Podcast
Questions and Answers
What is the primary activity of a Virtual Asset Provider that involves moving virtual assets between addresses?
What is the primary activity of a Virtual Asset Provider that involves moving virtual assets between addresses?
Which of the following is NOT a defined activity of a Virtual Asset Provider?
Which of the following is NOT a defined activity of a Virtual Asset Provider?
Which type of weapon is categorized as Weapons of Mass Destruction (WMD)?
Which type of weapon is categorized as Weapons of Mass Destruction (WMD)?
What is excluded from the definition of Weapons of Mass Destruction?
What is excluded from the definition of Weapons of Mass Destruction?
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What does participation in financial services related to a virtual asset issuer involve?
What does participation in financial services related to a virtual asset issuer involve?
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Which of the following activities does NOT involve a Virtual Asset Provider?
Which of the following activities does NOT involve a Virtual Asset Provider?
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In the context of WMDs, what aspect is considered when evaluating their capacity?
In the context of WMDs, what aspect is considered when evaluating their capacity?
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Which statement accurately describes the role of a Virtual Asset Provider in asset administration?
Which statement accurately describes the role of a Virtual Asset Provider in asset administration?
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What effective date is associated with the new provision regarding Virtual Asset Providers?
What effective date is associated with the new provision regarding Virtual Asset Providers?
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Which of the following best outlines the exchange activities of a Virtual Asset Provider?
Which of the following best outlines the exchange activities of a Virtual Asset Provider?
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Study Notes
Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) in the Philippines
- The Philippines promotes cooperation in transnational investigations of money laundering, aligned with its foreign policy.
- The Anti-Money Laundering Council (AMLC) operates as an independent financial intelligence unit, focused on ethical development and efficient processes.
- A risk-based approach is essential for implementing AML/CTF laws, ensuring financial inclusion while maintaining safeguards against risks.
Governing Principles
- The AMLC fosters a strong compliance culture and governance to support an effective AML/CTF regime, including capacity building and appropriate sanctions.
- Essential components include a robust risk management system to identify, assess, mitigate, monitor, and control money laundering/terrorism financing risks.
Key Definitions
- Biometric Information: Includes photographs, fingerprints, and iris scans for identity verification.
- Casino: An establishment authorized to conduct gaming operations.
- Civil Forfeiture: Legal process to forfeit monetary instruments or properties without a conviction linked to unlawful activities.
- Close Relationship/Associate: Individuals known to have a close association with Politically-Exposed Persons (PEPs), influencing financial transactions.
Banking and Financial Terms
- Correspondent Banking: Banking services provided by one bank to another, enhancing financial access and operations.
- Payable-through Accounts: Accounts enabling third parties to transact on their own behalf directly through correspondent accounts.
Identification and Regulation
- Philippine Identification Card (PhilID): Official ID issued to citizens and resident aliens, serving for transactions with government entities.
- Philippine Identification System (PhilSys): A central government platform for identification established under Republic Act No. 11055.
Risk Assessment Concepts
- Source of Fund: Refers to the origin of funds tied to transactions, critical for verifying legitimacy.
- Source of Wealth: Encompasses all resources contributing to a customer’s wealth, such as employment or inheritance.
Processing and Analysis
- Straight-through Processing: Electronic payment transactions executed without manual steps.
- Strategic Analysis: Macro-level data analysis to identify ML/TF patterns, guiding policy development against financial crime.
Regulatory Entities
- Supervising Authority (SA): Agencies like BSP, SEC, and IC oversee the regulation of financial institutions and designated non-financial businesses.
Virtual Assets and Security
- Virtual Asset Provider: Entities engaging in exchanging, transferring, or managing virtual assets for others.
- Weapons of Mass Destruction (WMD): Refers to specific weapons capable of mass casualties, excluding transportation means that are separate from the weapons themselves.
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Description
This quiz explores the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) strategies adopted in the Philippines. It covers the role of the Anti-Money Laundering Council (AMLC), the importance of a risk-based approach, and governing principles that ensure an effective AML/CTF regime. Test your knowledge on the key definitions and regulatory practices involved in combating financial crimes.
