Course outline:

1. Understand the main legal requirements of AML Legislation in Cyprus and its purpose.
2. Board of Director’s Responsibilities – Designation of Board of Directors Member responsible for AML.
3. Appointment of AMLCO, alternate & assistants – Compliance officer’s duties, Annual report, Monthly prevention statement.
4. Overview of obligations of the internal audit department.
5. Application of measures and procedures on a risk-based approach – Identification, recording and evaluation of risks.
6. Review of Customer Identification and Due Diligence Procedures – Ways of applying and obligations for CDD.
7. Construction of an economic profile – Economic profile for legal entity.
8. Revision of procedure for Reliance on third parties.
9. Ongoing Monitoring of accounts and transactions.
10. Simplified Customer due diligence – Sample of factors and types of evidence of potentially lower risk.
11. Enhanced customer due diligence – Sample of factors and types of evidence of potentially higher risk – Additional Measures for PEPs – Cross border correspondent relationships.
12. Recognition and reporting of suspicious transactions/activities to MOKAS.
13. Record keeping – Performing an electronic verification.
14. Employees’ obligations, education and training – Provision of protection.

Target audience:

• Back-office Employees, Compliance Employees, Risk Management Employees, AML Employees.
• Heads of Compliance Departments, Heads of Risk Management Departments, Heads of AML Departments.
• Accountants, Lawyers, Employees of Administrative Services Providers.
• Internal Auditors, External Auditors.
• Executive and non-Executive Directors, AML Director.
• Regulatory Compliance Advisors/ Consultants.

Expected time to complete the course:

Presented by: