MONITORING AND COMPLIANCE DEPARTMENT
Online AML Seminar
The Monitoring and Compliance Department of the Cyprus Bar Association is organising an online seminar on the topic:
« The Crucial Relationship between Trusts and AML Requirements »
Duration: 2.00 hours / 2 non certified CPD units
Topics:
1. Understanding the function of trusts
2. Difference between trusts in the structure of a managed entity vs trusts as a client.
3. Risk Based Approach on trusts
4. When to apply customer due diligence and identification procedures for trusts
5. Establishing the economic profile of the trust
6. Ongoing monitoring and review on trusts
7. Why and how trusts and other similar legal arrangements may be abused and misused
8. Case studies
9. Regulatory reporting (CyTBOR and CBA Trust Register)
10. Outline of the EU New AML Package
11. Trusts and sanctions
Speaker: Nicky Xenofontos
Seminar Language: English
Material: English
Date/Time:
Tuesday, 03/12/2024, 15:00-17:10
Participation Fee:
€20 – for CBA members
€30 – for CBA non-members
Registrations close on 01/12/2024 at 23:59. To register for the seminar, please follow the appropriate links below.
Before the start of the seminar, you will receive a link at your email for your participation.
IMPORTANT INFORMATION:
1. After the successful registration, the fee is non-refundable. Any registration that has not been paid will be considered invalid.
· Registrations close at 23:59 on 01/12/2024.
2. Please ensure you use your full name (in Greek) when registering for identity verification and for crediting the CPD units to your account.
3. CPD units will be granted to those who attend the entire seminar.
4. For Registered Lawyers: The CPD units from the seminar will be automatically credited to each participant's account; therefore, no attendance certificates will be issued for registered lawyers.
5. Individuals who are not registered lawyers and wish to receive an attendance certificate must email aml@cba.org.cy after attending the seminar, stating their request to obtain the certificate and in what format.
For those wishing to obtain an attendance certificate, please note that they will be available within 2 weeks from the date of the seminar.
6. For any questions or clarifications, please send an email to aml@cba.org.cy.
Seminar Program
|
Tuesday, 3rd December 2024
Online
15:00 – 17:10
Speaker: Mrs. Nicky Xenofontos |
|
15:00 - 17:00 |
Programme Agenda |
|
· Understanding the function of trusts
· Difference between trusts in the structure of a managed entity vs trusts as a client.
· Risk Based Approach on trusts
· When to apply customer due diligence and identification procedures for trusts
· Establishing the economic profile of the trust
· Ongoing monitoring and review on trusts
· Why and how trusts and other similar legal arrangements may be abused and misused
· Case studies
· Regulatory reporting (CyTBOR and CBA Trust Register)
· Outline of the EU New AML Package |
|
17:00 - 17:10 |
· Q and A |
|
17:10 |
Closing |
|
|
Total Training Duration - 2 hours
(2 CPDs units - not Certified) |
Seminar Aims and Objectives
KYC plays a crucial role in the anti-money laundering (AML) context. In today’s complex legal sector, AML and KYC play important roles especially in the client onboarding process, but also during the business relationship. Professional trustees, acting in a fiduciary capacity are held to a higher standard of care and exposure to ML/TF risks are greater.
As individual or corporate trustees work to remain compliant and know exactly who they are working with, these checks are essential especially with the regulators cracking down on AML and compliance failures.
The objective of the seminar is to provide participants with an in depth understanding of the various AML legislative frameworks applicable to trusts and how to identify and obtain adequate information on trusts, the parties involved during the management and administration of trusts.
Emphasis is placed on 2 complicated areas of CDD: identification and verification of the source of wealth and source of funds, both essential for understanding a client’s overall wealth and forming an economic profile apart from the usual CDD measures.
Reference to sanctions implementation will also be made along with an outline of the new EU AML Package, what changes are imminent and how to prepare.
Speakers’ Short Bio
Nicky Xenofontos
Born and raised in South Africa. She obtained her LL.B in 2004 and LL.M (EU law) 2007 from the University of Leicester, UK.
She is the Founder/Managing Partner of the law firm N. Xenofontos LLC, established in 2019, a boutique, business centric law firm, specialising in corporate, commercial law, intellectual property, insolvency and restructuring, trusts and estates, compliance, regulatory, privacy law and fiduciary services.
Nicky is a certified Trusts & Estates Practitioner (TEP – Chairwoman of the STEP Cyprus Branch (Society of Trust & Estate Practitioners), a certified AML Compliance Officer from the Cyprus Securities & Exchange Commission and licenced Insolvency Practitioner. In November 2023 she was appointed as Vice President of the Trusts Committee of the Cyprus Bar Association.
Major areas of expertise and practice include the setting up and administration of trusts, general legal advice and opinions, estate and inheritance planning, intellectual property corporate insolvency / restructuring, general corporate and commercial law. Another major area of practice and expertise is compliance, anti-money laundering and regulatory matters having advised major corporations and governmental authorities as well as private clients and firms on their AML, compliance, regulatory matters and is considered as an expert in the field of sanctions. She is proudly co-author of the book titled: Trusts Law in Cyprus: An International Perspective, issued 2022.
Actively participates in the Cypriot House of Representatives Parliamentary Committees on behalf of STEP on matters pertaining to bills of law and formulation of policy for the professional legal industry and has submitted various position papers regarding AML, UBO registries, tax reform and other ancillary matters.
Apart from the above, Nicky is a legal trainer-lecturer on her areas of expertise and regularly holds seminars through the firm’s legal training centre - NextStep Legal Training Centre accredited by the Cyprus Bar Association for Continuous Professional Development and also provides in-house training to law firms, accounting, audit firms and to other professional associations and local universities.
She served on the board of directors as a non-executive member of the Housing Finance Corporation, a semi-governmental authority, her tenure having ended in September 2023.