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Anti Money Laundering Regulation and Updates

‘Getting ready for your next AML Compliance Audit – Top Tips from the other side’


Crown Plaza Hotel, Limassol

Wednesday 8 April 2020 – 08.30 to 13.00



Course Details:

Compliance with the Anti-Money Laundering regulations has become critical as flows of illicit money continue to be traced in Europe and globally despite the stricter regulations and targeted resources focused on AML/CTF actions.  Cases involving illicit funds negatively impact the integrity, stability and reputation of Cyprus and threaten its position as an International Financial Centre. In addition to this, the latest Moneyval evaluation report on Cyprus (2019) still identifies weaknesses in the implementation of preventive measures by the corporate service sector as a whole.

Professional service providers have been striving to adequately implement the regulatory requirements which have greatly impacted their daily routine work. Professionals are required to comply at all times with the demanding regulations placed by the EU regulations, local legislation and local Regulatory Authority (e.g. ICPAC) and there are now stricter requirements on CPD units specialized on AML related matters. The local legislation and EU regulations have been amended further to the introduction of the fourth EU Directive and the recently introduced fifth EU Directive (expected to be introduced into national legislation in Cyprus within 2020) so professionals need to be kept up to date with the legal requirements and make the necessary changes to their policies and procedures to reflect the recent changes in the regulatory framework.  The aim of this course is to offer a thorough understanding, to all staff levels, of the current AML legislation as well as the compliance requirements as communicated by the Supervisory Body for the professional service sector (ICPAC) in Cyprus.

 

Objective:

After the completion of this seminar, participants will have a better understanding of the AML requirements and the recent changes in order to better perform their operations and improve their procedures in an attempt to fully comply with the current legislation.

 

Presented by:

Bobbi Koufari - Euromanagement Ltd – Head of Regulatory and Compliance Services

 

Topics Covered

  • Money Laundering- background and basic definitions
  • Changes introduced by the 4th EU AML Directive
  • A risk based approach (RBA) to due diligence procedures
  • Client due diligence (CDD) procedures
  • Beneficial ownership information
  • Identification and verification of individuals and legal entities
  • Third party reliance
  • Enhanced and Simplified due diligence procedures (EDD/SDD)
  • Ongoing monitoring/Client retention procedures
  • Record keeping and data protection (GDPR)
  • Identifying and dealing with suspicious activity or suspicious transactions
  • Key considerations laid out in the 5th AML Directive

 

 Who Should Attend 

  • Professional advisors
  • Accountants – auditors -administrators- fiduciary service providers
  • Tax consultants
  • Compliance officers
  • AML officers
  • Lawyers

 

 

Language of Seminar: English

CPD Units: 4

Cost: Euro 120 per participant (including VAT)


Payment Options

 

Cheque

Please send a cheque addressed to Redimus Publications and Training Services Ltd for the total amount shown above to the following address:

P.O. Box 70678, 3801, Limassol, Cyprus


Bank Transfer

Please make a bank transfer to the following bank account:

Account Name: Redimus Publications and Training Services Ltd
Account Number: 200100253722
IBAN Number: CY05018000050000200100253722

Eurobank Cyprus Ltd
41 Arch. Makarios III Avenue, Nicosia, Cyprus
SWIFT Code: ERBKCY2N

 

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