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CySEC AML Exams
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About the AML exam
The Cyprus Securities and Exchange Commission (CySEC) is conducting exams for the certification of Anti-Money Laundering Compliance Officers (AMLCO). The exams are addressed to all individuals who are interested in being appointed as AML compliance officers at CySEC-regulated legal entities. Successful candidates will then be registered in the AML Compliance Officers Register.
The purpose of the exams is to ensure that the individuals who are appointed as AML compliance officers have been properly trained. The exams certify that AML compliance officers have the necessary knowledge and are able to fulfil their assigned duties with competence.
Among other things, the exams cover the themes of the Prevention and Suppression of Money Laundering and Terrorist Financing Laws of 2007-2019 (“the Law”), CySEC’s Directive for the Prevention and Suppression of Money Laundering and the Risk Factor Guidelines of the European Supervisory Authorities.
The exams are conducted as part of CySEC’s efforts to contribute in the Republic’s effort to prevent the use of the wider financial system for money laundering and terrorist financing, by following the international standards of the Financial Action Task Force (FATF) as well as the relevant EU Directives and especially the 4th Directive of the European Parliament and Council.
The purpose of the exams is to ensure that the individuals who are appointed as AML compliance officers have been properly trained. The exams certify that AML compliance officers have the necessary knowledge and are able to fulfil their assigned duties with competence.
Among other things, the exams cover the themes of the Prevention and Suppression of Money Laundering and Terrorist Financing Laws of 2007-2019 (“the Law”), CySEC’s Directive for the Prevention and Suppression of Money Laundering and the Risk Factor Guidelines of the European Supervisory Authorities.
The exams are conducted as part of CySEC’s efforts to contribute in the Republic’s effort to prevent the use of the wider financial system for money laundering and terrorist financing, by following the international standards of the Financial Action Task Force (FATF) as well as the relevant EU Directives and especially the 4th Directive of the European Parliament and Council.
The CySEC AML syllabus covers the following topics:
Chapter 2 - Understanding Money Laundering, Terrorist Financing And Sanctions
- What is Money Laundering (ML)?
- The 3 (three) stages of ML
- ML threats and vulnerabilities in accordance with the NRA and methods of ML
- Terrorist Financing (TF) and TF Criminalization
- Sanctions
Chapter 3 Legal And Regulatory Requirements
- The Prevention And Suppression Of Money Laundering Activities Aml / Cft Laws Of 2007 To 2019
- Unit for Combating Money Laundering
- The Supervisory Authority
- Main provisions of the AML/CFT Law with regard to criminal liability, offences and penalties
- European Directives
- FATF
- High Risk Third Countries
- MONEYVAL
- The Combating of Terrorism Law of 2010 (N. 110(I)/2010) on the Fight against Terrorism
- The United Nations Security Council Resolutions and Decisions (Sanctions) and the Council of the European Union (Restrictive Measures) Law of 2016 (58(I)/2016)
Chapter 4 The AML Compliance Culture
- Basic elements of a strong compliance culture
- Internal Policies, Controls and Procedures
- The Role of the BoD
- The role and duties of the Compliance Officer, the Alternate Compliance Officer and Assistants
- The establishment and role of an Internal Audit function
- Employees obligations, education and training
Chapter 5 Assessing And Managing Risks
- Risk-Based Approach (RBA)
- Identifying ML and TF risks
- Factors to determine risks
- Assessing ML/TF Risks
- On-going monitoring of the risk assessment and record keeping
Chapter 6 Know Your Customer (KYC) And Customer Due Diligence (CDD)
- Know Your Customer (KYC) And Customer Due Diligence (CDD)
- Procedures for the prevention of ML and TF
- Customer Identification and Due Diligence procedures
- Simplified Customer Due Diligence (SDD)
- Enhanced Customer Due Diligence (EDD)
- Sectoral guidelines for application of Customer Due Diligence measures
- Ongoing Monitoring
- Beneficial Ownership Information
- Reliance on Third Parties
- CDD in case of networking of Obliged Entities or groups
- Prohibition of cooperation with shell banks
- Processing of personal data
Chapter 7 Transaction Monitoring & Suspicious Reporting
- Transaction Monitoring & Suspicious Reporting
- Internal reporting procedures and external reporting to the Unit
- Examples of suspicious transactions and activities related to ML and TF
Chapter 8 Abbreviations & Definitions Used In CySEC AML Workbook
The CySEC AML Workbook exam material makes use of the following:
1. The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007-2019 (hereinafter referred to as ‘The AML/CFT Law’);
2. CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing (hereinafter referred to as ‘The CySEC Directive’);
3. The Joint Guidelines under Articles 17 and 18(4) of Directive (EU) 2015/849 on simplified and enhanced customer due diligence and the factors credit and obliged entities should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions (hereinafter referred to as ‘The Risk Factors Guidelines’);
4. The Financial Action Task Force (FATF) Risk-Based Approach Guidance for the Securities Sector (hereinafter referred to as ‘The Risk-based Approach Guidance);
5. The National Assessment of Money Laundering and Terrorist Financing Risks of Cyprus (hereinafter referred to as ‘the Cyprus’ National Risk Assessment or NRA’);
6. The Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (hereinafter referred to as ‘The 4th EU Directive’);
7. The Law regulating companies providing administrative services and related matters of 2012 (hereinafter referred to as ‘The ASP Law’);
8. The Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (hereinafter referred to as ‘The 5th EU Directive’);
9. The Combating of Terrorism Law of 2010 (No.110(I)/2010), (hereinafter referred to as ‘The Terrorism Law’;
10. The Implementation of United Nations Security Council Resolutions or Decisions (Sanctions) and Council of Europe Decisions and Regulations (Restrictive Measures) Law of 2016 (58(I)/2016) (hereafter referred to as Sanctions and Restrictive Measures Law).
Candidates are encouraged to make use of each Chapter specific test, and attempt the Mock Exam several times prior to sitting the exam. For this purpose, a bulk discount can be provided by sending an email to info@cysecexams.com.
2. CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing (hereinafter referred to as ‘The CySEC Directive’);
3. The Joint Guidelines under Articles 17 and 18(4) of Directive (EU) 2015/849 on simplified and enhanced customer due diligence and the factors credit and obliged entities should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions (hereinafter referred to as ‘The Risk Factors Guidelines’);
4. The Financial Action Task Force (FATF) Risk-Based Approach Guidance for the Securities Sector (hereinafter referred to as ‘The Risk-based Approach Guidance);
5. The National Assessment of Money Laundering and Terrorist Financing Risks of Cyprus (hereinafter referred to as ‘the Cyprus’ National Risk Assessment or NRA’);
6. The Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (hereinafter referred to as ‘The 4th EU Directive’);
7. The Law regulating companies providing administrative services and related matters of 2012 (hereinafter referred to as ‘The ASP Law’);
8. The Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (hereinafter referred to as ‘The 5th EU Directive’);
9. The Combating of Terrorism Law of 2010 (No.110(I)/2010), (hereinafter referred to as ‘The Terrorism Law’;
10. The Implementation of United Nations Security Council Resolutions or Decisions (Sanctions) and Council of Europe Decisions and Regulations (Restrictive Measures) Law of 2016 (58(I)/2016) (hereafter referred to as Sanctions and Restrictive Measures Law).
Candidates are encouraged to make use of each Chapter specific test, and attempt the Mock Exam several times prior to sitting the exam. For this purpose, a bulk discount can be provided by sending an email to info@cysecexams.com.
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Last update: 19 April 2019
Last update: 19 April 2019
The mock tests in this page are based on the Learning Manual in the context of the CySEC certification procedure. Every time you start a Mock Exam, a different version will appear.
We accompanied practice tests by chapter to enable participants obtain ‘Financial Services Regulatory Framework: Advanced Certificate’ of CySEC.
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