3/20/23, 5:33 PM BLAWREG QUIZ 2 (Bank Secrecy Law) | PDF | Money Laundering | U.S.
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BLAWREG QUIZ 2 (Bank Secrecy Law)
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1. Under R.A. 1405, which of the following is not covered by the Bank Secrecy Law?
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A. Investment in time deposit
B. Savings deposit and demand deposit
C. Investment in bonds issued by publicly traded corporations.
D. Investment in bonds issued by the Government of the Philippines, its political subdivisions and its
instrumentalities.
2. Which of the following is not protected by Republic Act No. 1405 also known as Bank Secrecy
Law?
A. Certificate of time deposit
B. Demand account
C. Investment in government bonds
D. Money market placement
3. Under Republic Act No. 6426 also known as Foreign Currency Deposit Act of the Philippines, what
is the only exception provided by such law from the absolute confidentiality of foreign currency
deposit? *
A. Upon written permission or consent in writing by the depositor.
B. In cases where the money deposited or invested is the subject matter of the litigation.
C. Upon order of a competent court in cases of bribery or dereliction of duty of public officials.
D. In cases of impeachment of the President for violation of the Constitution, treason, bribery, graft
and corruption, other high crimes or
4. A nonresident alien has been convicted of crime of raping a minor. The RTC judge issued a writ of
garnishment for the satisfaction of civil damages caused to the victim. Is the issuance of writ of
garnishment a violation of Foreign Currency Deposit Act of the Philippines considering that a BSP
circular provides that foreign currency deposits shall be exempted from attachment, garnishment, or
any other order or process of any court, legislative body, government agency or any administrative
body whatsoever?
A. Yes, because foreign currency deposit is absolutely confidential in nature.
B. Yes, because RA 6426 was enacted in order to encourage foreign investment.
C. Yes, even RA 6426 failed to anticipate the inequitous effects producing outright injustice and
inequality to Filipinos.
D. No, because if that foreign currency deposit will be exempted from garnishment, injustice
would result especially to a citizen aggrieved by a foreign guest. (Art. 6426, Sec. 8)
5. Anti-Money Laundering Council refers to the financial intelligence unit of the Republic of the
Philippines which is the government agency tasked to implement the AMLA. Which of the following
statements regarding the composition of AMLC is incorrect?
A. The SEC Chairperson is a member of AMLC.
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B. The BIR Commissioner is a member of AMLC.
C. The chairperson of AMLC is the BSP governor.
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D. The Insurance Commissioner is a member of AMLC.
6. Which of the following is a covered person, therefore, required to report to AMLC reportable or
suspicious transactions? *
A. Casinos
B. Educational institution
C. Mining companies
D. Transportation companies
7. What is the amount of covered transaction in so far as jewelry dealers are concerned for purposes of
reporting to Anti-Money Laundering Council?
A. A transaction exceeding P100,000
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B. A transaction exceeding P500,000
C. A transaction exceeding P1,000,000
D. A transaction exceeding P5,000,000
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ORAnti Money Laundering Law from reporting
8. Which of the following companies is exempted by
reportable and suspicious transactions to Anti-Money Laundering Council?
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A. Casino
B. Holding companies first 30 days are free.
C. Remittance companies
D. Auditing firm rendering assurance engagement
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9. The Bank Secrecy Law (RA 1405) prohibits disclosing any information about deposit records of an
individual without court order except *
A. In an examination to determine gross estate of a decedent.
B. In an investigation for violation of Anti-Graft and Corrupt Practices.
C. In an investigation by the Ombudsman.
D. In an impeachment proceeding.
10. Which of the following is an exception to the secrecy of bank deposits which are in Philippine
Pesos, but NOT an exception to the secrecy of foreign currency deposits? *
A. Upon Bangko Sentral ng Pilipinas (BSP) inquiry into or examination of deposits or investments
with any bank, when the inquiry or examination is made in the course of the SSP's periodic special
examination of said bank to ensure compliance with the Anti-Money Laundering Act (AMLA);
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B. Upon Philippine Deposit Insurance Corporation (PDIC) and SSP inquiry into and examination of
deposit accounts in case there is a finding of unsafe or unsound banking practice;
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C. Upon inquiry in cases of impeachment
D. Upon inquiry by the Commissioner of Internal Revenue in the event a taxpayer files an
application to compromise his tax liabilities on the ground of financial incapacity.
11. For purposes of determining violation of the provisions of Anti-Money Laundering Law, a
transaction is considered as a "Suspicious Transaction" with "Covered Institutions" regardless of the
amount involved, where which the following circumstances exist/s? *
A. the amount involved is not commensurate with the client's business or financial capacity;
B. there is no underlying legal or trade obligation, purpose or economic justification;
C. client is not properly identified;
D. All of the above. (RA. no. 9194, Sec. 2-b1)
12. Under the Anti-Money Laundering Law, a covered institution is required to maintain a system of
verifying the true identity of their clients as well as persons purporting to act on behalf of
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A. Those doing business with such clients.
B. Unknown principals.
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C. The covered institution. your
(RA. 9160, documents
Sec. 9) to download.
D. Such clients.
OR
13. No. 1 - The Ombudsman may inquire into the bank deposit of a public officer whose case is
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pending criminal investigation in a Scribd
the member
Ombudsman even iffor full
there access.
is no Your
actual case filed in court.
No. 2 - A writ of garnishment directed to a bank deposit is prohibited by law.
A. Both are false.
first 30 days are free.
B. Both are true.
C. No. 1 is false; No. 2 is true.
D. No. 1 is true; No. 2 is false Continue for Free
14. The right to secrecy of bank deposits
A. Being part of municipal law, does not apply to deposits in branches of foreign banks in the
Philippines.
B. Is a constitutional right which may, however, be regulated by statute.
C. Cannot be invoked in the absence of an express statutory provision.
D. If violated will render the information obtained thereby inadmissible as evidence in any proceeding
against the depositor.
15. A public officer is charged with violation of the anti-graft and corrupt practices act before the
Office of the Ombudsman. The Ombudsman requests a bank to disclose information regarding the
accounts in the name of the public officer’s immediate family. What principle or ground may the bank
invoke to resist such inquiry? *
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20. Which of the following is not an exception to the secrecy of foreign currency deposits?
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A. In cases of impeachment.
B. When there is written consent of depositor.
C. Upon the order of a competent court, the Anti-Money Laundering Council (AMLC) may inquire
when it has been established that there is probable cause that the deposits or investments involved are
in any way related to a money laundering offense
D. Upon order of the Court of Appeals for purposes of examination by law enforcement officers in
terrorism cases under the Human Security Act of 2007.
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