Copy Of Online Training Module 1 Pre-test
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1. What are the 3 stages of Money Laundering?
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Placement, Lingering, Integration
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Placement, Layering, Integrated
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Layering, Integration, Placement
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Placement, Layering, Integration
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This pre-test for 'Online Training Module 1' assesses knowledge on Anti-Money Laundering (AML). Topics include stages of money laundering, Philippine AML laws (RA 9160), identifying suspicious and covered transactions, and understanding the role of AMLC. Essential for professionals in finance and compliance roles.
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- 2.
RA 9160 is also known as the "Anti-Money Laundering Act of _______________?
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2000
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2001
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2002
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2003
Correct Answer
A. 2001Explanation
RA 9160, also known as the "Anti-Money Laundering Act of 2001," is a law that aims to prevent and combat money laundering activities in the Philippines. It provides a legal framework for the detection, investigation, and prosecution of money laundering offenses. The law imposes obligations on financial institutions to establish systems and procedures to prevent money laundering and report suspicious transactions to the appropriate authorities. The year 2001 is significant because it marks the enactment of this important legislation in the Philippines.Rate this question:
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- 3.
The Financial Intelligence Unit of the Philippines.
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AMLC
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BSP
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Covered Person
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None of the Above
Correct Answer
A. AMLCExplanation
The correct answer is AMLC, which stands for the Anti-Money Laundering Council. The AMLC is the Financial Intelligence Unit of the Philippines, responsible for implementing and enforcing the country's anti-money laundering and counter-terrorism financing laws. It is tasked with receiving, analyzing, and investigating suspicious transaction reports from covered persons, such as banks and other financial institutions, in order to detect and prevent money laundering and terrorist financing activities.Rate this question:
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- 4.
It is an act to disguise "dirty money" as "clean money"
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Terrorist Financing
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Anti-Money Laundering
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Money Laundering
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Suspicious Transaction
Correct Answer
A. Money LaunderingExplanation
Money laundering is the act of disguising illegal or "dirty" money by making it appear as legitimate or "clean" money. This process involves various methods such as funneling the money through legitimate businesses, manipulating financial transactions, or creating complex networks of transactions to conceal the illicit origin of the funds. Money laundering is often associated with criminal activities such as drug trafficking, corruption, or terrorism, as it allows criminals to enjoy the proceeds of their illegal activities without attracting suspicion from authorities.Rate this question:
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- 5.
No underlying legal or trade obligation, purpose or economic justification is an example of
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Covered Transaction
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Suspicious Transaction
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Relevant Business Transaction
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None of the above
Correct Answer
A. Suspicious TransactionExplanation
The given answer, "Suspicious Transaction," is correct because it refers to a transaction that raises concerns or suspicions about potential illegal activities, such as money laundering or terrorist financing. In this case, the absence of any underlying legal or trade obligation, purpose, or economic justification makes the transaction suspicious, as it lacks a legitimate reason for its occurrence.Rate this question:
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- 6.
A transaction exceeding P500,000.00 within 1 banking day.
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Covered Transaction
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Suspicious Transaction
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Relevant Business Transaction
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None of the above
Correct Answer
A. Covered TransactionExplanation
A transaction exceeding P500,000.00 within 1 banking day is classified as a Covered Transaction. This term refers to a transaction that falls under the scope of specific regulations or laws, usually related to anti-money laundering measures. Such transactions are subject to additional scrutiny and reporting requirements by financial institutions to ensure compliance with these regulations.Rate this question:
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- 7.
Files should be organized, with label and safely kept.
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Record keeping and Retention
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Record Filling
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Record Checking
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None of the above
Correct Answer
A. Record keeping and RetentionExplanation
The correct answer is "Record keeping and Retention" because it is mentioned in the question that files should be organized, labeled, and safely kept. This implies the need for proper record keeping and retention practices to ensure that files are organized, labeled correctly, and securely stored.Rate this question:
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- 8.
For how long should we keep our records?
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Until there is a pending AML case
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4 Years
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5 Years
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A and C
Correct Answer
A. A and CExplanation
We should keep our records until there is a pending AML case and also for 5 years. This means that we need to maintain our records for a minimum of 5 years, but if there is an ongoing AML (Anti-Money Laundering) case, then we should continue to keep the records until the case is resolved. This ensures that we have the necessary documentation and information available for legal and regulatory purposes, especially in relation to money laundering investigations.Rate this question:
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- 9.
Any person who, directly or indirectly, willfully and without lawful excuse, possesses, provides, collects or uses property or funds or makes available property, funds or financial service or other related services to support acts of Terrorism
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Money Laundering
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Terrorist Financing
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Suspicious Transaction
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Covered Transaction
Correct Answer
A. Terrorist FinancingExplanation
The given correct answer is "Terrorist Financing". This term refers to the act of possessing, providing, collecting, or using property or funds, or making available financial services to support acts of terrorism. It involves the illegal movement of money or assets to fund terrorist activities, such as purchasing weapons or planning attacks. Terrorist financing is a serious crime that aims to disrupt the financial networks that support terrorist organizations and prevent them from carrying out their harmful activities.Rate this question:
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- 10.
Covered person must perform________ and________ to identify their clients and ascertain relevant information pertinent to doing financial business.
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KYC and CDD
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KYC and STR
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STR and CTR
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STR and CDD
Correct Answer
A. KYC and CDDExplanation
The covered person must perform KYC (Know Your Customer) and CDD (Customer Due Diligence) to identify their clients and gather necessary information related to conducting financial business. KYC involves verifying the identity of clients and assessing their risk profile, while CDD involves conducting a deeper investigation into the client's background and financial activities to ensure compliance with regulations and prevent money laundering or other illegal activities.Rate this question:
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- 11.
An individual who is or has been entrusted with prominent public positions in the Philippines or in foreign state
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OFAC
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PEP
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FRAUD
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NEGATIVE MEDIA
Correct Answer
A. PEPExplanation
The correct answer is PEP. PEP stands for Politically Exposed Person, which refers to an individual who currently holds or has held prominent public positions in the Philippines or in a foreign state. These positions can include government officials, high-ranking military officers, or executives in state-owned enterprises. PEPs are considered higher risk individuals due to their potential influence and access to public funds, making them a focus for anti-money laundering and anti-corruption measures.Rate this question:
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- 12.
What are the duties of a covered person?
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CT/ST Reporting and Recording Keeping
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KYC/CDD and Annual Training
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Risk Asserting, KFC/CD, Recording, ST/CT Scan and Annual Treating
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Both A and B
Correct Answer
A. Both A and BExplanation
The duties of a covered person include CT/ST reporting and record keeping, as well as KYC/CDD and annual training. Both options A and B mention these responsibilities, making them the correct answer.Rate this question:
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- 13.
Banks, Casinos, Insurance companies, pawnshop, money changer and remittance are example of?
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Suspicious Persons
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Covered Persons
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Entities
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Launderers
Correct Answer
A. Covered PersonsExplanation
The correct answer is Covered Persons. Banks, casinos, insurance companies, pawnshops, money changers, and remittance businesses are all examples of Covered Persons. This term is commonly used in the context of anti-money laundering (AML) regulations and refers to entities that are subject to AML laws and regulations. These entities are required to implement measures to prevent money laundering and terrorist financing activities, such as customer due diligence, record-keeping, and reporting suspicious transactions.Rate this question:
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- 14.
Educational background and Family history of the customer are part of the minimum requirement required.
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True
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False
Correct Answer
A. FalseExplanation
The statement is false because the educational background and family history of the customer are not part of the minimum requirement required. The minimum requirement could include other factors such as age, income, or employment status, but educational background and family history are not necessary for meeting the minimum requirement.Rate this question:
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- 15.
Refers to any act or omission or series or combination thereof involving or having relation to kidnapping for ransom at Anti-Fencing Law
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Lawful Activity
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Unlawful Activity
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Probable Activity
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Transaction
Correct Answer
A. Unlawful ActivityExplanation
The given correct answer is "Unlawful Activity." This refers to any act or omission or series or combination thereof involving or having relation to kidnapping for ransom at Anti-Fencing Law. This means that engaging in or being involved in kidnapping for ransom is considered illegal and against the law.Rate this question:
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Current Version
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Jan 25, 2023Quiz Edited by
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Oct 09, 2020Quiz Created by
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