ΠΕΡΙΓΡΑΦΗ

This specialized course provides a comprehensive overview of Anti-Money Laundering (AML) practices in the betting industry, with a focus on the legal framework in Cyprus. Participants will explore the Cyprus Betting Law, AML obligations, and the role of the National Betting Authority. The course covers key compliance areas, including customer due diligence (CDD), KYC processes, internal AML policies, and risk assessment techniques. It also examines real-world laundering schemes and enforcement case studies. Designed for betting operators, compliance officers, and AML professionals, this course equips participants with the knowledge and tools to detect, prevent, and respond to money laundering risks effectively.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

What Participants will Learn

• What constitutes money laundering and how the betting sector is vulnerable at various stages (placement, layering, integration).

• Overview of Cyprus Betting Law and its AML-related provisions, aligned with EU directives.

• The role and expectations of the National Betting Authority (NBA) in AML compliance and supervision.

• How to implement effective Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD), including KYC and source of funds verification.

• Use of electronic tools and systems for identity validation and transaction monitoring.

• How to identify, monitor, and report suspicious activity, including submission of Suspicious Activity Reports (SARs).

• Best practices for structuring internal AML policies and appointing an effective AML Compliance Officer (AMLCO).

• How to conduct a proper AML risk assessment and apply a risk-based approach tailored to betting operations.

• Planning and executing internal AML audits, including documentation, follow-up actions, and audit trails.

• Understanding penalties for non-compliance through real case studies and learning how to improve AML frameworks continuously.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

• AML Compliance Officers (AMLCOs)
• Legal advisors supporting betting operators with compliance matters
• Risk and operations managers in land-based or online betting companies
• Internal audit or control officers responsible for AML reviews
• Employees involved in KYC, customer onboarding, or suspicious activity monitoring

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ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Course content

Module 1: AML Legal Framework and Industry Risks

• Definition of money laundering and its relevance to betting.
• Overview of the Cyprus Betting Law and AML-related provisions.
• Role of the National Betting Authority and its integration with EU directives.
• How betting operations are exploited in layering, placement, and integration stages.
• Examples of sector-specific laundering schemes

Module 2: AML Compliance Requirements for Betting Operators

• Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).
• Onboarding process and identity verification (KYC).
• Use of electronic tools for identity and source of funds verification.
• Record-keeping rules and duration under NBA regulations.
• Reporting obligations: Suspicious Activity Reports (SAR), thresholds, and deadlines.
• Monitoring and flagging unusual betting patterns and large transactions.

Module 3: Internal AML Policies and Structures

• Elements of a strong AML policy in the betting industry.
• Appointment and responsibilities of the AML
• Compliance Officer (AMLCO).
• Staff training obligations and training content requirements.
• Role of internal controls, segregation of duties, and escalation procedures.
• Annual review and update of AML procedures.

Module 4: Risk Assessment and Internal AML Audits

• Applying a risk-based approach: geography, betting behaviour, and payment methods.
• Customer risk categorisation and scoring methodology.
• Internal AML risk assessment methodology.
• Conducting internal audits: scope, frequency, and documentation.
• Responding to findings and implementing corrective actions.
• Maintaining an audit trail for NBA review.

Module 5: Enforcement, Penalties, and Case Studies

• NBA inspections and audit triggers.
• Penalties for non-
  compliance under the Betting Law and AML directives.
• Case studies of AML failures and resulting sanctions in Cyprus.
• Positive examples of effective AML systems.
• Lessons learned and strategies for continuous improvement

MEET YOUR INSTRUCTOR

Chrysothemi Valanidou

Chrysothemi Valanidou is an accomplished legal and compliance executive with over a decade of leadership experience in the international gaming sector. Currently serving as Director of Meridian Gaming (CY) Ltd, she plays a pivotal role in strategic business development, regulatory compliance, and organizational management. Her leadership ensures that the company operates within the highest standards of legal integrity and corporate responsibility. Her extensive career includes leading roles in compliance, legal affairs, and risk management, with proven expertise in Anti-Money Laundering (AML), GDPR, and Responsible Gaming frameworks. She is also a certified Safer Gambling Specialist and a seasoned representative before the National Betting Authority and other regulatory bodies.

Chrysothemi has contributed as a speaker and exhibitor at major international forums and gaming expos including ICE London, SBC Summit Barcelona, and the Cyprus Gaming Show. Her work has been featured in numerous publications for her impact in ESG, corporate sustainability, and women’s leadership in gaming. A member of the Cyprus Bar Association since 2015 and an active contributor to the Global Gaming Women network, Chrysothemi holds an LLB from the University of Huddersfield and has completed numerous professional certifications in AML, labor law, and gaming compliance. She is passionate about empowering women in the industry, promoting safer gaming practices, and fostering transparent, responsible business practices in a highly regulated environment.