Anti-Money Laundering (AML) regulations and updates

By the end of the training, 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 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 organisations 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 organisations.

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.

1. Introduction (20 minutes)

• 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 minutes)

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

3. Terrorism financing (30 minutes)

• What is terrorism financing?
• Regulatory updates

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

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

5. AML (Anti-Money Laundering) risk-based approach (1 hour)

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

6. Customer Identification and Due Diligence (CDD) procedures (1 hour and 20 minutes)

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

7. Monitoring activities (1 hour and 30 minutes)

• Maintaining updated CDD (Customer Identification and Due Diligence) documentation/information
• Case study: participants will be requested to review a case scenario and identified red flags related to the case and provide their comments and suggest mechanisms to be implemented as a solution to issues that may be raised.
• Transactions monitoring
• Reporting suspicious activity/ Red Flags
• Sanctions/ Restrictive Measures Monitoring

8. Conclusions (20 minutes)

• Regulators’ findings
• Key conclusions.

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

Net investment after subsidy from the HRDA of €120: €145 for all eligible participants

€265 + VAT (19%) for all participants who are non-eligible for the HRDA subsidy.

Last Date for 10% Early Bird Discount: 14/03/2024

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 please contact Vasiliki Sioziou on +357 22 207 460 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).

Eleni Neocleous
Board Member, Risk Consulting, KPMG in Cyprus

Eleni is a Board Member at KPMG Cyprus’ Risk Consulting Department, leading advisory engagements on Regulatory and Risk topics. She has over 18 years of experience, mainly working within the financial services sector.

She has been actively involved in AML advisory since the overhaul of the AML legislation in Cyprus, following the financial crisis of 2013. She has been engaged to provide AML advisory services by credit institutions, investment firms, administrative service providers and government agencies and regulatory authorities in Cyprus and abroad. 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 been leading the development of tools for implementing the risk-based approach and client risk categorisation.

Over the years, she has delivered several AML trainings to audiences ranging from general public, compliance officers, regulators, company management/directors. She is also certified by the HRDA as a “Trainer of Vocational Training”.

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) mostly related to regulatory, compliance and AML issues. She specialises in AML/CFT matters, as she has been an Anti-Money Laundering Monitoring & Compliance Officer in the Cyprus Bar Association (CBA) for four years. During this time, she has been responsible for not only the onsite reviews of the CBA’s supervisory entities, but also the overall monitoring and implementation of the CBA’s supervisory obligations. Amongst others, she has conducted AML targeted trainings to its members, has participated in various evaluations (MONEYVAL, Cyprus National Risk Assessment, UN Anti- corruption Convention etc) and has represented CBA in meetings with the AML related governmental authorities i.e. Advisory Authority and the Special Technical Committee.

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