08 Apr Financial Regulation and Compliance

The regulatory framework pertaining to the financial and professional services sector is constantly changing, and new regulations, as well as updates to existing regulations, directives and other obligations are constantly being introduced. This continuous influx of regulations comes from many sources, including the local and European Union regulators, EU and Central Bank, as well as from other international standard setting bodies.

Professionals working in the financial sector, and/ or within the compliance function, need to implement and adhere to these new regulations on a constant basis, and to do so they need to receive the relevant training and updates. Firms within the financial and professional services sector, therefore, find themselves having to anticipate all these requirements with enhanced personnel training and the upgrade of existing internal control mechanisms to face, as efficiently as possible, the new challenges that may lead to a change of their entire business model.

In view of the above, many Cyprus companies operating within the financial industry, are registered under regulatory and controlling bodies, like CySEC, which revise, amend, and enforce new regulations. It is, therefore, compulsory that certified employees need to undergo annual training to be fully aware of the latest regulatory framework that they must operate in, as well as to satisfy the CPD requirements by CySEC.

• Describe the objectives & roles of regulation
• Identify the significance of Compliance
• Describe the responsibilities of compliance
• Describe the need for Regulation and its application to an organization
• List the major regulatory requirements deriving from MiFID II, AML, and EMIR
• Identify newly implemented laws for the sector such as the Sustainable Finance Directive & Regulation (SFDR) and the SFTR reporting requirements
• Name and describe the Financial Services Industry regulatory framework
• Name European Union Directives
• Describe upcoming compliance and risk challenges faced by organizations
• Develop a good understanding of compliance principles
• Perform the regulatory requirements for onboarding a client
• Develop the skills to generate a risk-based monitoring schedule
• Defend the concept of Compliance and the efforts being made to manage the risk related to it
• Explain the upcoming regulations and directives emanating from the EU
• Explain the implemented standards coming from international standard setting bodies
• Develop the skills to implement regulatory changes
• Explain the Financial Services Industry regulatory framework
• Explain Regulatory Infrastructure
• Explain European Union Directives
• Defend Professional Ethics
• Defend Professional Integrity
• Motivate the adherence to regulatory requirements and updates
• Appraise the importance of Compliance
• Criticise non-compliance and non-adherence to current regulatory requirements
• Defend the organization’s reputation

The Regulatory Environment and the Role of the Regulator

• An Overview of the Regulatory Environment
• The Objectives of Financial Services Regulation
• International Regulation
• The Role of the Regulators
• What do the Regulators expect?
• An Investment Firm’s roles and responsibilities towards their clients

Compliance and Risk

• Compliance Structure
• The Role of the Board of Directors, the Supervisors, the Internal and External Auditors
• Responsibilities of the Compliance Officer
• Key Compliance Activities and Processes
• Understanding a Risk Management Approach
• Creating a Risk Management Approach
• The Need for Internal Controls

The Regulatory Infrastructure of Cyprus and EU financial services

• CySEC and ESMA regulations and directives
• Regulatory principles
• Statutory objectives
• Structure
• Powers and activities
• The scope of authorisation and regulation
• Support for Regulatory Framework

Regulatory Framework & Reporting Obligations

• Provisions of the Law and CySEC Requirements / Expectations
• Practices that are not compliant with the law according to CySEC
• Marketing Compliance
• EMIR
• CRS / FATCA
• SFDR
• SFTR Reporting
• MiFID II
• MiFIR
• Pillar II
• PRIPS/KID

Compliance and Risk Functions in Practice

• Factors to be Considered in Designing a Compliance System
• Developing an Internal Compliance System
• Implementing and Communicating Internal Compliance Arrangement
• Establishing Policies and Procedures
• Creating a Compliance Monitoring Programme
• The Need for Independence
• Record Keeping / Compliance Reports
• Managing the Regulators and Change in Regulations

The programme is ideal for:

• Compliance Officers / Managers and their Deputies
• Managers with responsibility for internal compliance controls
• Legal, Audit, Risk, Operations and IT Specialists
• Risk Managers
• Staff working in risk functions
• Internal & External Audit Staff
• Regulatory Representatives
• AML Officers
• Accountants
• Lawyers

The programme is designed to deliver knowledge and enhance participants’ skills via short lectures on the relevant legislations and guidelines, as well as case-studies, practical examples, and real-life simulations/scenarios. Most of the training will focus in enhancing the participants’ knowledge on the topic of risk management and stress testing. Participants will also benefit from customised feedback throughout the course, and take away the knowledge gained to be transferred at their workplace.

This programme may be approved for up to 10 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

This training course may be approved as an external activity under the new ACAMS recertification category ''non-ACAMS credits'' for up to 10 CPD units. Eligibility criteria and CPD Units are verified directly by the Association of Anti-Money Laundering Specialists (ACAMS). To read more about the non-ACAMS credits policies and eligibility criteria please click here.

In-house Training

For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.

26 Mar Sanctions Evasion – A Practical Understanding

The EIMF Live Online Learning Experience

Participants will receive access to the recorded sessions of the course.

EIMF subject-matter experts deliver engaging and interactive courses across a broad spectrum of areas, that can be enjoyed in the comfort of your own chosen environment. Read more

Course Overview 

With the recent increase of international financial sanctions, new sanctions evasion techniques have come to light.

This course will offer a brief refresher on the general sanctions regimes and their impact, as well as providing participants with the latest information on the existing and emerging sanctions evasion methods. Participants will also be able to gain insight into the best practices for sanctions due diligence, notable name screening and quality assurance controls, including for conducting investigations.

Training Objectives

By attending this programme participants will:

• Refresh their knowledge on sanctions
• Discover and understand sanctions evasion techniques
• Understand how to perform sanctions due diligence
• Know what to focus on in name screening
• Understand how to investigate sanctions and their evasion

Training Outline

• What the sanctions are about
• Quick overview of different regimes and their impact

• Corporate structures
• Beneficial ownership
• Special schemes

• Key attention points – documentation, discrepancies in information, red flags

• Transaction Monitoring
• Name Screening
• Restricted Securities

• Methodology to conduct sanctions investigations
• Asset freezing and asset recovery

Who Should Attend

The programme is ideal for:

• CCOs
• AMLCOs / MLROs
• Head / Deputy Heads of FCC
• Directors
• Senior Managers
• Regulatory compliance officers
• AML / KYC / Sanctions Officers
• Chief legal officers
• Legal advisors
• Internal auditors

Training Style

The training style is both training-focused, involving a combination of lectures, presentations and real-live practical examples, but also learner-focused, where participants are encouraged to raise questions, seek clarifications and share their opinions from their different perspectives and engage in an exchange of views and personal professional experiences.

CPD Recognition

This programme may be approved for up to 6 CPD units in Financial Regulation and AML. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

In-house Training

For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.

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