ΠΕΡΙΓΡΑΦΗ

The participants of this comprehensive training will unlock the secrets of AML Compliance by learning everything they need to know about AML standards, market practices and regulatory requirements set by different regulators domestically or internationally. In addition, this training will cover the AML developments of the current year. Real-life examples will be used and a case study exercise will be presented so that you can provide your feedback, comments and ideas.

This training is expected to also assist participants with meeting their annual AML training requirements, as per the relevant EU Directives and Cyprus Law.

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).

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

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.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

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.

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Agenda

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.

Services

Our services include:

• Handouts, including the hard copy presentation, examples, case studies, exercises, and additional notes, if applicable.
• Stationery, such as pads, pens, and files.
• Drinks (coffee, tea, etc.) and a buffet lunch.
• A fully equipped training room with WiFi access.
• Certificate of completion.

Trainers

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”.

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.