Applied AML: KYC and Customer Due Diligence for Investment Firms

Setting up onboarding procedures for investment firms

The European Institute of Management and Finance is organising a 4^th AML linked course that will analyse the set standards and disciplines emanating from the regulatory and legislative framework in Cyprus pertaining to the Anti Money Laundering. Explanation of Joint Guidelines under Articles 17 and 18(4) of Directive (EU) 2015/849 on simplified and enhanced customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions as provided by ESAS at 4^thJanuary 2018.

Also, explanation of Joint Guidelines on the characteristics of a risk-based approach to anti-money laundering and terrorist financing supervision, and the steps to be taken when conducting supervision on a risk-sensitive basis as provided by ESAS at 13^th April 2017.

Objectives

• Understand what is money laundering, the three stages
• Due diligence, simplified, enhanced
• Introduction of the concept of the Risk Based Approach
• Enhanced beneficial ownership requirement; Adapting CDD models and record-keeping
• Changes in the treatment of Politically Exposed Persons (PEPs) – Ensuring compliance models and best practices
• Changes in policies and procedures
• Changes in the penalties regime
• Changes in the cash payments
• Risk assessments that includes cross-border threats to domestic markets

Seminar Content

The link between Anti‐Money Laundering requirements and your audit procedures

• What you need to know in your role as AMLCO and Backofficer
• What you need to do in practical terms
• Know‐Your‐Client procedures; an integral part of your Client Acceptance process
• The basic client identification requirements
• Emphasis on the Risk‐Based approach; what are the requirements?
• Further insight into the risk evaluation process (the risk matrix implementation) and its benefits
• Timing of Client identification and due diligence procedures

Impact of assessed Money‐Laundering / Terrorist Financing risk on your client due diligence procedures

• Simplified due diligence procedures
• Enhanced due diligence procedures

Who should attend

• Compliance, AML Compliance officers, Back officers of CIFs
• Funds and Fund Managers,
• Consultancy providers catering towards the financial services sector