ΠΕΡΙΓΡΑΦΗ

The latest changes in the Anti-money Laundering regulatory framework as well as the recent updates in the guidelines of our competent authorities create the need for further training and education. At the same time, the recent invasion of Russia into the territory of Ukraine and the changes in the EU sanctions Directives, create additional need to form a strong culture of sanctions and compliance awareness at every level of the organization. 

This program intents to stress the effectiveness of the internal systems controls and procedures that are developed to detect money laundering and gives an emphasis on the practical aspect of money laundering through the presentation of real-life money laundering schemes and examples.

This seminar contributes to Continuing Professional Development for 4 CPD Units.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

This program is specifically designed for Law professionals and administrators who have interaction with the customers and are responsible for applying customer due diligence in their day-to-day work.

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

SEMINAR MODULES

UNIT A: 

• Money Laundering, terrorist financing and illegal activities Section 1 
• Definition of money laundering 
• Explanation of illegal activities 
• Explanation of the three stages of money laundering 
• Presentation of real-life money laundering schemes Section 2 
• Definition of terrorist financing 
• Uses of terrorist financing proceeds 
• Differences between Money laundering and terrorist financing

UNIT B: 

Regulatory framework essential parts and updates 

• Section 1 
  • Beneficial ownership registry 
  • Third party reliance 
  • Public interest section in the Cyprus AML Law Section 2 
  • ML penalties in the Cyprus AML Law 
  • Obligations for the obliged entities regarding the KYC procedures 
  • Tipping off explanation and penalty Section 3 
  • EU, UN, and OFAC sanctions
• Section 2
  • ML penalties in the Cyprus AML Law 
  • Obligations for the obliged entities regarding the KYC procedures 
  • Tipping off explanation and penalty
• Section 3
  • EU, UN, and OFAC sanctions

UNIT C:

• The role of the compliance officer • Duties and responsibilities

UNIT D: Practical analysis of the way in which criminals use the system in order to clean their money

• Legal arrangements used by the criminals (L)
• Purpose for using the legal arrangements (L)
• ways in which criminals use the legal arrangements in order to clean their money (L)
• examples (L)

UNIT E: Risk Based Approach & Client Due Diligence

• Explanation of risk-based approach (M)
• Risk categories (M)
• PEPS &High-risk countries (M)
• When to conduct client due diligence (L)
• Risk categorization - EDD, CDD, SDD (L)
• Explanation of the firm’s KYC documents (L)

Unit F – Red Flags

• Categorization of red flags related to Money Laundering (L)
• Important red flags related to terrorist financing (M)
• Red flags quiz (L)

Discussion/Q&A

Trainer: Loucas Hadjimichael Head of Compliance, Kinanis LLC 

Loucas Hadjimichael commenced his professional career in 2016 at Kinanis LLC as an Assistant Compliance Officer. During this period, he gained experience in regulatory compliance as well as in the fields of Anti-Money Laundering and Financial Crime. In 2018 he joined the Compliance Department of Bank of Cyprus as an officer of the financial crime where he gained extensive experience in the fields of transaction monitoring and customer review. In 2019, he joined Hellenic Bank as a Compliance Officer in the Transaction Monitoring Department where he gained the relevant experience. In 2020, Loucas joined the Customer Acceptance and Monitoring Department of Astro Bank where he was responsible of monitoring the AML Alerts of the Bank. 

Since September 2020, Loucas is the Head of AML Compliance at Kinanis LLC. He is responsible for the on-boarding, review, and transaction monitoring of the clients of the firm. 

He is a holder of a Bachelor degree in Business Management (BA Hons) with specialization in Anti-Money Laundering and he is currently attending a Master’s Degree in Financial Services. He is also a holder of the CySec’s AML Certificate. 

Member of the Intellectual Property Committee of the Cyprus Bar Association.