This seminar will cover key topics regarding the organizational and regulatory framework of the Cypriot Investment Firms (CIFs) which will assist participants in understanding and implementing the requirements, whilst it will serve as a platform for discussion on relevant challenging matters.
The 4th EU AML Directive was enacted on the 25th of June 2015 and had to be fully transposed by member states by the 26th of June 2017. It repealed the 3rd EU AML Directive introducing stricter rules and shifting the focus to a more risk-based approach. By making significant changes to the existing regulatory framework, EU member states aimed in becoming more reactive to the constantly evolving threat of Money Laundering and Terrorist Financing and in better shielding the integrity of financial markets. To face this ever growing threat and before even member states fully implemented the 4th AML Directive, the Commission started discussing and finally proposed a 5th AML Directive, which in April 2018 the EU Parliament decided to adopt.
The course will cover the fundamental aspects of the CIFs in terms of the regulatory framework, the operations, the responsibilities of each department, the trading models and other operational aspects. It is intended for those interested in working at Investment Firms, those who are Non-Executive and Executive Directors and other critical functions.
In this seminar, Participants should be able to gain an understanding of the basic principles of Anti- Money Laundering and the Laws, Regulations and Guidelines put in place to respond. The measures and procedures that should be applied to mitigate the risk of Money Laundering and the relevant Authorities approach. A critical analysis of how the 4th EU AML Directive affected the existing rules and principles.
- ML Laws & Regulations: Historical Development, Scope & Application.
- What is Money Laundering, Definition & the Stages of Money Laundering.
- The ‘Risk- Based’ approach. The main focus of the 4th
- Common Steps to Ensuring Compliance, the Time & Recourses needed, the drafting and implementation of Internal AML Manuals, Policies & Procedures, the implementation of an internal Reporting System to the AMLCO & the BOD and externally to CYSEC & MOCAS, drafting of systems for Ongoing Compliance Monitoring, Record Keeping and other.
- Customer Due Diligence & KYC. Description of the Simplified / Enhanced Due Diligence, the Documentation Requirements, Verification of client information and the Certification of Documents
- How to Build the Economic Profile of the client, source of wealth, source of funds, internal assessment of information, supporting documents, transactions monitoring
- How Authorities Approach AML: Fines, Penalties, Reputational damage, the ‘name and shame’ process
- The Compliance Function: Duties and Responsibilities of the AMLCO and the Board of Directors
- The 4th AML shift of focus. Critical Analysis of 10 significant changes brought by the 4th AML
- Cypriot Investment Firms (CIF): Walkthrough of the regulatory framework governing the organisational requirements
- Capital Requirements of Investment Firms – CRDIV reporting requirements
- Investment activities, ancillary services – Description of the activities and ancillary services, obligations
- Financial Instruments – Description of the MiFID financial instruments – Practical examples
- Organizational Structure, responsibilities of each department – Governance – Sanctions
- Investor Protection – Market Transparency and Integrity – Best Execution
- Different trading models – A book, B book
- Advertising Guidelines – IBs, Tied Agents
- Upcoming changes derived from the application of MiFIDII/MiFIR
Who should attend
- AML Professionals and Compliance Officers
- Fund Managers, Fund Administrators and other Professionals who wish to refresh their knowledge on AML
- Existing and prospective executives and supervisors of Banks, Cypriot Investment Firms (CIFs)
- Existing and prospective employees of CIFs responsible for the provision of investment services
- Compliance Officers, Internal Auditors, Anti-Money Laundering Compliance Officers and Risk Managers Cypriot Investment Firms (CIFs)
- Legal Professionals and advisors