Podcast
Questions and Answers
What amount in pesos qualifies as a cash transaction involving real estate developers or brokers that must be reported?
What amount in pesos qualifies as a cash transaction involving real estate developers or brokers that must be reported?
- P5,000,000.00
- P10,000,000.00
- P2,500,000.00
- P7,500,000.00 (correct)
Which of the following best describes a ‘Cross-Border Wire Transfer’?
Which of the following best describes a ‘Cross-Border Wire Transfer’?
- A wire transfer solely between local financial institutions.
- A wire transfer involving different countries' banks. (correct)
- Any wire transfer where both banks are in the same city.
- A wire transfer within the same country.
Who is classified as a ‘Customer/Client’ in the context of covered transactions?
Who is classified as a ‘Customer/Client’ in the context of covered transactions?
- Only the transactors and agents of beneficial owners.
- Only the beneficial owners.
- Any person maintaining an account or transacting with a covered person. (correct)
- Individuals who do not hold any accounts but have inquiries.
Which of the following statements about beneficial owners is accurate?
Which of the following statements about beneficial owners is accurate?
Who falls under the definition of a beneficiary within the Customer/Client category?
Who falls under the definition of a beneficiary within the Customer/Client category?
What does 'Law Enforcement Agency' (LEA) include?
What does 'Law Enforcement Agency' (LEA) include?
Which of the following best defines 'Materially-linked Accounts'?
Which of the following best defines 'Materially-linked Accounts'?
Which statement about 'In Trust For' accounts is correct?
Which statement about 'In Trust For' accounts is correct?
Which option correctly describes accounts held for the benefit of a person under a freeze order?
Which option correctly describes accounts held for the benefit of a person under a freeze order?
What best characterizes the accounts of juridical persons as mentioned?
What best characterizes the accounts of juridical persons as mentioned?
Which of the following defines 'Instrumentality'?
Which of the following defines 'Instrumentality'?
What best describes 'Independent Legal/Accounting Professional'?
What best describes 'Independent Legal/Accounting Professional'?
What does 'Institutional Risk Assessment' aim to achieve?
What does 'Institutional Risk Assessment' aim to achieve?
Which of the following options accurately defines 'Immediate Family Member'?
Which of the following options accurately defines 'Immediate Family Member'?
What does 'Information and Communication Technology' encompass?
What does 'Information and Communication Technology' encompass?
Which entity is responsible for regulating the insurance industry in the Philippines?
Which entity is responsible for regulating the insurance industry in the Philippines?
What is characterized as an 'Intermediary Financial Institution'?
What is characterized as an 'Intermediary Financial Institution'?
Which description best fits 'Jewelry'?
Which description best fits 'Jewelry'?
What does National Risk Assessment (NRA) aim to mitigate?
What does National Risk Assessment (NRA) aim to mitigate?
Which of the following best defines a Non-Profit Organization (NPO)?
Which of the following best defines a Non-Profit Organization (NPO)?
Who qualifies as an Offender in the context provided?
Who qualifies as an Offender in the context provided?
What does the term Offshore Gaming Operator (OGO) refer to?
What does the term Offshore Gaming Operator (OGO) refer to?
What does Offshore Gaming Operator Service Provider (OGO-SP) do?
What does Offshore Gaming Operator Service Provider (OGO-SP) do?
What is the purpose of the Ongoing Monitoring Process (OMP)?
What is the purpose of the Ongoing Monitoring Process (OMP)?
Which entity is known as the Originating/Ordering Financial Institution?
Which entity is known as the Originating/Ordering Financial Institution?
Who is considered the Originator in a wire transfer scenario?
Who is considered the Originator in a wire transfer scenario?
What does 'Related Account' refer to in the context of a freeze order?
What does 'Related Account' refer to in the context of a freeze order?
Which of the following best defines 'Source of Wealth'?
Which of the following best defines 'Source of Wealth'?
What does 'Straight-through Processing' imply in financial transactions?
What does 'Straight-through Processing' imply in financial transactions?
What is the role of the 'Supervising Authority' (SA)?
What is the role of the 'Supervising Authority' (SA)?
How is 'Substantial Evidence' defined?
How is 'Substantial Evidence' defined?
What does the term 'Ship-Based Casino' refer to?
What does the term 'Ship-Based Casino' refer to?
What does 'Strategic Analysis' aim to achieve?
What does 'Strategic Analysis' aim to achieve?
What does the 'Source of Fund' refer to?
What does the 'Source of Fund' refer to?
What is the primary focus of Tactical Analysis?
What is the primary focus of Tactical Analysis?
What do Targeted Financial Sanctions aim to prevent?
What do Targeted Financial Sanctions aim to prevent?
Which statement best defines Terrorism Financing (TF)?
Which statement best defines Terrorism Financing (TF)?
Who is responsible for establishing a trust according to the provided definitions?
Who is responsible for establishing a trust according to the provided definitions?
What is included in the definition of a 'Transaction'?
What is included in the definition of a 'Transaction'?
What is a common characteristic of a Trustee?
What is a common characteristic of a Trustee?
What does the term ‘Suspicious Circumstance’ refer to?
What does the term ‘Suspicious Circumstance’ refer to?
Which aspect is least associated with Tactical Analysis?
Which aspect is least associated with Tactical Analysis?
Flashcards
Covered Transaction Report (CTR)
Covered Transaction Report (CTR)
A report filed with the AMLC on a covered transaction.
Cross-Border Wire Transfer
Cross-Border Wire Transfer
A wire transfer where the sender and/or receiver banks are in different countries, or a chain of transfers with at least one international bank involved.
Customer/Client
Customer/Client
Any person who does business with a covered person, including beneficial owners, transactors, beneficiaries, asset management clients, trustors, insurance holders, and legal entities.
Cash transaction with real estate
Cash transaction with real estate
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Beneficial owner
Beneficial owner
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Law Enforcement Agency (LEA)
Law Enforcement Agency (LEA)
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Materially-linked Accounts
Materially-linked Accounts
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Freeze Order
Freeze Order
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Order of Inquiry
Order of Inquiry
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In Trust For Account
In Trust For Account
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Immediate Family Member
Immediate Family Member
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Independent Legal/Accounting Professional
Independent Legal/Accounting Professional
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Information and Communication Technology (ICT)
Information and Communication Technology (ICT)
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Institutional Risk Assessment
Institutional Risk Assessment
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Instrumentality
Instrumentality
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Insurance Commission (IC)
Insurance Commission (IC)
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Intermediary Financial Institution
Intermediary Financial Institution
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Internet-Based Casino
Internet-Based Casino
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National Risk Assessment (NRA)
National Risk Assessment (NRA)
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Non-Profit Organization (NPO)
Non-Profit Organization (NPO)
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Offender
Offender
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Offshore Gaming Operator (OGO)
Offshore Gaming Operator (OGO)
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Ongoing Monitoring Process (OMP)
Ongoing Monitoring Process (OMP)
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Originating/Ordering Financial Institution
Originating/Ordering Financial Institution
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Originator
Originator
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Other Government Agency (OGA)
Other Government Agency (OGA)
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Related Account (AML)
Related Account (AML)
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Ship-Based Casino
Ship-Based Casino
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Source of Fund
Source of Fund
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Source of Wealth
Source of Wealth
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Straight-through Processing
Straight-through Processing
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Strategic Analysis
Strategic Analysis
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Substantial Evidence
Substantial Evidence
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Supervising Authority (SA)
Supervising Authority (SA)
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Tactical Analysis
Tactical Analysis
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Targeted Financial Sanctions (TFS)
Targeted Financial Sanctions (TFS)
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Terrorism Financing (TF)
Terrorism Financing (TF)
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Terrorism Financing Prevention and Suppression Act (TFPSA)
Terrorism Financing Prevention and Suppression Act (TFPSA)
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Transaction
Transaction
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Trustee
Trustee
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Trustor/Grantor/Settlor
Trustor/Grantor/Settlor
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Suspicious Circumstance
Suspicious Circumstance
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Study Notes
Governing Principles
- Anti-money laundering/counter-terrorism financing (AML/CTF) regime in the Philippines is governed by principles.
- The AMLC (Anti-Money Laundering Council) is an independent financial intelligence unit, upholding ethical standards and efficiency.
- AML/CTF laws, rules, and regulations are implemented using a risk-based approach, ensuring effective safeguards while integrating the financially excluded into the regulated financial sector.
- Strong compliance culture, good governance, and high ethical standards are crucial foundations for an effective AML/CTF regime, developed through capacity-building, and deterrence of violations via sanctions.
- Sound risk management systems are essential to identify, assess, mitigate, monitor, and control risks associated with money laundering/terrorism financing.
- Timely and effective domestic and international cooperation is critical for investigation and prosecution of money laundering/terrorism financing.
- AML/CTF implementation should adhere to international AML/CTF standards and best practices.
- Constitutional requirements related to due process, injunctions against ex post facto laws, and bills of attainder must be observed.
Definitions
- Account: Bank account, electronic money account, investment account, insurance policy, or similar contract/service agreement where customer funds are held.
- Anti-Money Laundering Act (AMLA): Republic Act No. 9160, as amended
- Anti-Money Laundering Council (AMLC): Philippines' central AML/CTF authority and financial intelligence unit.
- Appropriate Government Agency (AGA): PAGCOR, CEZA, APECO, or other government agencies authorized for casino operations.
- Asset: Monetary instrument, property, or both.
- Asset Preservation Order (APO): Provisional remedy for preserving monetary instruments/properties related to unlawful activity.
- Average Due Diligence (ADD): Standard customer due diligence in medium-risk money laundering/terrorism financing cases.
- Bangko Sentral ng Pilipinas (BSP): Central bank of the Philippines.
- Bank Inquiry (BI): Provisional remedy for examining or inquiring into bank or non-bank accounts, notwithstanding bank secrecy laws.
- Bearer Negotiable Instruments (BNIs): Monetary instruments in bearer form (e.g., traveler's checks, checks, promissory notes, money orders).
- Bearer Shares: Negotiable instruments that grant ownership to the bearer.
- Beneficial Owner: Natural person ultimately controlling a customer or juridical person.
- Beneficiary: Person(s) benefiting from an account or transaction (e.g., trust agreements).
- Beneficiary Financial Institution: Financial institution receiving wire transfers to make funds available to the beneficiary.
- Biometric Information: Unique features of a person (photo, fingerprint, iris scan).
- Casino: Business authorized to conduct gaming operations.
- Casino Cash Transaction: Cash transactions involving casino payouts or receipts.
- Civil Forfeiture (CF): Non-conviction-based process to forfeit monetary instruments related to unlawful activity.
- Close Relationship/Associate: Persons known to maintain a close relationship with a PEP (Politically Exposed Person).
- Correspondent Banking: Banking services provided by one bank to another.
- Company Service Provider (CSP): Provides services needed for customers who cannot perform/offer services directly due to financial or operational reasons.
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