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Covered transaction refers to a a transaction in cash

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173.“Covered transaction” refers to:A.A transaction in cash or other equivalent monetary instrument exceeding Five Hundred Thousand Pesos (P500,000)B.A transaction exceeding One Million Pesos (P1,000,000) in cases of jewelry dealers in precious metals and dealers inprecious stonesC.All of the aboveD.None of the above
174.“Unlawful Activity” refers to any act or omission, or series or combination thereof, involving or having direct relation, to thefollowing, except”
175.(1) Covered institutions shall maintain accounts only in the true account owner or holder. The provisions of existing laws to thecontrary notwithstanding, anonymous accounts, accounts under fictitious names, incorrect name accounts and all other similaraccounts shall be ABSOLUTELY prohibited.(2) When a covered institution acquires the business of another covered institution, either in whole or as a product portfolio, it isNOT NECESSARY for the identity of all existing customers to be re-established: Provided, that all customer account records areacquired with the business and due diligence inquiries do not raise any doubt as to whether or not the acquired business hasfully complied with all the requirements business has fully complied with all the requirements under the AMLA and these Rules.
NEW CENTRAL BANK ACT176.The State’s central monetary authority charged with the responsibility of administering the monetary, banking and credit systemof the country and is granted the power of supervision and examination over bank and non-bank financial institutions performingquasi-banking functions, including savings and loan associations.
177.The following are roles of the BSP, except for:A.Banker of the GovernmentB.Representation with the National TreasuryC.Representation with the ÌMFD.Fiscal Operations
178.The following are BSP privileges and prohibitions, except for:
179.All noted and coins issued by the Bangko Sentral shall be fully guaranteed by the Government of the Republic of the Philippinesand shall be legal tender in the Philippines for all debts, both public and private.
BLT.MODULE.2.201945

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Term
Fall
Professor
whitehead

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