AML and KYC: Guidelines for Cyprus Investment Firms

This course has been designed specifically for CIFs and will focus on the actions that these firms must take in order to comply with their AML and KYC obligations.

In today’s demanding environment, CIFs are required to exercise due diligence and perform specific controls on their clientele in order to comply with AML / KYC requirements. Furthermore, CIFS are obligated to collect specific documents from clients.

CySEC has issued specific guidelines for the controls and reports that regulated firms need to perform in order to comply with their obligations.

Training Objectives

By attending this course participants will:

• Attain an understanding of money laundering and terrorist financing, and the sanctions against said practices
• Examine how financial institutions are vulnerable to money laundering and terrorist financing
• Consider practical examples
• Look at the Legal and Regulatory Framework
• Understand the basic obligations CIFs employees have
• Understand how to classify clients in low, medium and high risk
• Become familiar with the use of a scorecard and how to prepare it
• Look at the creation of customer economic profile document
• Examine the reporting obligations of staff and risk-based approach

Training Outline

Seminar Content:

• General overview of AML legal environment
• Due diligence, simplified, enhanced according to the new legislation
• KYC Documents required according to the nature of the client
• Directive 144-2007-08 of 2012 and the obligations it creates for CIFs
• Client classification according to the directive
• Creation of the economic profile
• Scorecard
• Case studies from Egmont Group

Training Style

The programme will take for form of presentations, case studies and extensive discussion, as well as real life examples, all of which will assist with the better understanding of the content and thus assist participants to apply what they learn to their own job functions upon their return to the workplace.

Who should attend

The programme has been designed for Professionals working in CIFs, and will be of particular benefit to:

• Compliance and AML Compliance officers
• Funds and Fund Managers
• FX
• Binary Options and IFs
• Consultancy and fiduciary services providers catering for the financial services sector