Money Laundering - Financing of terrorism – Sanctions – An in depth analysis based on Cyprus, EU and International Standards (4hours)


This course is in English.

Course Description:

The need for the best possible and thorough management of the risks that financial transactions with clients / partners may hide, is increasingly imperative for the financial sector as well as for lawyers, accountants and other professionals who fall under the condition "Obligated entities".

The purpose of the seminar is to cover the provisions of the legislation on the Prevention and Combating of Money Laundering and the Financig of Terrorism as also any changes linked with the local regulatory regime or with EU Directives and Regulations on this issue. During the seminar, the Directives of the main Supervisory Authorities will be examined, the procedures that the obligated entities must follow in relation to the strengthened and simplified due diligence measures, the risk-based approach, analyzing and discussing recent developments. The main economic sanctions regimes in Europe, the United Nations and the United States will also be examined. 

In addition, the seminar will cover the risks posed by the use of Cryptocurrencies and Trade Based Money Laundering as identified by the Financial Action Task Force (FATF) and how the EU tries to manage these risks through its instructions.

There will also be information on the ways in which criminals act and how they exploit weaknesses in the financial sector in order to channel money from illegal activities. To this end, real examples of money laundering cases will be presented, which were investigated both locally and internationally and at EU level. The "Passport Check" technology will also be introduced and explained, with which professionals can identify possibly forged and forged passports, while at the same time, best practice advice will be given.


Course Objectives:

At a Knowledge Level:

  1. Describe techniques used by criminals for money laundering & terrorist financing purposes.
  2. Name and describe the 3 stages of AML & CTF
  3. Separate transactions that may violate the basic provisions of the main economic sanctions regimes in Europe, the United Nations and the United States

At a Skills Level:
  1. Develop and implement a "risk-based approach" for each client.
  2. Document the application of enhanced and simplified "due diligence measures" in proportion to the potential risk arising from the respective professional relationship / agreement.
  3. Execute and comply with the basic provisions of the main economic sanctions regimes in Europe, the United Nations and the United States.

At an Approach Level:
  1. Cooperate with the supervisory authorities / supervisors accordingly
  2. They compare their internal procedures with the provisions of the Law.

The course is addressed to:

  • Regulatory compliance officers of administrative service companies.
  • Executives compliance officers of Banks, Investment Services Providers and Insurance Companies.
  • Supervisory Officers - Supervision Department
  • Executives exercising auditing responsibilities in companies (such as internal auditors, certified auditors and operational risk management executives).
  • Lawyers, Accountants, Brokers and all liable entities, based on the relevant legislation

This course covers 10 topics.

  • Introduction & Meeting with the participants
  • Cyprus AML Legislation and other recent developments: ML Stages, Financing of Terrorism, Differences between money laundering and terrorism financing, The risk of penalties where AML/CTF rules are not applied,Moneyval,DAC6
  • Shell companies: Shell Definition § 151-152 of the CBC AML

The EU list of non-cooperative jurisdictions for tax purposes

  • RBA – Practical Implementation, EDD & SDD: ML/FT/Sanctions Risk Based Approach Practical Implementation:Complicated group structures - AML Perspective,AML Indicators,4 pillars of risk
  • Ongoing monitoring: Transaction Monitoring,Suspicious Transaction/Activities Report,Identification/Verification of info & documentation received,Red flags”: indicatorInternal & External reporting procedures,enalties
  • 5th & 6th EU Directive (in depth analysis) and Recent Developments: 5th EU AMLD – What you need to know, UBO, PEPs
  • UN, EU & US Sanctions: The essentials of international sanctions, Embargos
  • Passports : Verification of the identity of the natural persons
  • Discussion, conclusion and assessment: Discussion, conclusion and assessment
  • AML/CFT Risks in relation to Cryptocurrencies

Instructor Style:

The course is delivered by someone with hands on experience. Highly practical, relevant instructor blends theory with highly practical case studies and examples derived from his long experience.


CPD accreditation:

The course may be approved for up to 4 CPD units verified directly by the participant's association, regulator or other bodies which holds membership.




*Group rates available.  **Early Bird discount may apply.


This course can be offered inhouse, customised to your business needs.




Course dates

Nov 16 - Nov 16, 2021

Class hours



Not subsidised by HRDA

Training certificate

Infocredit Professional Education (IPE)



Method of instruction




Educational material






Course Instructors

Theodoros Stavrou

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Quick and Easy Registration

For Companies and Unemployed Individuals, the prices shown below are after the deduction of the HRDA subsidy.

More information is provided during the registration process, including the HRDA Terms and Conditions for eligibility.

VAT (19%) is included on the prices below.


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+357 22398000
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