Mastering AML Compliance with a
Risk-Based Approach

Course Description:

The course “Mastering AML Compliance with a Risk-Based Approach” is a professional program designed for individuals seeking advanced proficiency in Anti-Money Laundering (AML) compliance. Participants will engage in a thorough exploration of global AML standards and their practical applications within the financial industry. The program provides a deep understanding of the risk-based approach, including mastering risk assessment methodologies and implementing effective risk mitigation strategies. Additionally, the course equips attendees with the skills necessary to develop and implement robust AML programs, conduct compliance audits, and analyze data to detect suspicious activities. Emphasizing ethical integrity, adaptability to evolving regulatory landscapes, heightened risk awareness, and leadership in AML compliance, this program is tailored for professionals aiming to become experts in AML compliance.

Target audience:

  • Compliance Officers
  • AML Officers
  • Senior Management in Regulated Firms
  • Aspiring Compliance Experts

Course Objectives:

After completing the program, the trainees will be able to:

At knowledge level:

  • Gain comprehensive knowledge of applicable AML laws and regulations in Cyprus and EU.
  • Understand the principles and benefits of a risk-based approach to AML compliance, including risk assessment methodologies and risk mitigation strategies.
  • Apply AML frameworks and industry best practices, allowing you to assess their suitability for different organizational contexts.
  • Gain a deep understanding of AML due diligence processes, including customer due diligence (CDD) and enhanced due diligence (EDD) requirements.

At skill level:

  • Cultivate a strong commitment to ethical conduct in AML compliance, emphasizing transparency, honesty, and fairness in all compliance-related activities.
  • Embrace adaptability and openness to evolving AML regulations and emerging financial crime threats, ensuring a proactive and agile compliance stance.
  • Develop a heightened sense of risk awareness and the ability to balance business objectives with risk mitigation strategies to protect the organization effectively.
  • Foster the attitude of becoming a proactive leader in AML compliance, inspiring a culture of compliance and vigilance within your organization.

At attitude level:

  • Adopt a risk analysis approach to their every-day practises.
  • Gain a mitigation process mind-thinking.
  • React and reject high-risk business relationships.
  • Encourage risk assessment and mitigation business culture.

Program Agenda:

SECTION 1: Introduction

  • Course introduction – Discussion Topics
  • Outline course objectives
  • Icebreaker – Question Discussion

SECTION 2: What is the Risk-Based Approach (RBA)

    • Introduction to applicable regulation and laws
    • RBA application requirements
    • Conducting Firm-wide Risk Assessment
    • Identifying Risks – Inherent Risks
    • Risk Assessment – methods & techniques
    • Designing and applying mitigating actions
    • Review of risk assessment
    • Conducting Client Risk Assessment

SECTION 3: Customer Due Diligence

    • Timing of Due Diligence
    • Individual VS Legal Entity Due Diligence
    • Types of Due Diligence – Simplified, Normal, Enhanced
    • Complex Structures of a Legal Entity
    • Difference of Corporate and Retail Clients
    • Non-Profit Organizations
    • 3rd Party involvement

SECTION 4: Transaction Monitoring

  • Defining Transaction Monitoring
  • Transaction Monitoring Parameters
  • Pre and Post Checks
  • Practical Examples

SECTION 5: Sanction Compliance

  • Relation between Sanctions and RBA
  • Applicable laws and Regulations

SECTION 6: Course finalization

  • Course recap
  • Case studies
  • Course Assessment
  • Q&A and Closing Remarks

Training Fee

€72.00 - €228.48

Participation Contribution: € 192.00 | Employees HRDA Eligible: € 72.00 

Participation Contribution|No HRDA Eligible*: €115.20 + VAT** 

*Participation Contribution Discount for individuals who are not HRDA Subsidy eligible. **HRDA-approved seminars are exempt from VAT for eligible organizations applying for the HRDA subsidy. For seminars and participants who do not qualify for the HRDA subsidy, a 19% VAT will apply.

Participation Contribution| Unemployed 

Persons who are registered as unemployed are allowed two free seminars every year if they bring the relevant permit from the Public Employment Service office.

Subsidy eligibility conditions HRDA

Course Dates

16:00 - 19:15
16:00 - 19:15

*CPD Recognition

This programme may be approved for up to 6 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.