This course is in Greek.
The need for effective risk management of financial transactions with clients and associates is becoming increasingly imperative, especially for lawyers and accountants, given the multiple challenges faced by businesses today.
As criminals discover more sophisticated ways to cover up illegal activities, the need for professionals to comply with their legal obligations becomes even greater, as is the need to adopt a preventative approach to such threats.
Purpose of the seminar:
The topics covered by this course are in accordance with the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, 2010, 2012 and 2013, the EU Directives and all other Directives issued by regulatory authorities in Cyprus, such as the Central Bank of Cyprus, the Cyprus Bar Association, the Institute of Certified Public Accountants of Cyprus (ICPAC) and the Cyprus Securities and Exchange Commission (CySEC).
The aim of the course is to cover all the requirements set by the relevant legislation as well as the changes brought about by the implementation of the Cyprus Law and the 5th EU Anti-Money Laundering Directive.
The course discusses the procedures which need to be in place for compliance for anti-money laundering and counter terrorism financing and analyses practical examples.
The course is addressed to:
The course will cover the following topics:
• Recognising the key stages in money laundering
• Recognising common techniques used by money launderers
• Examining the efficiency of international standards to combat money laundering and terrorism financing
• Understanding the 5th and 6th EU AML Directive and other relevant reporting obligations
• Identifying and dealing with suspicious transactions
• Understanding and applying the "Risk Based Approach"
• Applying “Know Your Customer” (KYC) and "Customer Due Diligence" (CDD) procedures to identify and manage key risk indicators within customer relationships
• Methods for detection of ID fraud
• How to profile and monitor expected relationship activity
• Analysis of case studies and red flag indicators
• How to perform AML risk assessment
This course can be offered inhouse, customised to your business needs.
Regulatory Framework, Basic Framework, Basic Laws, Provisions and Guidelines
Cyprus Law and 5th EU AML Directive
What are the obligations of professionals and Compliance Officers?
Simplified and Enhanced Due Diligence
Manual AML, Procedures and Operations
Economic profile and importance of the source of wealth
How to evaluate cases and Reporting to MOKAS (Financial Intelligence Unit (FIU) of Cyprus)
What is Blockchain?
What is Cryptocurrency? What do we mean by the initial coin offering (ICO)?
Are they under review? What are the risks of AML and CTF coming from our clients' involvement in such activities?
How can we mitigate these risks?
What is Information Security?
Statistics on Incentives for Violations.
Examples of cybercrime (video and live)
Correlation of the 3 Stages with AML & CTF
1. They should not work on a silo
2. The control system is the key to Information Security
3. Some tips to increase security without cost
Mode of study
Method of instruction
Started his career in PricewaterhouseCoopers as auditor for Financial Services companies where he qualified as a Chartered Accountant. Then moved to Abacus Limited in 2009 as a portfolio manager. Since 2013 he moved to the compliance department of the firm. In 2014 he became an ACAMS member and soon after CAMS certified.
Nassos is also serving as an Information Security Officer while simultaneously heading the Compliance Department since 2015.
He gave a number of presentations on both Compliance and Information Security in Cyprus and abroad.
Paltayian is also a founding member and Vice chair of the ACAMS Cyprus chapter, Vice chair of the ICPAC Compliance committee, Vice chair of the CFA Compliance committee He was also the leader of the DNFBP module during the National Risk Assessment and participated in the task force for the issuance of the FATCA and CRS Cyprus Guidance Notes.
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