AMLA Refresher

If Thank You letters are returned for the reason "Unlocated Address", the branch is simply expected to resend the TYL to comply with the AMLA.

• TRUE

• FALSE

Any document or information reduced in writing (e.g. barangay certification) which the bank deems sufficient to establish the client's identity may be accepted to comply with ID requirement for low ML risk clients.

• TRUE

• FALSE

Loans are, at the minimum, normal money laundering risk products.

• TRUE

• FALSE

Structuring is the money laundering technique which involves transacting huge sums of money in as series of transactions with the amount worth 500,000 and below to avoid being subject of reporting requirements of the AMLA.

• TRUE

• FALSE

An identification card may be used to validate the date of birth of a client.

• TRUE

• FALSE

Treasurers of LGUs are tagged as PEPs.

• TRUE

• FALSE

The AMLC is the country's designated Financial Information Unit (FIU).

• TRUE

• FALSE

In the government organization, the identification of PEPs goes down to the level of barangay officials.

• TRUE

• FALSE

If the principal PEP dies, the PEP status of immediate family members of the principal PEP immediately ceases.

• TRUE

• FALSE

The minimum threshold value for beneficial ownership is equivalent to having 25% share or ownership interest of a company.

• TRUE

• FALSE