Anti-Money Laundering Law (RA 9160,
as amended by RA 9194) | Latest Version
| Graded A+
How does the Bank Secrecy Act contribute to anti-money laundering efforts?
✔✔ The Bank Secrecy Act contributes to anti-money laundering efforts by requiring financial
institutions to maintain detailed records of transactions, file reports on suspicious activities, and
implement internal controls to detect and prevent money laundering.
What is the purpose of the Financial Action Task Force (FATF) in the context of AML?
✔✔ The purpose of the Financial Action Task Force (FATF) is to develop and promote
international standards for combating money laundering and terrorist financing, and to assess the
effectiveness of countries' AML measures.
How do AML regulations address the prevention of terrorist financing?
1
,✔✔ AML regulations address the prevention of terrorist financing by implementing measures to
detect and report transactions linked to terrorism, conducting risk assessments, and enforcing
restrictions on financial dealings with known terrorist organizations.
What is the significance of international AML agreements and cooperation?
✔✔ International AML agreements and cooperation are significant because they enhance global
coordination in combating money laundering, facilitate information sharing between countries,
and promote consistent enforcement of AML standards.
How does the concept of "know your customer" (KYC) enhance anti-money laundering
measures?
✔✔ The concept of "know your customer" (KYC) enhances anti-money laundering measures by
requiring institutions to verify the identities of their clients and understand their financial
activities, which helps prevent money laundering and fraudulent activities.
What role do regulatory agencies play in enforcing anti-money laundering laws?
2
, ✔✔ Regulatory agencies enforce anti-money laundering laws by setting compliance standards,
conducting audits and investigations, and imposing penalties or sanctions on institutions that fail
to adhere to AML regulations.
What impact do AML penalties and fines have on financial institutions?
✔✔ AML penalties and fines impact financial institutions by imposing financial and reputational
costs, which can lead to increased scrutiny, operational changes, and a focus on strengthening
AML compliance programs.
How do AML regulations influence the reporting and tracking of large cash transactions?
✔✔ AML regulations influence the reporting and tracking of large cash transactions by requiring
institutions to file currency transaction reports (CTRs) for transactions exceeding specified
thresholds, thus monitoring for suspicious activities.
What is the role of technology in supporting AML compliance?
3
as amended by RA 9194) | Latest Version
| Graded A+
How does the Bank Secrecy Act contribute to anti-money laundering efforts?
✔✔ The Bank Secrecy Act contributes to anti-money laundering efforts by requiring financial
institutions to maintain detailed records of transactions, file reports on suspicious activities, and
implement internal controls to detect and prevent money laundering.
What is the purpose of the Financial Action Task Force (FATF) in the context of AML?
✔✔ The purpose of the Financial Action Task Force (FATF) is to develop and promote
international standards for combating money laundering and terrorist financing, and to assess the
effectiveness of countries' AML measures.
How do AML regulations address the prevention of terrorist financing?
1
,✔✔ AML regulations address the prevention of terrorist financing by implementing measures to
detect and report transactions linked to terrorism, conducting risk assessments, and enforcing
restrictions on financial dealings with known terrorist organizations.
What is the significance of international AML agreements and cooperation?
✔✔ International AML agreements and cooperation are significant because they enhance global
coordination in combating money laundering, facilitate information sharing between countries,
and promote consistent enforcement of AML standards.
How does the concept of "know your customer" (KYC) enhance anti-money laundering
measures?
✔✔ The concept of "know your customer" (KYC) enhances anti-money laundering measures by
requiring institutions to verify the identities of their clients and understand their financial
activities, which helps prevent money laundering and fraudulent activities.
What role do regulatory agencies play in enforcing anti-money laundering laws?
2
, ✔✔ Regulatory agencies enforce anti-money laundering laws by setting compliance standards,
conducting audits and investigations, and imposing penalties or sanctions on institutions that fail
to adhere to AML regulations.
What impact do AML penalties and fines have on financial institutions?
✔✔ AML penalties and fines impact financial institutions by imposing financial and reputational
costs, which can lead to increased scrutiny, operational changes, and a focus on strengthening
AML compliance programs.
How do AML regulations influence the reporting and tracking of large cash transactions?
✔✔ AML regulations influence the reporting and tracking of large cash transactions by requiring
institutions to file currency transaction reports (CTRs) for transactions exceeding specified
thresholds, thus monitoring for suspicious activities.
What is the role of technology in supporting AML compliance?
3
