Anti-Money Laundering (AML) regulations and updates

1 December 2022 | 8:30 a.m. – 3:40 p.m. | 6 CPD | KPMG Nicosia

1 December 2022 | 8:30 a.m. – 3:40 p.m. | 6 CPD | KPMG Nicosia

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Important Note

Please note that KPMG will offer this training as a webinar, if health considerations and government restrictions require this adjustment. In such a case, the webinar will be conducted in two sessions, on 1 and 2 of December 2022 (from 9:00 to 12:15). Further information will be communicated to you in due course.

Seminar’s overview

This highly informative training focuses on the Anti-Money Laundering and Terrorism Financing legislation, as well as on the industry practices. The trainers, a Board Member and a Senior Manager with hands-on experience in their fields, will provide participants with the understanding of both the various mechanisms through which money can be laundered and 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.

NOTE: Seminar on regulatory compliance following CySEC’s decision to enforce a directive. The said directive requires from all certified persons who are registered in the public register to attend professional training courses. The topics of the training courses should fall within the existing legislation on the capital markets.

Seminar’s goals

By the end of the seminar participants will be able to:

  • 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 5th AML Directive)
  • describe the supervisory process and their responsibilities deriving from the regulatory framework
  • explain the required due diligence procedures and the monitoring activity required to be performed
  • demonstrate how a risk-based can be achieved
  • implement procedures and systems that are required for the monitoring and prevention of money-laundering.

Participants*

The seminar will cover the Cyprus regulatory framework as well as good practices followed by foreign regulators and financial services participants.  Therefore, entities such as Cyprus Investment Firms and Administrative Service Providers which fall under the CySEC’s supervision, as well as Banks, will benefit by attending this seminar. Professionals from Law firms and/or Fiduciary Companies, who are members of the Cyprus Bar Association and/or ICPAC, may also attend. More specifically, this seminar is mostly suitable for compliance officers of Cyprus Investment Firms and/or 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 and lawyers/legal advisors.

*The number of participants is restricted to 28.

Agenda

1. Introduction (30 min)

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

2. Framework for AML/CFT (Combating the Financing of Terrorism) supervision (30 min)

  • Key Developments
  • Regulatory authorities in Cyprus and the EU
  • Their role
  • Fines and administrative penalties

3. AML/CTF and COVID-19 (10 min)

  • Key Risks and actions taken from international competent authorities

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

  • The key changes coming with the new EU Directive

5. Terrorism financing (30 min)

  • What is terrorism financing?
  • Regulatory updates

6. 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

7. AML (Anti-Money Laundering) risk-based approach (50 min)

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

8. 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

9. Monitoring activities (1 hr)

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

10. Conclusions (30 min)

  • Regulators’ findings
  • Key conclusions.

Registration & Contact

If you wish to register for the seminar, 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 seminar’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 seminar 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: 10/11/2022

 

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 seminar, 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+) seminars 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+) seminars 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 seminars 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 seminars. 


Contact

For any queries, please contact Elli Athanasiou on +357 22 209 053 or at academy@kpmg.com.cy.

CPD: This seminar may contribute to Continuing Professional Development requirements. At the end of the seminar participants will be given a certificate of attendance confirming the total number of training hours (6 CPD).

Trainers

Eleni Neocleous 
Board Member, Risk Consulting, 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”. 
 

Eleni Poyiadji 
Principal, Risk Consulting, KPMG in Cyprus

Eleni is a Principal at the Risk Consulting 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 other, 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.

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The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. 

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