Systemic Changes in EU landscape for AML/CFT & Sanctions

This comprehensive online training program is meticulously designed to provide participants with an in-depth understanding of the latest EU Anti-Money Laundering (AML) package and the complexities of sanctions and restrictive measures, particularly those targeting Russia. The program is divided into two distinct parts to ensure a focused and detailed exploration of each topic.

Part 1: New EU AML Package (Units 1-4)

This section delves into the transformative changes in the EU’s approach to AML and Counter-Terrorist Financing (CFT). Participants will explore the newly established EU AML architecture, which aims to address the fragmentation and inefficiencies of the current system. Key topics include:

Harmonization of Rules

‍Understanding the shift towards formal and material harmonization, with the transfer of private sector rules to a Regulation and the organization of institutional AML/CFT systems at the national level through a Directive.
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EU AML Authority

Examination of the newly established authority's role, and its powers for direct supervision, compliance enforcement, information exchange, and rule-setting.

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Expansion of Principles

Insight into the expansion and streamlining of existing principles to ensure consistent application of AML/CFT rules across the EU.
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Part 2: Sanctions and Restrictive Measures (Unit 5)

Focusing on the recent surge in EU sanctions, particularly those imposed on Russia, this section provides a comprehensive understanding of the volume, complexity, and implications of these measures.

Key topics include:

• Overview of Sanctions
• Detailed analysis of the thirteen packages of measures enacted since February 2022, targeting over 2000 individuals and entities.
• Economic Impact: Exploration of how these sanctions affect various fields of economic activity, including investment services, deposits, and the SWIFT Ban.
• Practical Application: Case studies and Q&A sessions are designed to help participants navigate the practical aspects of implementing these sanctions and understanding the consequences of non-compliance.

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Aims of the Training Program

By the end of this training program, participants will:

• Recognise the inefficiencies and weaknesses of the current EU AML system.
• Be introduced to and understand the new EU AML architecture.

• Appreciate the advances brought by the new system.
• Identify new actors, obligations, powers, and responsibilities within the AML framework.
• Comprehend the purposes and types of sanctions and restrictive measures.
• Understand the specific sanctions enforced by Cyprus and the broader EU measures in response to Russia’s invasion of Ukraine.
• Gain practical knowledge through Q&A sessions and case studies on the application of these restrictive measures.
• This course is essential for professionals in Cyprus to stay compliant, mitigate risks, and uphold the integrity of their financial operations within the dynamic EU regulatory environment.

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