The What
Give me an example of a valid ID
In general, for how long should a covered person keep the customer records?
5 years from the last transactions
I am not allowed to tell my best friend that a famous singer who is customer is being investigated for her unusual transactions.
True
One who has been entrusted with a prominent public function who presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold.
Politically Exposed Person
What is the Philippine Law that made money laundering a crime?
Republic Act No. 9160
If a covered person determined that a customer has some suspicious transactions on January 1, when does it need to file an STR?
January 2
A hacker would need to be convicted first of violations of ecommerce law before his illegally acquired funds can be pursued for money laundering.
False
Ultimately owns or controls the customers and/or on whose behalf a transaction or activity is being conducted.
Ultimate Beneficial Owner
This is the stage of money laundering whereby the criminal obscures the audit trail by creating multiple financial transactions.
Layering
To file a covered transaction, a customer transaction in one banking day must exceed what amount?
500,000
Terrorism Financing can only be funded by illegal sources.
False
The Philippine Financial Intelligence Unit.
Anti-Money Laundering Council
This is the international group that analyze money laundering trends and evaluate the combative steps that global governments have taken to prevent it.
Financial Action Task Force
Institutional Risk Assessment must be done at least once every __ years.
Two
An employee who does not interface with the customers do not have to attend an AML/CTF Training.
False
The Board of Directors