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WorksheetsPRE-TEST
Total questions: 25
Worksheet time: 25mins
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
The Circular on AML/CFT rules for BSP supervised and regulated covered persons is:
Circular No. 706 dated 5 January 2011
Circular No. 1022 dated 26 November 2018
Circular No. 950 dated 15 March 2017
All of the above
The __________________ is ultimately responsible for the AML/CFT compliance of BSP supervised and regulated covered persons.
Board of Directors
Senior Management
Internal Auditor
Compliance Officer
Under existing AML/CFT regulations, the Money Laundering and Terrorist Financing Prevention Program (MTPP) should be updated at least ______________.
Six months
One month
Annually
Every two years
_________________ are required to have an electronic monitoring and reporting system for AML/CFT.
All Universal and Commercial Banks and such covered persons considered complex
All covered persons considered complex
All Thrift Banks
All Rural Banks
Under the rules, _______________ is one of the minimum information required for individual customers.
Address
TIN
Civil Status
Capacity to pay
_________________ shall be maintained and safely stored as long as the account exists.
Customer Identification Records
Monthly Statements
Transaction Records
Suspicious Transaction Reports
Covered persons shall designate at least ____________ officer(s) who will be responsible and accountable in the safekeeping of all records and documents required to be retained by the AMLA as amended.
Two
One
Four
Three
As a general rule, no new accounts shall be created without _____________ and personal interview.
Face-to-face contact
Three valid IDs
Personal reference
Proof of billing
Under the exception on third-party reliance, covered institutions shall obtain from the 3rd party a _____________________, containing certain requirements.
Written sworn certification
Service level agreement
Referral statement
Memorandum of understanding
Under existing AML/CFT regulations in the Philippines, the three risk categories for types of customers are:
Weak, Acceptable, Strong
Risky, Vulnerable, Satisfactory
Unacceptable, Fair, Acceptable
Low, Normal, High
The Composite AML Risk Rating System (ARRS) rating is assigned based on a numerical scale of _______.
1 to 5
1 to 4
1 to 6
1 to 3
The ARRS Composite rating generally bears close relationship with the _________.
Individual Component Ratings
Corporate Governance Rating
Compliance Rating
Management Rating
_____________________ is one of the components of the ARRS.
Implementation
Monitoring System
Customer Screening
Covered Transaction Reporting
A composite rating of “2” will require submission of a BOD-approved _________________.
Contract of Undertaking
Memorandum of Understanding
Letter of Commitment
Written Action Plan
Grossly inadequate is the adjectival rating of composite rating of “1”. A composite rating of “2” is also described as _____________.
Vulnerable
Satisfactory
Strong
Sound
