The CySEC AML Certification Examination Training is a comprehensive program designed to equip participants with the knowledge and skills needed to effectively combat money laundering (ML) and terrorist financing (TF). It focuses on regulatory requirements and compliance best practices in accordance with Cyprus and international standards.

The training begins with an Introductory Provisions section, outlining the role of the Cyprus Securities & Exchange Commission (CySEC) and the steps involved in becoming an AML-certified compliance officer. It covers the objectives of the CySEC AML Certification and provides insights into the official workbook that participants will use to prepare for the certification examination.

Participants then explore the core concepts in Understanding Money Laundering, Terrorist Financing, and Sanctions, which includes defining money laundering, its three stages, and the threats and vulnerabilities associated with it. This section also covers the criminalization of terrorist financing and the role of sanctions in combating these activities. It highlights the importance of understanding the methods used in money laundering and terrorist financing to mitigate the risks effectively.

The next section, Legal and Regulatory Requirements, focuses on the laws and regulations governing AML and Counter-Terrorist Financing (CFT). Participants will gain knowledge of the Unit for Combating Money Laundering, the roles of supervisory authorities, and the legal framework, including the main provisions of AML/CFT laws in Cyprus. The course also covers European Directives, the FATF (Financial Action Task Force), and the roles of organizations like MONEYVAL. Additionally, it includes details on specific laws like The Combating of Terrorism Law of 2019 and the United Nations Security Council Resolutions and Decisions related to sanctions.

In The AML Compliance Culture module, participants learn about the essential elements of building a robust compliance culture within an organization. This includes understanding internal policies, controls, and procedures, the role of the Board of Directors (BoD) in compliance, and the responsibilities of compliance officers and internal audit functions. The module emphasizes the importance of training employees on AML responsibilities and maintaining a strong culture of compliance.

The Assessing and Managing Risks module covers the Risk-Based Approach (RBA) to identifying and managing money laundering and terrorist financing risks. Participants will explore how to assess these risks, determine key risk factors, and implement ongoing monitoring processes to ensure compliance. Emphasis is placed on maintaining thorough records and ensuring that risk assessments remain up-to-date.

In the Know Your Customer (KYC) and Customer Due Diligence (CDD) section, the program dives into the procedures designed to prevent ML and TF through customer identification and due diligence. Topics include simplified and enhanced customer due diligence, sector-specific guidelines, ongoing monitoring, beneficial ownership, reliance on third parties, and data protection issues related to personal data processing.

Finally, the Transaction Monitoring & Suspicious Reporting module teaches participants about the procedures for monitoring transactions and identifying suspicious activities. The course outlines internal and external reporting processes, providing examples of transactions that may be associated with money laundering or terrorist financing. Participants will learn how to detect red flags and report suspicious activity to relevant authorities.

This training ensures that participants are well-prepared for the CySEC AML Certification Examination and competent in fulfilling their roles as AML compliance officers.