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AML Compliance Officers’ Examinations

CySEC Announcement dated 17th December 2019 on the

“ AML Compliance Officers’ ” Examinations

The Cyprus Securities and Exchange Commission (CySEC) would like to inform all the interested parties that it will initiate the conduct of the examinations for the certification of the Anti-Money Laundering Compliance Officers (AMLCOs) in February 2020.

The said examinations are conducted by CySEC to contribute in the Republic’s effort to prevent the use of the wider financial system for money laundering and terrorist financing, adopting 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 first examinations will take place on Tuesday, 4th of February 2020, while applications for participation are already open. The examinations will be held every Tuesday and Thursday in Nicosia, and are addressed to the persons who wish to be appointed as AMLCOs in entities regulated by CySEC. At the moment the examinations are available in English; subsequently they will also be available in Greek.

Applications shall only be submitted online, through the CySEC website. Upon registration, an automatic payment receipt will be sent to the candidates and the Syllabus (Material) will follow within 7 days. Candidates shall proceed with any changes to the examination applications or cancellations only eight (8) working days prior to the examination date and upon payment of the relevant fee.

Successful candidates may register in the AML Compliance Officers Register within four (4) weeks of receiving the relevant notification email by CySEC.

Individuals who are already employed or appointed as AMLCOs in entities regulated by CySEC, shall submit an application to participate in the examinations as soon as possible. In case they fail the examination, they are obliged to reapply for the examination within a period of twelve (12) months. The twelve-month period for each individual shall count from the date of his/her first examination. In case the said individual fails the examination during the twelve month-period, his/her appointment as AML Compliance Officer shall not resume until they have managed to succeed in the examination.

In case you have any queries regarding the examinations, you are kindly requested to send an email at certifications@cysec.gov.cy

Should you need further information or assistance, please do not hesitate to contact us via email at info@mnkriskconsulting.com

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