Copy Of Online Training Module 1 Pre-test

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.

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.

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.

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.

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.

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.

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.

The correct answer is "Placement, Layering, Integration." Money laundering involves three stages: placement, layering, and integration. During the placement stage, the illegally obtained funds are introduced into the financial system. In the layering stage, the money is moved around through various transactions and accounts to obscure its origin. Finally, in the integration stage, the laundered money is reintroduced into the legitimate economy, making it appear as though it came from legal sources.

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.

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.

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.

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.

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.

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.

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.