ΠΕΡΙΓΡΑΦΗ

Prepare for excellence with our ‘ICA Certification in AML: Preparation Course.’ Designed for professionals seeking to elevate their Anti-Money Laundering (AML) expertise, this program equips you with the knowledge and skills needed to excel in the prestigious International Compliance Association (ICA) AML certification. Dive deep into AML regulations, risk assessment, and due diligence, guided by expert instructors. With a laser focus on exam preparation, you’ll gain the confidence and insights required to pass the ICA certification with flying colors, positioning you as a trusted AML expert in today’s complex regulatory landscape.

The imperative for improved and comprehensive risk management within financial transactions involving clients and partners is increasingly evident, not only within the financial sector but also among legal and accounting professionals. This urgency is further underscored by the Ministry of Labour, Welfare, and Social Insurance’s published statistics in the economic crime domain, indicating a consistent rise in financial misconduct across various industries, irrespective of their size or sector.

Recognizing the gravity of combating financial crime, both the Institute of Certified Public Accountants of Cyprus (ICPAC) and the Cyprus Bar Association (CBA) have set forth stringent standards for Anti-Money Laundering (AML) officers within their respective domains. They have introduced specialized AML Certificates attainable through rigorous examinations, which are open to their members and individuals aspiring to serve as AML officers in these fields.

The overarching objective of this comprehensive program is to equip participants with the requisite knowledge, skills, and attitudes to excel in these examinations and, in turn, to empower them to navigate their respective industries with proficiency.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

Upon completion of the program, the participants will be able to:

Knowledge Level: 

• To define what money laundering is and recognize the stages of Money Laundering (Money Laundering). 
• To state the main provisions of the control and supervision of the financial system, the competent authorities, their powers and responsibilities. 
• To explain the duties and responsibilities of board members, the compliance officer, the internal auditor, and other personnel within the organization in relation to the FSA/FT. 
• To analyze the identification requirements for natural and legal persons (KYC), and to determine the beneficial owner (UBO) 
• To establish policies and effective due diligence (CDD) procedures when on-boarding a new customer or re-evaluating existing customers. 
• To recognize what constitutes a suspicious transaction and the forms and procedures for reporting suspicious transactions and activities (STR/SAR) to the compliance officer or regulatory authorities. 
• To list and complete the necessary documents with the appropriate information that must be kept by the business during and after the end of the business relationship with the customer and the schedules of their observance.
• To identify what “red flags” are and how they are identified for PPE. 
• To explain the consequences of not timely executing or not executing a suspicious transaction report.

Skill Level 

• To apply for each customer a “risk-based approach” assessment (RBA) in regards to AML. 
• To perform due diligence measures and to recognize potential risk in each business relationship/agreement. 
• Record every activity in all business transactions. 
• Prepare and submit internal suspicious activity reports to the AML Compliance Officer, as well as external reports to the appropriate authorities. 
• To investigate and execute reports as AML Compliance Officers of the reports presented to them.

Attitude Level: 

• To accept the necessity and training of the fight against ML/TF. 
• To protect themselves and the organization they work for in matters related to ML/TF. 
• Resist and reject business relationships and/or activities that contribute to the ML/TF. 
• To adopt protective measures to deal with Money Laundering from Illegal Activities. 
• To encourage a culture of regulatory compliance in corporate governance and a culture of training in the organization. 
• Motivate the staff for active participation in dealing with AML in their transactions.
• To adopt money laundering risk assessment procedures in their transactions. 
• Encourage staff to actively participate in informational and educational meetings to deal with AML

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

The course is ideal for: 

• ICAP & CBA members 
• Accounting and law students 
• Individuals working in accounting and law offices that execute the duties of AML officer 
• Individuals who wish to obtain the position of AML officer in accounting and law offices

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Introduction 

• Course Set-up (course purpose & objectives, commitment contract)
• General information and clarification on Certification exam 

Understanding Money Laundering & Terrorist Financing 

• Important Definitions 
• The effect of Money laundering and the importance for combating it
• The 3 stages of Money laundering and real-life applications 
• How Sanctions are related to Money Laundering 
• Introduction to risks associated with Money Laundering & Terrorist financing 

Vulnerabilities to Money Laundering and Terrorist Financing 

• Understand the vulnerabilities of products and services exploited by money launderers 
• Discuss the risks faced by supervised entities (accountants, auditors, lawyers) 
• Discuss the ways in which corporate service providers can be vulnerable to money launderers 
• Analyze vulnerabilities and exploitation of products and services such as insurance and investment services
• Examine new areas of exploitation such as gambling, trade-based money laundering (TBML), the Internet, prepaid cards and virtual currencies, and 
• Examine ways and efforts to stay ahead of money launderers

Anti-Money Laundering and Combating the Financing of Terrorism in Practice 

• Understand how to identify ML and TF activities and associated risk in your operations 
• How to conduct customer due diligence (CDD) and the level of measures to be taken 
• Understand Transaction Monitoring and discuss how client activity may be monitored by firms 
• Explore Ultimate Beneficiary Owner (UBO) implications and how to combat disguised “beneficial ownership” 
• What are the particular risks associated with politically exposed persons (PEPs) 
• Recognizing suspicious activity and actions to be taken for analysis and reporting 
• Explore “client confidentiality” obligations and “tipping off” offense 

Anti Money Laundering and Combating the Financing of Terrorism – Legal and Regulatory 

• The 3 international bodies and their initiatives in combating ML/TF 
• Explore the legal background forming the AML regulation 
• Understand the offences and penalties for persons in the industry 
• Understand the legal obligation for reporting to authorities 
• Explore the legal and regulatory framework of Cyprus

Management Obligations and the Risk-Based Approach (RBA) to Money Laundering and Terrorist Financing 

• Understand the RBA methodology and its application to ML/TF 
• Understand the factors covered by AML and CFT procedures 
• Explore the formation of policies and procedures for countering ML/TF
• Discuss how to monitor compliance with internal AML/CFT policy 
• Explore assigned of resources for implementing policies and procedures 
• Discuss how to encourage and promote a corporate compliance culture 

SECTION 7: Closing 

• Course recap 
• Certification mock exam 
• Course Assessment 
• Q&A and Closing Remarks