Anti-Money Laundering regulations & updates

By the end of the webinar, participants will:

• acknowledge the main provisions of the Prevention and Suppression of Money Laundering and Terrorist Financing Law
• define the relevant European Directives and international AML best practices and standards
• describe the supervisory process and their responsibilities deriving from the regulatory framework to other peers
• apply the required due diligence procedures and the monitoring activity required to be performed
• demonstrate how a risk-based approach can be achieved
• justify why transactions or clients’ characteristics might be considered as suspicious, taking into consideration the examples which will be provided during the training.
• choose which controls/ mechanisms could be implemented by an entity/ participant in order to prevent its/his/her involvement to money laundering crimes
• support the implementation of AML procedures and system within their organizations in order to prevent any exposure of money laundering crimes
• encourage the management to ensure the correct and proper implementation of anti-money laundering mechanisms within their organizations.

This training is addressed to 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 and accountants who are involved in AML matters. Lawyers/legal advisors, professionals from law firms and/or Fiduciary Companies, who are members of the Cyprus Bar Association and/or ICPAC as well as other professionals, who are obliged to comply with the AML legislation, may also attend.

*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 (10 min)

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

2. Framework for AML/CFT (30 min)

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

3. Terrorism financing/ Proliferation of Terrorism Financing (30 min)

• What is terrorism financing?
• What is proliferation of Terrorism Financing
• Regulatory updates

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

• General governance requirements
• Roles and responsibilities of the BoD, the AMLCO and the Internal Auditor

5. AML risk-based approach (1 hr & 40 min)

• Identifying, assessing and monitoring AML risks on different sectors/ industries such as the Gaming sector and insurance sector for which, best practices applied by Maltese relevant organizations will be analysed.
• ESG & AML
• Client risk categorization

6. CDD procedures (1 hr & 30 min)

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

7. Monitoring activities (1 hr)

• Maintaining updated CDD documentation/information
• Transaction’s monitoring
• Reporting suspicious activity/ Red Flags- monitoring best practices implemented by Maltese institutions and Regulator’s expectations will be analysed.
• Sanctions/ Restrictive Measures Monitoring

8. Conclusions (10 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

€270 + VAT. Net investment after subsidy from the HRDA of €102: €219,30 (including VAT) for all eligible participants*

*Last Date for 10% Early Bird Discount: 22/05/2023

 

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 us 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).

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”. 

 

Deborah Cassar
Associate Director, Risk Consulting Advisory Services, KPMG in Malta

Deborah is an Associate Director in AML within the Risk Consulting Advisory Services team at KPMG in Malta. She has a bachelor’s degree in Banking & Finance and Management from the University of Malta.  She has more than 10 years of experience within the Financial Services sector and over 13 years of experience in the AML/CFT field.

Before joining KPMG in Malta, Deborah worked for more than two years with the Financial Intelligence Analysis Unit (FIAU). She has extensive experience in carrying out Compliance on-site and off-site examinations; advising and assisting subject persons in establishing appropriate AML/CFT internal structures and controls. She obtained an international golden standard specialisation with ACAMS as a recognised and certified Anti-Money Laundering Specialist (CAMS) and she has also completed the Advanced CAMS in Risk Management (CAMS-RM). Deborah is a Co-Founder and Co-Chair of the ACAMS Malta Chapter.

Within KPMG in Malta, Deborah works extensively in the areas of AML Compliance. She has managed both local and foreign AML projects and assisted entities to comply with regulatory obligations specifically on AML/CFT. These projects include assisting with the drafting and/or review of policies and procedures, training, review of processes, GAP analysis, independent AML audits, Customer Risk Assessments and Business Risk Assessments.

 

Eleni Poyiadji
Principal, Financial Risk Management, 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.

 

Angelika Theofanous
Manager, Risk Consulting, KPMG in Cyprus

Angelika joined the Risk Consulting Department in January 2020, having previously worked in different Anti-Money Laundering (AML) and legal positions. Since she joined the Risk Consulting Department, she has been involved in different projects related to AML.

She is part of teams providing advisory services to banking and Financial Services organisations (including credit institutions, investment firms, and fiduciary service providers). She is consulting clients in AML matters and assisting them with the design of their client AML risk categorisation approach and methodology. Specifically, she has assisted a systemic bank in Cyprus in developing its client AML risk categorisation approach and methodology and the drafting of relevant business requirements covering the framework.

Angelika was actively involved in the completion of a project funded by the European Commission for the establishment of a risk-based approach for the monitoring of the Anti-Money Laundering (AML) and Terrorist Financing (TF) risks that exist or may be created in the NPO sector. Further to this, she was involved in the reviews on a risk-based approach basis of ML/TF risks related to NPO sector in Cyprus and the day-today management.

She is part of various teams, conducting reviews on the adequacy of clients’ AML procedures and providing relevant recommendation in terms of compliance. 

She is also involved in the preparation and delivering of trainings related to AML matters to clients either internally or via the KPMG Academy.

Angelika specialises in AML/CFT matters, as she has also been an Anti-Money Laundering Monitoring & Compliance Officer in the Cyprus Bar Association (CBA) for four years. She was responsible for the onsite reviews of the CBA’s supervisory entities but also for the overall monitoring and implementation of the CBA’s supervisory obligations e.g. the drafting of relevant Directives, application of the risk based supervisory methodology, provision of AML targeted trainings to its members, participation in various evaluations (MONEYVAL, Cyprus National Risk Assessment, UN Anti- corruption Convention etc). She has also represented CBA in meetings with other competent authorities, the Advisory Authority and the Special Technical Committee regarding AML/CFT policy issues.