Quizzer: AMLA

Question 1
As to the character of the offense, “Money Laundering” is
A. Civil
B. Criminal
C. Political
D. Natural

Question 2
What is the threshold figure for a “covered transaction”?
A. at least P500,000
B. more than P500,000
C. at least P4,000,000
D. more than P4,000,000

Question 3
True/False. The “more than P500,000” threshold applies to “suspicious transactions”

Question 4
Suspicious transactions are transactions with covered institutions, regardless of the amounts involved, where any of
the following circumstances exist (choose the exception):
A. there is no underlying legal or trade obligation, purpose or economic justification
B. the client is not properly identified
C. the amount involved is commensurate with the business or financial capacity of the client
D. the transactions is in a way related to an unlawful activity or offense under the Act that is about to be, is being or has
been committed

Question 5
Suspicious transactions shall be reported by covered persons. Which of the following is least likely considered as a
covered person?
A. Bank or banking institution
B. Insurance company
C. Jewelry dealer in precious metal
D. Lawyer acting as independent legal counsel
Question 6
To which specific body shall covered persons report the occurrence of suspicious transactions?
A. COA – Commission on Audit
B. BSP – Bangko Sentral Ng Pilipinas
C. AMLC – Anti-Money Laundering Council
D. PDIC – Philippine Deposit Insurance Commission

Question 7
Within how many days shall covered persons report to the AMLC the occurrence of suspicious transactions?
A. 1 working day
B. 3 working days
C. 5 working days
D. 7 working days