government official who, or any government bureau or office that, examines, inquires or looks into a bank deposit or government bond investment in any of the instances not allowed in Sec. 2

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Any official or employee of a banking institution who makes a disclosure concerning bank deposits to another in any instance not allowed

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Any person who commits a violation of any of the provisions of the law

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All of the other choices.

Correct answer: All of the other choices.

S1 - An Asset Preservation Order is enforceable anywhere in the Philippines.
S2 - Upon receipt of a copy of the freeze order, the covered person shall immediately desist from and not allow any transaction, withdrawal, deposit, transfer, removal, conversion, other movement or concealment the account representing, involving or relating to the subject monetary instrument, property, proceeds or its related web of accounts.

Choices:

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Only S1 is false

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Only S2 is true

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Both are true

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Both are false

Correct answer: Both are true

The accused was convicted under BP 22 for having several checks which were dishonored by the drawee bank on their due date because the accused closed her account after the issuance of the checks. On appeal, she argued that she  could not be convicted under BP 22 by reason of the closing of her account because said law applies solely to checks dishonored by reason of insufficiency of funds and that at the time  she issued the checks concerned, she had adequate funds in the bank. Is her contention correct?

Choices:

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Yes, the application thereof would be tantamount to an ex post facto law

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Yes, the application thereof would be a violation of the right against double jeopardy.

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No, the law punishes two acts and the act in case at bar falls under the second way of violating it

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No, the proof beyond reasonable doubt was not established

Correct answer: No, the law punishes two acts and the act in case at bar falls under the second way of violating it

S1 - The Secrecy of Bank Deposit Law does not apply to foreign currency deposits.
S2 – The AMLC, without a court order, is authorized to investigate property or funds that are in any way related to financing of terrorism or acts of terrorism OR the property or funds of any person or persons in relation to whom there is probable cause that such person is involved in the acts of terrorism.

Choices:

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All are correct

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All are incorrect

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Only S1 is incorrect

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Only S2 is incorrect

Correct answer: All are correct

The processing and approval or licenses, clearances, permits, certifications or authorizations for the installation and operation of telecommunication, broadcast towers, facilities, equipment and service shall be a total of _____ working days for those issued by LGUs.

Choices:

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3

-

5

-

7

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10

Correct answer: 7

The number of signatories in any document shall be limited to a maximum of _____ which shall represent officers directly supervising the office or agency concerned.

Choices:

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Two signatures

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Three signatures

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Four signatures

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Five signatures

Correct answer: Three signatures

All records of all transactions of covered institutions shall be maintained and safely stored for ___ years from the date of transactions. With respect to closed accounts, the records on customer identification, account files and business correspondences, shall be preserved and safely stored for at least ___ years from the date when they were closed.

Choices:

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1-1

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2-2

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3-3

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3-5

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5-5

Correct answer: 5-5

This is constructed to mean an arrangement or understanding with the bank for the payment of such check.

Choices:

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Funds

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Liability

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Deposit

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Credit

Correct answer: Credit

For applications or requests for license, clearance, permit, certification or authorization requiring the approval of the local Sangguniang Bayan, the period is _____.

Choices:

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12 days

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14 days

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30 days

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45 days

Correct answer: 45 days

S1 - On record keeping, the law states that all records of all transactions of covered institutions shall be maintained and safely stored for five (5) years from the date of transactions.
S2 - With respect to closed accounts, the records on customer identification, account files and business correspondence, shall be preserved and safety stored for at least five (5) years from the dates when they were closed.

Choices:

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Only S1 is false

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Only S2 is true

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Both are true

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Both are false

Correct answer: Both are true

S1 - Administrative sanction refers to the action taken by the AMLC involving a respondent found to have committed a violation.
S2 - As the AMLC does not exercise quasi-judicial functions, its inquiry by court order into bank deposits or investments cannot be said to violate any person's constitutional right to procedural due process.

Choices:

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Only S1 is false

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Only S2 is true

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Both are true

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Both are false

Correct answer: Both are true

The following are obligations of a covered institution, except:

Choices:

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Arms-length rule

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Customer identification

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Record keeping

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Reporting of covered and suspicious transactions

Correct answer: Arms-length rule

S1 - Bank accounts may not be garnished by the creditors of the depositor as this constitutes a violation of the bank Secrecy Law.
S2 - AMLC may inquire into deposits upon order of the court when there is probable cause that the deposits are related to the crime of unlawful activities.

Choices:

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All are correct

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All are incorrect

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Only S1 is incorrect

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Only S2 is incorrect

Correct answer: Only S1 is incorrect

The following are Unlawful activities under the AMLA, except:

Choices:

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Kidnapping for ransom under Article 267 of RPC;

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Sections in RA 9165 or Comprehensive Dangerous Drugs Act of 2002;

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Espionage under the RPC

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Plunder under RA 7080;

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Robbery and Extortion under RPC

Correct answer: Espionage under the RPC

The following are Authorized Disclosures in the Bank Secrecy Law, except:

Choices:

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when there is probable cause that the deposits or investments are related to an unlawful activity or a money laundering offense

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reporting of unclaimed balances to the Treasurer of the Philippines

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turn-over to the CIR of the amount in bank accounts as may be sufficient to satisfy the writ of garnishment issued to collect delinquent taxes submission of report, and turn-over to, the court officer or executing sheriff of garnished amounts pursuant to a writ of garnishment in satisfaction of a judgment

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disclosure by a bank officer or employee upon order of the court in connection with a deposit in a closed bank that was used in the perpetration of anomalies

Correct answer: when there is probable cause that the deposits or investments are related to an unlawful activity or a money laundering offense

On January 1, 2017, A issued two checks to B dated February 1, 2017 and March 1, 2017, respectively. On February 1, 2017, B presented the first check for payment. The drawee bank dishonored the check for the reason “Account Closed.” B filed cases for violation of BP 22 with regard to the two checks. Is A liable for violation of BP 22 with respect to the second check?

Choices:

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Yes, mere issuance of a bouncing check is punishable

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No, since the second check was not dishonored

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Yes, BP 22 does not distinguish between any kind of check

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No, there was a valid reason for its non-payment

Correct answer: No, since the second check was not dishonored

S1 – “Drawn Against Insufficient Funds” is included in the words ‘CLOSED ACCOUNT.”
S2 – The gravamen of the offense under BP 22 is the act of making and issuing a bouncing check.

Choices:

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All are correct

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All are incorrect

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Only S1 is incorrect

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Only S2 is incorrect

Correct answer: All are correct

Purpose of B.P. 22 or the Bouncing Checks Law:

Choices:

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B.P. 22 was devised to safeguard the interest of the banking system and the legitimate public checking account user.

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B.P. 22 was purposely enacted to prevent the proliferation of worthless checks in the mainstream of daily business

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The purpose of B.P. 22 in declaring the mere issuance of a bouncing check as malum prohibitum is to punish the offender in order to deter him and others from committing the offense.

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All of the other choices are correct.

Correct answer: All of the other choices are correct.

Statement No. 1: The notice of dishonor to maker of a check may be in writing  or mere oral notice
Statement No. 2: Inaccuracy of description of dishonored checks in the written notice of dishonor is a fatal defect.

Choices:

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Both are true

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Both are false

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First is true, second is false

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Second is true, first is false

Correct answer: Both are false

S1 – Covered institutions must record the true identity of its clients and all persons purporting to act on their behalf based on official documents, and keep a system of verifying their true identity as a system of verifying their legal existence and organizational structure.

S2 - Peso and foreign currency non-checking numbered accounts shall be allowed.

Choices:

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All are correct

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All are incorrect

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Only S1 is incorrect

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Only S2 is incorrect

Correct answer: All are correct

Statement No. 1: Any person who makes or draws and issues any check knowing at the time of issue that he does not have sufficient funds with the drawee bank, or having sufficient funds but fails to keep sufficient funds to cover full payment of the check presented shall be punished by imprisonment or by fine or both such fine and imprisonment at the discretion of the court.

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Statement No. 2: Where the check is drawn by a corporation, company or entity, the company manager, secretary, and treasurer shall be deemed liable under B.P. 22

Choices:

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Both are true

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Both are false

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First is true, second is false

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Second is true, first is false

Correct answer: First is true, second is false

A borrowed money from B in the amount of P90,000 and issued on January 10, 2017 a check in the amount of P100,000 to the latter in consideration thereof. The check is dated February 10, 2017. On the date of the maturity of the check. There was sufficiency of funds to cover the said check. However, A requested B not to deposit the check. After two months, A requested B anew to encash the check after three months considering that his fund in the bank is not enough to cover the said check. B agreed. After three months, A requested b for the third time to encash the check after four months for the same reason. B agreed. After four months, B presented the check with the drawee bank for encashment; however, the bank dishonored the check for the reason “Stale Dated.” B demanded from A to pay him the face value of the check, but the latter refused to do so. Can A be held liable for violation of BP 22?

Choices:

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Yes, mere issuance of a bouncing check is punishable

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No, since the check has sufficient funds in the drawee bank

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Yes, BP 22 does not distinguish between any kind of check

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No, the check was dishonored by the drawee bank for the reason “Stale Dated and not “DAIF”

Correct answer: No, the check was dishonored by the drawee bank for the reason “Stale Dated and not “DAIF”