AML/CFT Compliance in Cyprus

The Prevention and Suppression of Money Laundering and Terrorist Financing Law: customer due diligence, the compliance officer's role, and penalties for non-compliance. Built directly from Law 188(I)/2007 as consolidated to Law 98(I)/2023 and Law 75(I)/2019 on terrorist financing and asset freezing. CySEC training material is used for practical context only; points that depend on the CySEC AML Directive are flagged for verification.

Jurisdiction: Cyprus · For: AML Officers, Compliance Officers, Directors, Lawyers · CPD units: 5 · Price: €120.00 · Pass mark: 50%

Learning time: 5 hours (300 minutes): about 246 minutes of reading, 34 minutes of case studies and self-check questions, and 20 minutes for the final test. The estimated time for each lesson is shown in its title and at the top of the lesson.

What this course covers

1. The Threat and the Legal Framework — the Cyprus AML/CFT Law, Law 75(I)/2019, the supervisory authorities and the EU instruments the Law transposes.
2. The Money Laundering Process and Typologies — placement, layering, integration, and how ML differs from TF.
3. Systems, Procedures and Customer Due Diligence — when CDD applies, core CDD measures, and recordkeeping.
4. Simplified and Enhanced Due Diligence — lower-risk relationships, high-risk third countries, and PEPs.
5. Penalties, the Board and Internal Audit — fines and sanctions, board responsibilities, and the internal audit function.
6. The Compliance Officer, Risk-Based Approach and Red Flags — the compliance officer's duties, the risk-based approach, and recognising suspicious activity.

Assessment and certificate

A 10-question test follows the final lesson. A 50% pass mark (5 of 10) is required, with unlimited retakes. On passing, a CPD certificate for 5 units is issued in your name, with a unique certificate number.

Legal sources

• The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (188(I)/2007) on the CySEC website

Legislation current as at: Law 188(I)/2007 as consolidated to Law 98(I)/2023. Consolidated texts are unofficial and provided for convenience only. Always check the Official Gazette for the current law.