This seminar is part of the on-going training program which every firm is legally obliged to provide to its employees.

The latest changes in the Anti-money Laundering regulatory framework as well as the recent updates in the guidelines of our competent authorities create the need for further training and education. At the same time, the recent money laundering scandals as well as the recent cases of terrorism create additional need to form a strong culture of compliance awareness at every level of the organization.

This program intents to stress the effectiveness of the internal systems controls and procedures that are developed to detect money laundering and gives an emphasis on the practical aspect of money laundering through the presentation of real-life money laundering schemes and examples.

This program is specifically designed for professionals who have interaction with the customers and are responsible for applying customer due diligence in their day-to-day work.

Lawyers, Accountants, Administrative staff, Executive directors

This seminar contributes to Continuing Professional Development for 4 CPD Units.

Venue: The course will be held online via zoom
Date & Time: 14^th December, 2023, 09:00 – 13:15
Language: Greek language with the slides in English

The seminar’s cost and duration for participation is presented on the table below:

Introduction

• Goal and purpose

UNIT A: Money Laundering, terrorist financing and illegal activities

Section 1

• Definition of money laundering
• Explanation of illegal activities
• Explanation of the three stages of money laundering
• Presentation of real-life money laundering schemes

Section 2

• Definition of terrorist financing
• Uses of terrorist financing proceeds
• Differences between Money laundering and terrorist financing

UNIT B: Regulatory framework essential parts and updates

Section 1

• Beneficial ownership registry
• Third party reliance
• Public interest section in the Cyprus AML Law

Section 2

• ML penalties in the Cyprus AML Law
• Obligations for the obliged entities regarding the KYC procedures
• Tipping off explanation and penalty

UNIT C: The role of the compliance officer

• Duties and responsibilities

UNIT D: Practical analysis of the way in which criminals use the system in order to clean their money

• Legal arrangements used by the criminals (L)
• Purpose for using the legal arrangements (L)
• ways in which criminals use the legal arrangements in order to clean their money (L)
• examples (L)

UNIT E: Risk Based Approach & Client Due Diligence

• Explanation of risk-based approach (M)
• Risk categories (M)
• PEPS &High-risk countries (M)
• Sanctions (M)
• When to conduct client due diligence (L)
• Risk categorization - EDD, CDD, SDD (L)

• Explanation of the firm’s KYC documents (L)
   

Unit F – Red Flags

• Categorization of red flags related to Money Laundering (L)
• Important red flags related to terrorist financing (M)
• Red flags quiz (L)

Discussion/Q&A

Loucas Hadjimichael
Compliance Officer

During his professional career, Loucas gained experience in regulatory compliance as well as in the fields of Anti-Money Laundering and Financial Crime. In 2018 he joined the Compliance Department of Bank of Cyprus as an officer of the financial crime where he gained extensive experience in the fields of transaction monitoring and customer review. In 2019, he joined Hellenic Bank as a Compliance Officer in the Transaction Monitoring Department where he gained the relevant experience. In 2020, Loucas joined the Customer Acceptance and Monitoring Department of Astro Bank where he was responsible of monitoring the AML Alerts of the Bank. In 2020 joined the firm Kinanis LLC as a Senior Compliance officer.
Since November 2023, is the AML CO at HLB Cyprus. He is responsible for the on-boarding, review, and transaction monitoring of the clients of the firm.
He is a holder of a Bachelor degree in Business Management (BA Hons) with specialization in Anti-Money Laundering and he is currently attending a Master’s Degree in Financial Services. He is also a holder of the CySec’s AML Certificate.

Contact Mrs. Ivi Papaioannou at academy@kinanis.com (22 558836)