Perhaps one of the most demanding and high intensity roles in the Finance Sector is that of the Compliance officer and AMLCO.
In the Cyprus Fund Sector, the decision makers have been particularly keen to modernize the local regulatory framework in line with the EU fund regulations. This harmonization process entailed the passing of a number of Laws and Regulations concerning AIFs and AIFMs, then followed by a number of Directives and Guidelines by the competent authority CYSEC.
In the AML sphere, EU member states fully implemented the 4th AML Directive which Cyprus transposed into Cyprus Law by amending the existing AML and terrorist financing Laws. I n spring 2018 the EU Parliament adopted a 5th AML Directive to become effective in early 2020 which Cyprus will without doubt respond to with further amendments to the exiting AML Regulations.
The huge task of ensuring the constant compliance of an AIFM with the various legal and regulatory developments applicable; cultivating a company internal compliance culture; identifying, assessing and understanding an AIFM’s AML and terrorist financing risks, threats and vulnerabilities, is all undertaken by the AML and Compliance Officer.
This programme will examine all these duties and obligations of a Compliance Officer in relation to the AIFM internally and the AIFs under management.
Participants of the programme will attain an understanding of the duties and responsibilities of a Compliance Officer employed by an AIFM.
Through a practical analysis of the AML & other Regulatory Compliance obligations of AIFMs internally, and also in relation to the AIFs they manage participants will learn what actions an AML and Compliance officer needs to take to ensure the compliance of the AIFM with the applicable laws and regulations.
Introduction – An overview of the Legal Framework in relation to Funds in Cyprus.
Part 1 – General AML and Compliance Principles
Part 2 – Duties and Responsibilities of the AML Compliance Officer in relation to the AIFM internally:
- The Profile of the AIFM’s AML Compliance Officer. Duties & Responsibilities outline
- Assessing and ongoing monitoring of the constant compliance of the AIFM with all applicable regulatory and legislative provisions.
- Communication with CYSEC to dissolve issues related to the compliance of the AIFM
- Reporting Control Duties of the Compliance Officer in relation to the AIFM and the AIFs under management. drafting, review, observance of deadlines
- AML Manual Drafting, Internal and external Reporting Procedures, Guidelines on implementation
- Other procedures & manuals: (1) Conflicts of Interest/Personal Transactions, 2. GDPR
- Remain updated and implementing Watch lists, Restriction lists, regulatory updates & legal developments
- Regulatory Guidance, constant Updating & Training of Personnel
- Control of the Portfolio Function and the Risk Management function of the AIFM
- Review & Control of Marketing materials and publications
- On-boarding of clients – KYC, AML screening, Agreements
- Assessment and ongoing Monitoring of Delegated functions
- Risk & Compliance Committees
- Capital Adequacy control
- AIFM Licence: ensuring compliance with the conditions of the licence, obtaining Extensions
- Assessing/observing the adequacy and effectiveness of policies and procedures, constant updating & addressing any deficiencies
Part 3 – Special Duties and Responsibilities of the compliance officer in relation to AIF’s under management
Part 4 – Upcoming legal developments in relation to AML. A speculation on what to expect
Through an illustrated presentation a detailed account will be provided along with questions and answers throughout the workshop. Real time examples will be provided, and participants will be actively involved through an exchange of views and personal professional experiences.
Who should attend
This course will be of benefit to AML and Compliance officers employed by AIFMs or internally managed AIFs as well as other AML and compliance officers/experts who wish to get involved with AIFMs and AIFs.
It may also prove particularly useful to other professionals employed in the Fund Sector or seeking to join the Fund Industry such as Fund Managers, Fund Administrators, Depositories/Custodians, Risk Managers or third – party professionals (such as Lawyers, Accountants and Fiduciary Service Providers), who will gain a general understanding of the AML & Regulatory Compliance obligations of AIFMs internally and also in relation to the AIFs they manage.