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    Anti Money Laundering

    Uploaded by

    Leah Hope Cedro
    This document summarizes key points of an anti-money laundering law, including: 1. It discusses the law governing money laundering and when it took effect. 2. It defines money laundering as a criminal act used as a financial strategy, especially by certain groups. 3. It explains that the term "money laundering" covers acts where funds are made to appear legitimate. 4. It provides that the law establishes criminal acts and mandates the creation of an agency to detect such acts and require certain institutions to report to that agency.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Anti Money Laundering

    Uploaded by

    Leah Hope Cedro
    26 views1 page
    This document summarizes key points of an anti-money laundering law, including: 1. It discusses the law governing money laundering and when it took effect. 2. It defines money laundering as a criminal act used as a financial strategy, especially by certain groups. 3. It explains that the term "money laundering" covers acts where funds are made to appear legitimate. 4. It provides that the law establishes criminal acts and mandates the creation of an agency to detect such acts and require certain institutions to report to that agency.

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    Anti Money Laundering

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    This document summarizes key points of an anti-money laundering law, including: 1. It discusses the law governing money laundering and when it took effect. 2. It defines money laundering as a criminal act used as a financial strategy, especially by certain groups. 3. It explains that the term "money laundering" covers acts where funds are made to appear legitimate. 4. It provides that the law establishes criminal acts and mandates the creation of an agency to detect such acts and require certain institutions to report to that agency.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    26 views1 page

    Anti Money Laundering

    Uploaded by

    Leah Hope Cedro
    This document summarizes key points of an anti-money laundering law, including: 1. It discusses the law governing money laundering and when it took effect. 2. It defines money laundering as a criminal act used as a financial strategy, especially by certain groups. 3. It explains that the term "money laundering" covers acts where funds are made to appear legitimate. 4. It provides that the law establishes criminal acts and mandates the creation of an agency to detect such acts and require certain institutions to report to that agency.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Atty.

    Macmod

    Anti-Money Laundering Law


    1. The law governing money laundering is a) _______________________ also
    known as b) ________________ which took effect on c) __________________.

    2. The law criminalizes a) ____________________ and considers it as a


    b) ______________, used as financial strategy especially by c) ______________.

    3. The term a) _______________ covers all acts wherein b) ______________ are


    made to appear as c) _________________.

    4. The law provided for a) _______________ criminal acts, and the first five are
    b)_____________, c)______________, d)______________, e) _____________ ,
    f) ______________.

    5. The law provided for the creation of a) __________ which will act as b)
    _____________ with the principal duty of c) ___________________, and is
    composed of d) __________ as chairman and as members e)
    __________________ and f) ______________.

    6. The institutions or organizations mandated by the said law to report to AMLC are
    a) ___________ b) _______________ and c) ________________.

    7. The KYC Rule means a) ____________________ which requires the b)


    ___________ to establish c) ____________________ based on d)
    ______________.

    8. The transaction covered by the law is any transaction a) _________________


    within b) ______________ or c) ______________ if involving d) ______________.

    9. Failure of the a) _______________________ to report the above transactions or


    similar acts covered by the law is punishable by b) _____________________
    whereas breach by confidentiality is punishable by c) _____________________.

    10. The above law still prohibits the AMLC or any financial institution to divulge the
    balance of a depositor’s bank account as prohibited by a) ___________________
    unless b) _________________ or c) ___________________ or d)____________.

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