AMLA

Question 1

Money laundering

Answer 1

is committed by any person who, knowing that any monetary instrument or
property represents, involves, or relates to the proceeds of any unlawful activity of:
• Transacting or attempting to transact money laundering
• Facilitating money laundering
• Failure to report

Question 2

Modes of Money Laundering

Answer 2

• Mix with legitimate funds
• Use for legitimate purpose/s
• Invest in legitimate business/es

Question 3

Special powers of Anti-Money Laundering Council (AMLC)

Answer 3

• Inquiry Into/Examination of Bank Deposits/Investments
• Freeze of Dirty Money/Property
• Forfeiture of Dirty Money/Property

Question 4

The Anti-Money Laundering Council is composed of:

Answer 4

• Chairman: BSP Governor
• Members:
  i. Commissioner of Insurance Commission
  ii. Chairman of SEC

Question 5

Obligations of Covered Institutions

Answer 5

• Customer Identification
• Safe Harbor
• Reportorial Requirements

Question 6

Stages of Money Laundering

Answer 6

• Placement
• Layering
• Integration

Question 7

When a transaction is determined to be both a covered and a suspicious transaction, it shall be
reported as?

Answer 7

Suspicious Transaction

Question 8

A transaction in cash or other equivalent monetary instrument involving a total amount in
excess of Five Hundred Thousand Pesos (P500,000.00) within one banking day.

Answer 8

Covered Transactions

Question 9

Anti-Money Laundering Act’s Three Major Requirements

Answer 9

• Customer Identification and Due Diligence
• Record Keeping or Retention
• Reportorial Duty

Question 10

What are the prohibited accounts under the Anti-Money Laundering Act?

Answer 10

• Anonymous Accounts
• Accounts under fictitious names
• Numbered checking accounts
• Other similar accounts

Question 11

When may the Anti-Money Laundering Council inquire into bank deposits?

Answer 11

General Rule: Only upon order of any competent court in cases of violation of RA 9160
“Anti-Money Laundering Act of 2001”, as amended.
Exception: No need of court order in cases of Kidnapping, Hijacking, Drugs, Arson, and
Murder

Question 12

Who has jurisdiction for violation of AMLA?

Answer 12

• Regional Trial Court - all cases on money laundering
• Sandiganbayan - Those committed by public officers and private persons in conspiracy
  with them.

Question 13

Which court has the jurisdiction to issue a freeze order?

Answer 13

It is solely the Court of Appeals which has the authority to issue a freeze order upon
application by the Anti-Money Laundering Council and after determination that
probable cause exists.