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Anti-Money Laundering (AML) regulations and updates

16 & 17 November 2020 | 9:00 a.m. – 12:15 p.m. | 6 CPD

16 & 17 November 2020 | 9:00 a.m. – 12:15 p.m. | 6 CPD

aml-regulations

Webinar's overview

This webinar focuses on the Anti-Money Laundering and Terrorism Financing legislation and industry practices. A Board member and a Senior Manager in the Financial Risk Management Department, who possess vast experience in the field, will provide real-life examples which shall enhance the participants’ learning experience and provide them with the understanding of both the various mechanisms through which money can be laundered and the challenges presented in identifying suspicious activities. The Cyprus regulatory framework on AML will be covered, as well as the latest developments in the sector. This webinar is expected to support the employees of regulated entities in complying with their annual AML training requirements, as per the relevant EU Directives and Cyprus Law. 

Webinar's goals

By the end of the webinar, participants will:

  • Familiarise themselves with the main provisions of The Prevention and Suppression of Money Laundering and Terrorist Financing Law and the AML Directives issued from CySEC, and CBC
  • Be informed of the relevant European Directives and best practices (including the 6th AML Directive)
  • Understand the supervisory process and their responsibilities deriving from the regulatory framework
  • Be able to define the required due diligence procedures and the monitoring activity required to be performed
  • Clarify how a risk-based approach can be achieved
  • Be able to implement procedures and systems that are required for the monitoring and prevention of money-laundering.

Participants*

The webinar will cover the Cyprus regulatory framework, as well as good practices followed by foreign regulators and financial services participants. Therefore, entities such as Cypriot investment firms and administrative service providers which fall under the CySEC’s supervision, as well as banks, will benefit by attending this webinar. Professionals from law firms and/or fiduciary companies, who are members of the Cyprus Bar Association and/or ICPAC, may also attend. More specifically, this webinar is mostly suitable for compliance officers of Cypriot 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, accountants who are involved in AML matters and lawyers/legal advisors.

*The number of participants is restricted to 28.

Agenda

Join the webinar (8:30 a.m. –  9:00 a.m.)*

Sessions (9:00 a.m. – 12:15 p.m. including a 15-min break between sessions)

1. Introduction (30 min)

  • Main objective of the webinar
  • Expected key learning outcomes
  • The AML (Anti-Money Laundering) regulatory framework

2. The 5th and 6th AML (Anti-Money Laundering) directive (30 min)

  • The key changes of the new EU Directive

3. Terrorism financing (30 min)

  • What is terrorism financing?
  • Regulatory updates

4. The role of the regulator (30 min)

  • Regulatory authorities in Cyprus and the EU
  • The role of the regulatory authorities
  • Fines and administrative penalties

5. AML (Anti-Money Laundering) governance requirements (30 min)

  • General governance requirements
  • Roles and responsibilities of the Board of Directors (BoD), the Money Laundering Compliance Officer (MLCO) and the Internal Auditor

6. AML (Anti-Money Laundering) risk assessment (1 hr)

  • Identifying, assessing and monitoring AML (Anti-Money Laundering) risks
  • Client risk categorisation

7. Customer identification and due diligence (CDD) procedures (1 hr)

  • Constructing the customer’s business/economic profile
  • Due diligence procedures based on risk
  • Relying on third parties for customer identification

8. Monitoring activities (1 hr)

  • Maintaining updated CDD (Customer Identification and Due Diligence) documentation/information
  • Transactions monitoring
  • Reporting suspicious activity

9. Conclusions (30 min)

  • Regulators’ findings
  • Key conclusions.

*Note: Please join the meeting 30 minutes prior to the webinar’s start time (join at 8:30 a.m.), in order to make sure that you do not face any connection or other technical issues.

Registration

If you wish to register for the webinar please complete the registration form and send it via email to academy@kpmg.com.cy or via fax to +357 22 513 294.

The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. Please note that there are limited seats available therefore enrol in this webinar as soon as possible.

If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.
 

Cost

€294 + VAT. Net investment after subsidy from the HRDA of €102: €247,86 (including VAT) for all eligible participants*

*Last Date for 10% Early Bird Discount: 27/10/2020
 

Discounts available:

  • For more than two (3+) participants from the same company a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enrol in the same webinar, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
  • For individuals/legal entities who/which register in more than two (3+) webinars during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enrol in more than two (3+) webinars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
  • There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early Bird discount and the HRDA subsidy, when applicable.
  • There is a 10% Early bird discount on selected webinars for participants who enrol in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable.
  • HRDA subsidy for all HRDA approved webinars. 

Contact

For any queries, please contact Irini Avraam on +357 22 207 460 or at academy@kpmg.com.cy.

CPD: This webinar may contribute to Continuing Professional Development requirements.  Shortly after the webinar’s date, participants will receive electronically a certificate of attendance confirming the total number of training hours (6 CPD).

Trainers

Neocleous Eleni
Board Member, Risk Consulting, KPMG in Cyprus

Eleni is a Board Member at KPMG’s Risk Consulting practice. She has over 15 years of experience in the area of financial services risk and regulation.

Since the overhaul of the AML regulatory framework in Cyprus in 2012, Eleni managed a number of AML advisory projects in Cyprus for banks investment firms, administrative service providers and regulatory authorities. 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 developed risk-based approach, client risk categorisation tools and delivered numerous trainings to AML practitioners and BoDs.

Eleni has been involved in international projects for designing risk-based approach methodologies for AML risks in the securities sectors.

Eleni is certified by the HRDA as a “Trainer of Vocational Training”. 

 

Poyiadji Eleni
Senior Manager, Financial Risk Management, KPMG in Cyprus

Eleni is a Senior Manager in the Financial Risk Management Department at KPMG in Cyprus. She possesses extensive experience in the areas of governance, regulatory compliance, as well as in the review and assessment of internal controls. Her area of expertise is the financial services sector, with focus on compliance matters such as MiFID and AML.

Eleni works closely with a number of clients and assists them on regulatory compliance matters. Amongst others, she performs gap analysis and assists clients in the implementation of MIFD II. Furthermore, Eleni prepares AML reviews, provides advice to clients for compliance with relevant matters, while designing their AML Risk Based Approach. She has also been involved in the provision of Internal Audit services.

Eleni cooperates with regulators and a number of regulated entities in the financial services sector and provides advisory services to a number of entities on governance issues, policies and procedures.

She has also delivered a number of trainings to different clients in her areas of expertise, i.e. on AML and MiFID II matters.

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The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. 

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