ΠΕΡΙΓΡΑΦΗ

This course provides EMI professionals with a comprehensive understanding of their AML/CFT and fraud prevention obligations under EU and national frameworks. It focuses on regulatory expectations, customer due diligence, institutional risk assessments, and the integration of AML and fraud controls in line with PSD2 requirements. 

Through a practical and applied learning approach, participants will strengthen their ability to identify, assess, and mitigate ML/TF and fraud risks within their organizations. The programme also addresses the governance, oversight, and cultural dimensions of AML compliance, guiding participants on how to design proportionate controls and align internal procedures with supervisory expectations. 

By the end of the course, participants will be equipped to implement effective risk-based frameworks, ensure regulatory compliance, and promote a culture of integrity and vigilance that supports both operational resilience and sustainable business growth.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

At the Knowledge Level, participants will be able to:

• Describe the AML/CFT framework and key obligations of EMIs.
• List the stages and components of an effective AML compliance programme.
• Identify main ML/TF and fraud typologies relevant to EMIs.
• Clarify the relationship between AML, fraud risk, and governance structures.
• Correlate AML obligations with customer risk management and transaction monitoring processes.

 At the Skills Level, participants will be able to:

• Develop and implement proportionate AML and fraud controls.
• Perform business-wide and customer risk assessments (BWRA and CRA).
• Explain and justify due diligence and monitoring decisions.
• Organise reporting procedures for suspicious transactions and internal escalation.
• Justify risk-based thinking to strengthen internal governance and operational frameworks.

 At the Attitudes Level, participants will be able to:

• Challenge weak compliance practices and promote accountability.
• Motivate colleagues to maintain a culture of integrity and vigilance.
• Defend the importance of ethical conduct in financial services.
• Appraise and evaluate the effectiveness of internal AML and fraud processes.
• Promote continuous improvement and readiness for supervisory inspections.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

This programme is designed for professionals working within Electronic Money Institutions (EMIs) and Payment Institutions (PIs) who hold compliance, operational, or decision-making responsibilities, including:

• Board Members responsible for AML/CFT oversight
•  Compliance and Risk Officers
• AML Officers and Managers
• Transaction Monitoring and Fraud Prevention Officers
• Frontline and Operations Staff involved in customer onboarding and payments management

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Training Outline 

AML/CFT Regulatory Framework for EMIs

• Cyprus AML Law and CBC Directive (2025 revision)
• The upcoming EU AML Regulation (EU) 2024/1624, Directive (EU) 2024/1640
• Overview of PSD2 and the Electronic Money Directive
• Supervisory roles: CBC, MOKAS, and FIU cooperation
• Risk-based approach and proportionality principle

 Business-Wide and Individual Risk Assessments (BWRA & CRA)

• Purpose and regulatory requirement for the BWRA
• Key risk factors: products, geography, delivery channels, customers
• Methodology and documentation
• Link between BWRA and CDD measures
• Individual Customer Risk Assessment (CRA): scoring models and consistency with BWRA
• Periodic review and update of risk assessments

 EMI-Specific ML/TF Risks and Red Flags

• ML/TF typologies common in EMIs
• Abuse of EMI accounts and e-money products
• Merchant and customer-related vulnerabilities
• Agent and distributor risks
• Indicators of suspicious activity

 Fraud Risk Management

• Fraud obligations under PSD2 and EBA Guidelines
• Strong Customer Authentication (SCA) and exemptions
• Transaction monitoring and fraud detection
• Internal fraud prevention measures
• Incident reporting and collaboration between AML and fraud teams

 Transaction Monitoring and Reporting Obligations

• Transaction monitoring frameworks and system alerts
• Suspicious Transaction Reports (STRs) to MOKAS
• Internal escalation and decision-making process
• Tipping-off prohibition
• Feedback and remediation processes

 Governance, Culture, and Oversight

• AML governance and roles (Board, AMLCO, management)
• Policies, controls, and independent review
• Training and awareness
• Preparing for supervisory inspections

CPD Recognition 

This programme may be approved for up to 6 CPD units in Banking and 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 5 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.