PRE-TEST

The three stage of money laundering are:

• Placement, Layering, Integration

• Deposit, Withdrawal, Investment

• Layering, Laundering, Deposit

• Remittance, Deposit, Withdrawal

The Financial Intelligence Unit of the Philippines is:

• Financial System Integrity Department (FSID)

• Bangko Sentral ng Pilipinas (BSP)

• Anti-Money Laundering Council (AMLC)

• Securities and Exchange Commission (SEC)

The three government agencies that supervise/regulate covered persons are:

• Sandiganbayan, Supreme Court, PNP

• AFP, COA, Ombudsman

• COA, Civil Service, BSP

• Insurance Commission, BSP, SEC

International standards to combat money laundering and terrorist financing are issued by:

• Bangko Sentral ng Pilipinas

• Bank of International Settlements

• Financial Action Task Force

• Federal Reserve System

A transaction in cash or other equivalent monetary instrument involving an amount in excess of P500,000 within one banking day is a:

• Suspicious Transaction

• Covered Transaction

• Substantial Transaction

• Currency Transaction

When the client is not properly identified, the transaction is:

• Suspicious Transaction

• Covered Transaction

• Float Transaction

• Fictitious Transaction

The Court of Appeals shall act on the application for Freeze Order within ______________ from filing.

• 48 hours

• 7 days

• 3 days

• 24 hours

Freeze order is effective for a maximum of:

• 6 months

• 1 month

• 3 months

• 9 months

The ________________________ is a technical unit in the Philippines that specializes in the assessment of the AML/CFT framework of Banks and Quasi-Banks.

• Anti-Money Laundering Council

• Financial System Integrity Department

• Department of Economic Research

• Integrated Supervision Department

Statement 1: One of the functions of the Anti-Money Laundering Council is to require the submission of Covered Transaction Reports and Suspicious Transaction Reports.

Statement 2: One of the functions of the Financial System Integrity Department is to check compliance, in the course of periodic or special examination, of covered persons under its regulation and supervision.

• Both statements are TRUE

• Only Statement 1 is TRUE

• Only Statement 2 is TRUE

• Both statements are FALSE