ΠΕΡΙΓΡΑΦΗ

This seminar is part of the on-going training program which every firm is legally obliged to provide to its employees.

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 money laundering scandals as well as the recent cases of terrorism create additional need to form a strong culture of 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.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

Some of the learning outcomes:

Knowledge:

1. Define the term of Money Laundering and terrorist financing.

2. Separate the use of terrorist revenue.

3. Distinguish the differences between Money Laundering and Terrorist financing.

4. Describe the recent changes in the Cyprus AML Law and the 5th AML EU Directive.

5. List the duties of the Compliance officer and the responsibilities of employees with regards to AML.

Skills:

1. Explain the three stages of Money Laundering.

2. Explain the differences between Money laundering and terrorist financing.

3. Perform client due diligence based on the guidelines of the Cyprus Bar Association and using their

knowledge from the updated AML Law and the 5th AML EU Directive.

4. Develop on-going transaction monitoring of the clients.

5. Document their thoughts and observations regarding any unusual behaviour, suspicious transaction, and

suspicious activity of the clients using their knowledge related to the red flags.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

This program is specifically designed for professionals who have interaction with the customers and are responsible for applying customer due diligence in their day-to-day work. Lawyers, Accountants, Administrative staff, Executive directors

This seminar contributes to Continuing Professional Development for 6 CPD Units

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

MODULES

Introduction

• Goal and purpose

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

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)

• Sanctions (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