Introduction

Cyprus, as one of the most attractive jurisdictions for financial and banking services, is being selected by various types market participants. Specifically, Cyprus is a reputable market in order to obtain a license as Investment Firms, Electronic Money Institutions and Payment Institutions, Crypto Providers, Funds, Fund Managers etc. All these type of entities, among others, are subject to the AML Law requirements and specific AML requirements imposed by their corresponding supervisory authority (e.g. Cyprus Securities and Exchange Commission - CySEC, Central Bank of Cyprus - CBC).  

Even if the provisions of the AML Law apply to all the types of regulated entities mentioned above, there are some diverged approaches across the supervisory authorities or specific applications depending on the type of services offered.

In this respect, though this seminar we aim to provide further clarity on the above topics and enable participants to understand the main challenges across the various types of obliged entities under the AML regime and the  practical implementation of such requirements to their business model. Additionally, the seminar will address the main regulatory update and provide an overview of the upcoming developments.

Key Points Covered

• Regulatory Framework
• AML Control Function and Organisational Requirements
• Training Requirements
• Customer Identification and Due Diligence 
• Construction of Economic Profile and Ongoing Monitoring
• Recognition of Suspicious Transactions and Reporting
• Other Specific Requirements
• Case studies of Money Laundering
• Latest AML Regulatory Updates
• Upcoming Developments

Training Objectives

Upon completion of the seminar, the participants will be in a position, among others, to:

• To obtain a deeper understanding on the AML requirements and the expectations of the relevant competent authorities in Cyprus (i.e. CySEC and CBC)
• To list the possible challenges faced by key market participants  (e.g. CIFs, EMIs/PSPs, CASPs, AIMFs / UCITs ManCO, AIFs/AIFLNPs etc.).
• To get an awareness of the latest updates on the matter and key upcoming developments.
• To be able to ensure that the required policies and procedures, regarding the above mentioned subject matters are in place and are appropriate and proportionate in relation to the scale, size, and nature of the firm’s business activity.

The program is ideal for

• Board of Directors members
• AML Compliance Officers
• Any other professionals who are interested in AML matters concerning the various types of obliged entities (e.g. CIFs, EMIs/PSPs, CASPs, AIMFs / UCITs ManCO, AIFs/AIFLNPs etc.).