“The kings of Wall Street used to be the traders and investment bankers who said yes to big deals and big trades, but today’s power brokers increasingly are the compliance officers who quite often say no to risky proposals.” NEW YORK, Oct. 14 (Thompson Reuters Accelus).

Anti-Money Laundering (AML) compliance officers are a hot commodity around the world. The function itself is growing, both in terms of budget and recruiting, as more and more companies look to bring AML talent on board. And in a fast-changing financial world, with increasing concerns over compliance and protection for investors and the regulated entities themselves, financial institutions have become more focused on what they are looking for when building up their financial crimes compliance department.

In a similar vein, the Cyprus Securities Exchange Commission (CySEC) has been contributing to the efforts of the Republic of Cyprus to combat money laundering, by putting out a series of updates and directives, proactively encouraging firms to comply with Anti-Money Laundering and adopt best practices. This is in line with the international standards of the Financial Action Task Force (FATF), as well as the relevant E.U. Directives.

The latest initiative from CySEC involves the commencement of examinations to certify AML compliance officers, who will then be entered into the AML Compliance Officers Register in order to be permitted to work at CySEC-regulated legal entities. The purpose of the exams is to ensure that new recruits as well as existing professionals have undergone the right training and are able to fulfil their assigned duties with competence and utmost professional quality and in accordance with the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007-2019.

Once firms have their AML Officers in place, they should then aim to establish a strong compliance environment and boost their department in order to ensure that their AML needs are met. C.X. Financia offers a wide range of support services that will help your organization design and execute an effective approach to AML. Through tailored training programs for employees, we can:

  • Help design an effective Anti-Money Laundering Program to support your organization’s compliance and regulatory obligations
  • Offer support in preparation for as well as during a Regulatory AML Onsite Inspection in order to ensure a successful outcome
  • Help you understand best practices and guidelines designed to detect, investigate, report, escalate and resolve red flags, money laundering, and terrorist financing issues.

Our experienced team is ready to help your AML department address modern challenges in today’s technology and regulatory climate. Contact us today to arrange your personalized training.

Spread the news!