07 Nov ACAMS Cyprus Chapter launch attracts 130 banking and finance professionals
Over 130 professionals from the banking and finance communities including representatives from many of Cyprus’ leading professional associations, AML specialists from Cyprus and Hellenic banks, law firms and financial services companies attended the official ACAMS Cyprus Chapter launch event which took place last night, 4th November 2015, at the Hilton Hotel, Nicosia.
Significantly the event organized by ACAMS, the Association of Certified Anti-Money Laundering Specialists, which combined an evening of AML/CTF Networking with VIP Presentations, coincided with the 8th evaluation visit by the troika of international lenders responsible for Cyprus’ original financial bailout, some of whom were also in attendance.
During the presentations, Stelios Georgakis from the Supervision Department of the Central Bank of Cyprus, emphasised the importance of training and personal development for the AML community and underlined the need for Cyprus compliance professionals to exercise good judgement in their decision making.
Mr Andreas Andreou, Vice Chair of the Cyprus Securities and Exchange Commission (CySEC), welcomed the introduction of ACAMS’ global AML education to Cyprus and said that the prevention of money laundering is one of CySec’s top priorities.
Both regulators commented on the complimentary nature of ACAMS’ international training alongside Cyprus’ domestic AML educational offerings. The invaluable nature of peer networking, openness, transparency and collaboration was stressed throughout the evening.
Overall, the level of interest shown in registering for the globally respected CAMS® qualification and number of applications to join the ACAMS Cyprus Chapter, provide another clear indication that professionals in the Cyprus anti-financial crime professional community are keen to invest in developing their skills and knowledge. Longer term, this investment will support the country’s overall efforts to improve banking transparency and implement the structural reforms required under the terms of the Troika’s financial support.
As a global organization, the local presence of ACAMS in Cyprus offers a number of important benefits, by bringing international best practice to the island; offering financial professionals the opportunity to undertake in-depth AML specific training and facilitating regular networking through which financial institutions can openly share information and work to prevent ‘bad money’ from entering the financial system.
ACAMS forms strategic training partnership with EIMF
In addition, as part of its ongoing European Member Services expansion strategy, ACAMS has formed a local training partnership with the European Institute for Management and Finance (EIMF) to support Cypriot AML professionals preparing for the Certified Anti-Money Laundering Specialist (CAMS®) qualification. Again, demonstrating the very high levels of local interest in accessing ACAMS’ globally recognized education and training programmes, over 65 delegates attended an inaugural training course in Nicosia, run by ACAMS and EIMF on the November 4th.
Commenting on behalf of ACAMS, Angela Salter, ACAMS Head of Europe said, “AML, CTF and financial crime identification and prevention are global issues. We are very pleased with the level of enthusiasm and support we have received from everyone in the Cyprus anti-financial crime sector both in attending yesterday’s training course, the number of professionals who have agreed to join the ACAMS Cyprus Chapter as well as the commitment demonstrated by professionals in pre-registering to study for CAMS.”
CAMS®, the Certified Anti-Money Laundering Specialist credential is regarded as the global gold standard for AML certifications and recognised internationally by financial institutions, governments and regulators. Those who gain CAMS position themselves as industry leaders and are highly valued by their employers with salaries 42% higher than non-certified colleagues, according to the 2015 ACAMS AML/CFT/FCP Compensation Survey.
Speaking on behalf of the EIMF, Mr. Marios Siathas said, “We are proud to have been chosen to partner with ACAMS, the largest and most respected provider of anti-money laundering education globally. The EIMF, as an institute specializing in providing training for the financial and professional services sector in Cyprus, will ensure the high-quality provision of all ACAMS programmes, whether that is training for CAMS certification, or CPD for already certified specialists. Furthermore, as the Cyprus ACAMS Training Partner, the EIMF will always provide its support to the local ACAMS chapter.”
Gregory Dellas, Manager AML Risk Management, International Banking Services at the Bank of Cyprus and newly appointed Chair of ACAMS Cyprus Chapter said, “I am excited by the level of interest in our own, local ACAMS Chapter and look forward to working with my peers from across the Cyprus AFC sector to share knowledge and develop best practices though local learning. ACAMS’ Cyprus Chapter welcomes all AML and general compliance professionals in Cyprus, from government, local regulators, across industry and within professional practice”.
Full details of ACAMS Chapter Board are available on the ACAMS Cyprus Chapter webpages – link here. For further information about joining the ACAMS Cyprus Chapter please contact Gregory Dellas by emailing [email protected]