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Monetary Policy and Central Banking > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

it exercises the powers and functions of the BSP

A

monetary board

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2
Q

chairman of BSP

A

BSP governor

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3
Q

how many members the BSP have

A

7

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4
Q

is the chief executive officer of the BSP and is required to direct and supervise the operations and internal administration of the BSP

A

Governor

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5
Q

deputy governor heads each of the BSP sector and these are

A

monetary stability sector
supervision and examination sector
resource management sector

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6
Q

takes charge of the formulation and implementation of the BSPs monetary policy

A

monetary stability sector

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7
Q

enforces and monitors compliance to banking laws to promote a sound and healthy banking system

A

supervision and examination sector

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8
Q

serves the human, financial and physical resource needs of the BSP

A

Resource management sector

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9
Q

who appointed the members of bsp

A

president of the philippines

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10
Q

the seven members are

A

the bsp governor
5 members from private sector
1 member from the cabinet

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11
Q

he shall be head of a department and his appointment shall be subject to confirmation by the commission on appointments

A

bsp governor

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12
Q

whenever the governor is unable to attend a meeting of the board, he shall designate a

A

deputy governor

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13
Q

whenever the designated cabinett member is unable to attend a meeting of the board, he shall designate an

A

undersecretary in his department

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14
Q

3 members from the private sector shall have a term of… and the other 2 shall have a term of..

A

6 years
3 years

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15
Q

no member of the monetary board may be reappointed

A

more than once

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16
Q

why they are vacancy in the monetary board

A

death
resignation
removal

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17
Q

members of the monetary board must be a

A

natural born citizen of the philippines and at least 35 years old

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18
Q

the governor should at least

A

40 yrs old

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19
Q

the members of the monetary board coming from the.. shall not hold any other public office or public employment during the tenure

A

private sector

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20
Q

no person shall be a member of the monetary board if he has been connected directly with any multilateral banking within.. prior to his appointment

A

1 year

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21
Q

no member of the monetary board shall be employed in any such institution within.. after the expiration of his term except when he serves as an official representative of the philippine governmenr

A

2 yrs

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22
Q

the president may removed any member of the monetary board for any of the following reasons

A

if the member is subsequently disqualified under the provisions of section 8
if he is physically or mentally incapacitated and lasted for more than 6 months
if he is guilty of acts of fraudulent or illegal character
if the member no longer possesses the qualifications specified in section 8

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23
Q

the monetary board meets

A

at least once a week

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24
Q

the board meets every

A

thursday

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25
Q

major functions of the monetary board include the powers to

A

issue rules and regulations
direct the management, operations and administration of bangko sentral
establish a human resource managenent system
adopt an annual budget
indemnify its members and other officials of bangko sentral

26
Q

the bsp monetary board

A

felipe m medalla
benjamin diokno
antonio abacan
v bruce tolentino
peter favila
anita linda aquino
eli remolona

27
Q

prepares the agenda for the meetings of the monetary board and submits policy rwcommendations for consideration of the board

A

governor

28
Q

executes and administers policies and measures approved by the monetary board

A

governor

29
Q

appoints and fixes the remunerations and other emoluments of personnel

A

governor

30
Q

renders opinions, decisions, or rulings, which shall be final and executory until reversed or modified by the monetary board

A

governor

31
Q

exercises such powers as may be vested in him by the monetary board

A

governor

32
Q

is the principal representative of the monetary board and of the bsp

A

governor

33
Q

the governor is empowered to

A

represent the monetary board and the bsp in all dealings with other offices
sign contracts entered into by the bsp

34
Q

AMLA

A

anti money laundering act

35
Q

a criminal offense, prescribes penalties for such crimes committed and forms the foundation of a central monitoring and implementing council

A

money laundering

36
Q

AMLC

A

anti money laundering council

37
Q

AMLC comprised of 3 members and these are

A

Governor of the Bangko Sentral
Commissioner of the Insurance Commission
Chairman of the Securities and Exchange Commission

38
Q

It acts unanimously in the discharge of its functions

A

AMLC

39
Q

AMLC also referred to as the cpuntrys

A

Financial Intelligence Unit (FIU)

40
Q

AMLCS

A

anti money laundering council secretariat

41
Q

AMLCD is headed by

A

executive director

42
Q

FATF

A

Financial Action Task Force

43
Q

NCCTs

A

Non-cooperative countries and territories

44
Q

RIRR

A

Revised Implementing Rules and Regulations

45
Q

was created to address the need for technical expertise in the supervision of AML activities of banks and non bank financial institution

A

AMLSG

46
Q

aims to be BSPs core unit of highly competent, dynamic, and ethical professionals who work to ensure financial institutions adopt and maintain adequate and effevtive policies

A

AMLSG

47
Q

is tasked to develop relevant guidelines and regulations to support and guide the AML efforts of financial institutions

A

AMLSG

48
Q

shall perform off site monitoring to identify those FIs whose operations present an elevated risk of money laundering activities

A

AMLSG

49
Q

AMLSG

A

anti money laundering specialist group

50
Q

UARR

A

updated AML rules and regulations

51
Q

ARRS

A

adoption of AML risk rating system

52
Q

was issued for the purpose of consolidating all existing BSP circulars,

A

UARR

53
Q

it enhances the implementation of the existing AML legal framework to better conform with international standarfs

A

UARR

54
Q

applies to all covered institutions supervised and regulated by the BSP

A

UARR

55
Q

emphasizes the incorporation of a sound risk management system to ensure that risks associated with money laundering and terrorist financing are identified

A

UARR

56
Q

encourages covered institutions to formulate a risk based and tiered customer acceptanve

A

UARR

57
Q

also strongly supports several financial inclusion advocacies promoted by the BSP

A

UARR

58
Q

includes adequate and active board and senior management oversight

A

Sound risk management system

59
Q

is an internal rating system to be used by BSP to understand whether the risk management policies and practices as well as internal controls of banks

A

ARSS

60
Q

is an effective supervisory tool that undertake to ensure that all covered institutions

A

ARSS

61
Q

has the exclusive power and authority to issue the national currency

A

BSP

62
Q

is designed to help the public recognize genuine Philippine currency qnd guard against counterfeits

A

Know your philippine currency

Monetary Policy and Central Banking (9 decks)

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