The Prevention and Suppression of Money Laundering and Terrorist Financing Laws

According to the text, which of the following is described as the first phase of the money laundering process, involving the physical disposal of cash proceeds from illegal activity?

Which technique, used during the placement stage of money laundering, involves depositing cash below the reporting threshold to avoid attracting attention?

What is a key difference between money laundering (ML) and terrorist financing (TF) regarding the source of funds?

An obliged entity must carry out additional customer due diligence for transactions of what amount or more?

For how long must client and transaction information be maintained by an obliged entity after the end of a business relationship?

If an obliged entity is a credit or financial institution, what is the maximum administrative pecuniary sanction that can be imposed on the legal person for failure to comply with the AML/CFT Law?

Simplified Customer Due Diligence (SDD) may be applied to which of the following customer types?

When establishing or continuing a business relationship with a Politically Exposed Person (PEP), what is required from the obliged entity?

Who is responsible for assessing and approving the annual report on AML/CFT, and taking action to remedy any identified weaknesses?

The customer acceptance policy of an obliged entity must, at a minimum, classify customers into how many risk categories?

What is one of the minimum duties of a Compliance Officer regarding MOKAS?

The Risk-Based Approach (RBA) helps an obliged entity to focus its efforts and resources where?

For a person trading in goods, due diligence is needed when they carry out occasional transactions in cash of what amount or more?

If a Politically Exposed Person (PEP) has ceased to exercise a significant public function, for how long, at a minimum, is the obliged entity required to take into account the continuing risk posed by that person?

Who is responsible for appointing the Compliance Officer in an obliged entity?

Which of the following is NOT a condition for applying simplified due diligence to electronic money?

According to Chapter 7, Section 2.2, how often, at a minimum, must the internal audit department review and evaluate the AML/CFT policies and procedures?

Which of the following describes the 'layering' stage of money laundering?

What is the general administrative fine for an ongoing breach of the AML/CFT Law, after an initial fine has been imposed?

Which of these is NOT listed as one of the minimum duties of a Compliance Officer?

Enhanced Customer Due Diligence (EDD) measures must be applied in cross-border correspondent relationships with a respondent institution from where?

What is an example of an activity that could arouse suspicion of money laundering, as mentioned in Section 2.6?

What is one of the responsibilities of the Board of Directors regarding the risk management and procedures manual?

In which case do the simplified due diligence exceptions for electronic money NOT apply?

One of the key differences in motivation between money laundering and terrorist financing is that:

What is the second phase of the money laundering process, which involves distancing illegal proceeds from their source?

Which of the following is NOT one of the customer due diligence measures an obliged entity must undertake?

A temporary ban on persons discharging managerial duties can be imposed as a penalty for failure to comply with the AML/CFT Law. Who can be subject to this ban?

An obliged entity must apply Enhanced Due Diligence (EDD) measures to a customer if the ownership structure of their company appears:

Who is responsible for determining the departments and employees that need further AML training and organizing the training sessions?

What is the primary motivation for criminals performing money laundering, according to the text?

At what threshold for a collection of winnings or wagering of a stake does due diligence become required for providers of gambling services?

What is the key characteristic of the money trail in terrorist financing activities, as described in the text?

The internal audit report on AML/CFT effectiveness and the measures taken are submitted by the obliged entity to whom?

What does 'smurfing' involve in the context of money laundering?

What is the maximum administrative fine that can be imposed on a natural person as part of the general penalties for AML/CFT non-compliance?

Which of these factors is NOT a parameter that the application of a risk-based approach depends on?

To whom does the Compliance Officer report if they receive information about a suspicious transaction from an employee?

Which board is responsible for handling cases of non-compliance by independent legal professionals or auditors referred by CySEC?

What is the primary purpose of the 'Integration' stage of money laundering?

What must the Board of Directors designate to be responsible for the implementation of the AML/CFT Law?

In the context of the Risk-Based Approach (RBA), what should an obliged entity do if its services are simple and involve relatively few, similar customers?

According to the duties listed for a Compliance Officer, how often should they detect, record, and evaluate risks arising from customers and services?

A key difference in financial activity between money laundering (ML) and terrorist financing (TF) is that:

One of the conditions for applying enhanced due diligence (EDD) is when a life insurance beneficiary is identified as a PEP. What action is an obliged entity required to take in this case?

What is the third and final stage of the money laundering process?

When can an administrative fine of up to twice the amount of the benefit derived from a breach be imposed?

Which of these is NOT a responsibility of the Board of Directors concerning AML/CFT?

An example of an activity during the 'Layering' stage is:

If a Compliance Officer decides that an internal suspicious report does NOT need to be reported to MOKAS, what must they do?