12 Questions
The Anti-Money Laundering Act in the Philippines has been amended by RA 9194, 10167, 10927, and 11521.
True
Money laundering involves making proceeds of unlawful activity appear as if they originated from legitimate sources.
True
The Philippines aims to be a money laundering site for the proceeds of any unlawful activity.
False
Money laundering activities can involve the financing of weapons of mass destruction.
True
Money laundering is only considered a crime if the proceeds involve monetary instruments.
False
The Anti-Money Laundering Act promotes opacity and secrecy in the Philippine financial system.
False
Jewelry dealers in precious metals must report transactions over One million pesos (P1,000,000.00) to the authorities.
True
Insurance brokers are not covered under the supervision of the Insurance Commission (IC).
False
Foreign exchange dealers are not considered Covered Persons under the supervision of the Bangko Sentral ng Pilipinas (BSP).
False
Money changers are excluded from being supervised or regulated by the Bangko Sentral ng Pilipinas (BSP).
False
Entities dealing in commodities are not under the supervision of the Securities and Exchange Commission (SEC).
False
Company service providers facilitating financial transactions do not fall under the category of Designated Non-Financial Businesses and Professions (DNFBPs).
False
Study Notes
Amendments to the Anti-Money Laundering Act
- The Anti-Money Laundering Act in the Philippines has been amended by RA 9194, 10167, 10927, and 11521.
Definition of Money Laundering
- Money laundering involves making proceeds of unlawful activity appear as if they originated from legitimate sources.
Money Laundering Activities
- Money laundering can involve the financing of weapons of mass destruction.
Crime Consideration
- Money laundering is only considered a crime if the proceeds involve monetary instruments.
Reporting Requirements
- Jewelry dealers in precious metals must report transactions over P1,000,000.00 to the authorities.
Exclusions from Supervision
- Insurance brokers are not covered under the supervision of the Insurance Commission (IC).
- Foreign exchange dealers are not considered Covered Persons under the supervision of the Bangko Sentral ng Pilipinas (BSP).
- Money changers are excluded from being supervised or regulated by the Bangko Sentral ng Pilipinas (BSP).
- Entities dealing in commodities are not under the supervision of the Securities and Exchange Commission (SEC).
- Company service providers facilitating financial transactions do not fall under the category of Designated Non-Financial Businesses and Professions (DNFBPs).
Test your knowledge on the Anti-Money Laundering Act (RA 9160) as amended by RA 9194, 10167, 10927, and 11521. Explore the declared policies aimed at protecting and preserving the integrity of bank accounts in the Philippines.
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