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22nd November 2023 - Nicosia - Cleopatra Hotel
08:30 – 15:35
Speaker: Mr. Yiannis Pettemerides
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08.30 - 09.00 |
Registration & Welcome Coffee |
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09:00 - 09:05 |
Welcome Speech – President of the Cyprus Bar Association |
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09:05-10:05 |
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· Foundations
· Legislation
· Importance
· Regulatory Authorities Stance
· Governance
· Sanctions Legislation Updates |
Sanctions Compliance: Critical Considerations
A Case Studies Approach
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10:05-10:35 |
Coffee Break |
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10:35 -12:35 |
Economic Sanctions – Critical Considerations: |
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· EU Sanctions – 269/2014
· EU Prohibitions – 833/2014
· Other Sanctions Regimes (UN, US, UK, Other Third Countries)
· Main challenges in Interpretations (Aggregation, Trusts, Indirect Exposure)
· Sanctions Compliance Program (SCP)
· Sanctions Danger Zones |
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12.35 – 13.35 |
Lunch Break |
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13:35 -15:35 |
Economic Sanctions – Case Studies: |
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· Case Studies |
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15:35 |
Closing |
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Total Training Duration - 5 hours
(5 CPDs units - not Certified) |
Aims and Objectives:
Anti-Money Laundering (AML) and Economic Sanctions are more complex than ever, and constant changes present unique and difficult challenges for Regulated Entities. A significant number of high-profile enforcement cases have shown that AML and Economic Sanctions compliance has been and will continue to be a top priority for Regulatory Authorities and Law Enforcement Agencies in Cyprus, the European Union and Globally. Regulated Entities now face the very real possibility of large fines and criminal prosecution for any breaches. In the current environment, AML and Economic Sanctions compliance is critical and must be a focus of the boards of directors, senior management, compliance officers and all staff of Regulated Entities and Authorities.
By the end of the seminar, participants will be able to have a thorough understanding of the current AML and Economic Sanctions critical considerations, the requirements, the challenges ahead and the new compliance landscape and more importantly to offer practical solutions for an efficient and effective implementation of AML and Economic Sanctions procedures and controls.
The seminar will cover the following Legislation:
1. CY Law - The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 L188(I)/2007 as Amended in 2010, 2012, 2013, 2014, 2016, 2018, 2019 and 2021 by Laws 58(I)/2010, 80(I)/2012, 192(I)/2012, 101(I)/2013, 184(I)/2014, 18(I)/2016, 13(I)/2018, 158(I)/2018, 81(I)/2019, 13(I)/2021, 22(I)/2021 and 40(I)/2022.
2. CY Law - The Implementation of the Provisions of the Resolutions or Decisions of the United Nations Security Council (Sanctions) and the Decisions and Regulations of the Council of the European Union (Restrictive Measures) Law of 2016 L58(I)/2016.
3. CY Law - The Combating of Terrorism Law of 2019 L75(I)/2019.
4. EU - Decisions and Regulations of the Council of the European Union (Restrictive Measures).
5. UN - Sanctions adopted by the relevant Security Council Resolution pursuant to Article 41 of Chapter VII of the Charter of the United Nations, which provides for the Implementation of the Provisions of the Resolutions or Decisions of the United Nations Security Council (Sanctions).
6. US - Department of Treasury Sanctions - Office of Foreign Assets Control (OFAC).
7. UK - HM Treasury Sanctions - Office of Financial Sanctions Implementation (OFSI).
Speakers’ Short Bio
Mr Yiannis Pettemerides
Mr Yiannis Pettemerides, is a Consultant, in the fields of Forensic Investigations, Sanctions Compliance, Anti Money Laundering Compliance, Registered Auditor, Insolvency Practitioner, with more than 20 years of experience, and with a previous career in PwC London and PwC Cyprus, in the Statutory Audit of Investment, Insurance and Banking Organisations.
He was engaged, for more than 2 years, as an External Technical Expert, and leading the Onsite Inspection Teams, of the AML/Supervision Department of the Cyprus Securities and Exchange Commission (CySEC). He was also, the Chairman and a Member, for more than 7 years, of the Economic Crime and Forensic Accounting Committee and the AML and Compliance Committee of the Institute of Certified Public Accountants of Cyprus (ICPAC). He was also, a Member and Vice-Chairman, for more than 5 years, of the Board of Directors and the Technical Committees of the Cyprus Institute of Internal Auditors (IIA). He was also, a Founding Member and a Member, for more than 7 years, of the Cyprus #209 Chapter of the Association of Certified Fraud Examiners (ACFE).
Mr Yiannis Pettemerides, was engaged as an External Technical Expert, in the fields of Forensic Investigations, Anti Money Laundering Compliance, Sanctions Compliance, by the Cyprus Police Economic Crime Unit, the Attorney General Office, the Audit General Office and the Private Sector, both in Cyprus and Internationally.
He is performing Training Courses (approved from HRDA), as an External Lecturer, in the fields of Forensic, Sanctions, Anti Money Laundering, for the Cyprus Police (CID/ECU), the Cyprus Bar Association (CyBAR), the Cyprus Securities and Exchange Commission (CySEC), the Cyprus Internal Audit Association (IIA), the Cyprus Fiduciary Association (CyFA), the Cyprus Investment Funds Association (CIFA), the Cyprus Institute of Financial Services (CIFs), the Cyprus Chamber of Commerce and Industry (CCCI), the Globaltraining/University of Nicosia (UNIC), the European Business Associations (EBAs) in a number of European and Balkan Countries and the Private Sector.
Mr Yiannis Pettemerides, holds a Bachelor and a Master Degrees in Accounting, Economics and Finance (BA, MA), a Fellowship and Practicing Audit Certificates from the Institute of Chartered Accountants in England and Wales (ICAEW) and from the Institute of Certified Public Accountants of Cyprus (ICPAC). He is also a Member of the Institute of Internal Auditors (IIA), of the Association of Certified Fraud Examiners (ACFE) and of the International Compliance Association (ICA).
MONITORING AND COMPLIANCE DEPARTMENT