Anti-Money Laundering regulations & updates

This highly informative training focuses on the Anti-Money Laundering and Terrorism Financing, as well as on the industry practices. The trainers, a Board Member and a Principal with hands-on field experience , will provide participants with the understanding of the various mechanisms through which money can be laundered as well as the challenges presented in identifying suspicious activities. To enhance the participants learning experience, real-life examples will be used.

The latest Cyprus regulatory framework on AML will be covered, as well as the latest developments in the field. This training is expected to assist the employees of regulated entities to comply with their annual AML training requirements, as per the relevant EU Directives and Cyprus Law.

By the end of the training, participants will:

• Acknowledge the main provisions of The Prevention and Suppression of Money Laundering and Terrorist Financing Law
• Define the relevant European Directives and best practices (including the 5^th & 6^th AML Directive)
• Describe the supervisory process and their responsibilities deriving from the regulatory framework
• Acknowledge the international standards and practices implemented for better enforcement of the AML/CTF obligations
• Explain the required due diligence procedures and the monitoring activity required to be performed
• Demonstrate how a risk-based assessment can be achieved
• Determine which cases can be considered suspicious and explain relevant reporting obligations
• Gain knowledge in relation to the sanction’s regimes and application of screening procedures
• Implement procedures and systems that are required for the monitoring and prevention of money laundering and terrorism financing.

The training will cover the Cyprus regulatory framework as well as good practices followed by foreign regulators and financial services participants.  Therefore, entities such as Investment Firms in Cyprus and Administrative Service Providers which fall under the CySEC’s supervision, as well as Banks, will benefit by attending this seminar. Legal Professionals such as Law firms and/or Fiduciary Companies, who are members of the Cyprus Bar Association and/or ICPAC’s members, will also benefit from this training.

More specifically, this training is mostly suitable for compliance officers of the below entities: Investment Firms in Cyprus, administrative services providers, newly appointed compliance officers of Banks, corporate officers, corporate administrators, head administrators, CEOs, directors and managers, assistant managers, internal auditors, accountants who are involved in AML matters, lawyers/legal advisors.

*The number of participants is restricted to 28.

Join the webinar (8:30 a.m. - 9:00 a.m.) *

Sessions (9:00 a.m. – 12:15 p.m. including a 15-min break between sessions)

1. Introduction (30 min)

• Main objective of the training
• Expected key learning outcomes
• The AML (Anti-Money Laundering) regulatory framework

2. Framework for AML/CFT Supervision (30 min)

• Key Developments
• Regulatory authorities in Cyprus and the EU
• The role of the regulatory authorities in Cyprus and the EU
• Fines and administrative penalties

3. The 5th and 6th AML (Anti-Money Laundering) directives (30 min)

• The key changes arising from EU Directive

4. Terrorism financing (30 min)

• What is terrorism financing?
• Regulatory updates

5. AML (Anti-Money Laundering) governance requirements (30 min)

• General governance requirements
• Roles and responsibilities of the Board of Directors (BoD), the Money Laundering Compliance Officer (MLCO) and the Internal Auditor

6. AML (Anti-Money Laundering) risk based approach (1 hr)

• Identifying, assessing and monitoring AML (Anti-Money Laundering) risks
• Client risk categorisation

7. Customer Identification and Due Diligence (CDD) procedures (1 hr)

• Constructing the customer’s business / economic profile
• Due diligence procedures based on risk
• Relying on third parties for customer identification

8. Monitoring activities (1 hr)

• Maintaining updated CDD (Customer Identification and Due Diligence) documentation/information
• Transactions monitoring
• Reporting suspicious activity
• Sanctions Screening

9. Conclusions (30 min)

• Regulators’ findings
• Key conclusions.

*Note: Please join the meeting 30 minutes prior to the webinar’s start time (join at 8:30 a.m.), in order to make sure that you do not face any connection or other technical issues.

If you wish to register for the webinar, please complete the registration form.

Once your registration is submitted, you will receive an email stating the participation fee, including any discounts, if applicable. Kindly note that the payment should be settled at least two days prior to the webinar’s date for your registration to be confirmed.

The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. Please note that there are limited seats available, therefore enrol in this webinar as soon as possible.

If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.

Cost

€264 + VAT. Net investment after subsidy from the HRDA of €102: €212,16 (including VAT) for all eligible participants*

*Last Date for 10% Early Bird Discount: 24/04/2022

Discounts available

• For more than two (3+) participants from the same company a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enrol in the same webinar, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
• For individuals/legal entities who/which register in more than two (3+) webinars during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enrol in more than two (3+) webinars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
• There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early bird discount and the HRDA subsidy, when applicable. For more information on our alumni scheme, click here.
• There is a 10% early bird discount on selected webinars for participants who enrol in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable.
• HRDA subsidy for all HRDA approved webinars. 

For any queries, please contact Irini Avraam on +357 22 207 460 or at academy@kpmg.com.cy.

CPD: This webinar may contribute to Continuing Professional Development requirements. Shortly after the webinar’s date, participants will receive electronically a certificate of attendance confirming the total number of training hours (6 CPD).

Neocleous Eleni
Board Member, Risk Consulting department, KPMG in Cyprus

Eleni is a Board Member at KPMG’s Risk Consulting practice. She has over 15 years of experience in the area of financial services risk and regulation.

Since the overhaul of the AML regulatory framework in Cyprus in 2012, Eleni managed a number of AML advisory projects in Cyprus for banks investment firms, administrative service providers and regulatory authorities. She assisted clients in the implementation of AML rules, performed independent compliance reviews and provided advice on AML and compliance policy documentation. She has also developed risk-based approach, client risk categorisation tools and delivered numerous trainings to AML practitioners and BoDs.

Eleni has been involved in international projects for designing risk-based approach methodologies for AML risks in the securities sectors.

Eleni is certified by the HRDA as a “Trainer of Vocational Training”. 

Poyiadji Eleni
Principal, Risk Consulting department, KPMG in Cyprus

Eleni is a Principal at the Financial Risk Management Department of KPMG in Cyprus. She has extensive experience in the areas of governance and regulatory compliance, as well as in the review and assessment of internal controls. Her area of expertise is the financial services sector, with focus on compliance matters such as MiFID and AML.

Eleni works closely with several clients and assists them in regulatory compliance matters. Among others, she performs gap analysis and assists clients with the implementation of MIFD II. Furthermore, she performs AML reviews, provides advice to clients for compliance with relevant matters, while designing their AML Risk Based Approach. She has also been involved in the provision of Internal Audit services.

Eleni cooperates with regulators and a number of regulated entities in the financial services sector and provides advisory services to entities on governance issues, policies and procedures.

She has also delivered many trainings to different clients in her areas of expertise.