ΠΕΡΙΓΡΑΦΗ

According to the Prevention and Suppression of Money Laundering Activities Laws of 2007-2021, companies  and  any  other  legal  entities incorporated  in  the  Republic of  Cyprus must obtain  and  hold adequate,  accurate  and  current  information  on  their beneficial  ownership, including details of the beneficial interests held. 

The programme will consider an analysis of the Directive on preventing and combating the laundering of income from illegal activities.

The programme will provide information on the new law and its implementation and instructions on the registration of companies, express trusts and similar legal arrangements, crypto-assets and bodies in the register of Beneficial Owners of the relevant competent authority. 

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

At the end of the programme participants will be able to:

• Understand the definition of an Ultimate beneficial owner of a company and of a trust
• Comprehend the instructions of the competent authorities in regards the Registers of beneficial owners and how to apply them
• Undertake the Registration process
• Be aware of the process to be follow in each case
• Describe the procedure of the Beneficial owners Registrars, what the scope is and the importance thereof

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

The programme is ideal for:

The programme is ideal for:

• 
  
• C-Level Executives and Senior Managers in Investment Firms 
• Compliance Officers 
• Internal Auditors 
• Internal Lawyers 
• External Auditors, Lawyers and Financial Consultants” 

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Training Outline

Introduction  

• Law & Legal Framework  
• Definition of the “Beneficial Owner”  

The B.O Register (Registrar of Companies)  

• Information to be filed  
• Timing of filings  
• Penalties  
• Who has access to information  
• Discrepancies  
• Exemption from information access  
• Case studies & Examples  

The Trusts Register (CySEC)  

• Definition of an express trusts and the B.O  
• Applicability  
• Submission of request to register  
• Exemptions from registration  
• Fees & Subscriptions  
• Who has access to the information  
• Legitimate Interest  
• Exemptions  
• Case studies/examples  

Industry Expert | Sophia Nearchou 

Sophia is a lawyer in the Compliance department of our firm dealing with Anti Money Laundering & regulatory compliance matters and keeping the firm’s function in line with the law and regulatory requirements.

During the course of her employment she has gained extensive experience, particularly in cases relating to US sanctions and EU restrictive measures and has been involved in the resolution of arising matters. She has also been in charge of performing due diligence measures and has given legal advice to clients pursuant to the international, EU and US obligations.

In July 2016, Sophia successfully passed the Financial Services and Regulatory Advanced Examination of the by Cyprus Securities and Exchange Commission (CySEC), which is recognized by the Charted Institute for Securities and Investment (CISI) and which has familiarized her with the regulatory requirements relating to the securities and investments. She further participated on the drafting of advice for clients involved in the sector and assisted in matters including CRS/FATCA reporting and compliance.

Furthermore, in order to provide more quality to the services and advice offered, during June 2018 Sophia took the examination of CISI on Global Financial Compliance and alongside the Certificate in Global Financial Compliance (Cyprus) which she successfully passed and was awarded the CISI Level 3 Award in Global Financial Compliance. Since then she has been an Associate of CISI.

More recently, in June 2019, following a successful examination, she has obtained the Worldwide recognized and top level certificate in Money Laundering, the ACAMS certificate and is a member of CAMS Cyprus.

In addition to the current short bio just to add ‘’ Sophia Nearchou has obtained the CySEC AML certificate.

Training Style

The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies, practical examples, real-life simulations.

Most of the training will focus on ensuring the participants familiarize with the topic of the Beneficial owners registers and assessment of current strengths and weaknesses via formal assessment tools.  Participants will be able to transfer the knowledge gained to their workplace.

Most of the training’s time will be invested in explaining the terms such as “ultimate beneficial owner”, “express trust” and “similar legal arrangements” and analysing case studies that will help participants understand how to solve problems in similar occasions.

CPD Recognition

This programme may be approved for up to 5 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.