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Profile of the Programme:

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.

AML Certification Exams

The exams will be held every Tuesday and Thursday in Nicosia, and are addressed to all individuals who are interested in being appointed as AML Compliance Officers at CySEC-regulated legal entities. Interested parties can submit an online application to take the exams.

Course Structure:

The course is addressed to individuals who are interested in preparing for the CySEC AML Certification Examination. Our courses are tailored to meet the need of each individual as follows:

Introductory is made by a two-day course and needs to be followed by individuals who have basic or intermediate knowledge of the AML legislation.

Boot-camp is made by a two-day course and the focus will be on the more tricky areas of the legislation, exam techniques and questions practice.

For ensuring all syllabus and material is covered/refreshed, we advise participants to attend the whole 4 days (15 hours/15 CPD units) preparation course. However, for experienced AML officers, only the boot-camp course can be followed.

Course Content:

According to the announcement issued by CySEC, “the purpose of the exam is to ensure that the individuals who are appointed as AML Compliance Officers, have been properly trained. Individuals who are already employed or appointed as AML compliance officers in CySEC regulated entities, may submit an application to participate in the examinations as soon as possible. In case they fail the exam, they are obliged to apply to take the next examination in a period of twelve (12) months. The twelve-month period starts from the initial start date of examinations. In case an individual fails the exam in the twelve month-period, then their appointment as AML compliance officer shall not resume until they have managed to pass the exam.”

The assessment structure of the CySEC AML Certification Examination is a 60-minute examination consisting of 50 multiple choice questions and covers the following elements:

Chapter 1: Introductory Provisions

Chapter 2: Understanding Money Laundering, Terrorist Financing and Sanctions

Chapter 3: Legal and Regulatory Requirements

Chapter 4: The AML Compliance Culture

Chapter 5: Assessing and Managing Risks

Chapter 6: Know your Customer (KYC) and Customer Due Diligence (CDD)

Chapter 7: Transaction Monitoring and Suspicious Reporting

Mode of Study:

As the syllabus of the Certificates overlaps, we offer courses which aim to equip participants with all the necessary knowledge to pass the exam. In addition, our tutors emphasize and guide participants during the course as to which areas are or are not examinable.

We offer a range of Classroom and online based tuition. In-house courses (in Cyprus or abroad) can be designed to suit your needs should any of our standard products not meet your requirements.

There are no requirements, all persons are eligible to obtain the certificates.

Registration Procedure:

In order to register for the CySEC exams, you must complete the online application form.

The form allows candidates to choose the examination and two possible dates on which they wish to take the examination.

Exam Dates:

The Cyprus Securities and Exchange Commission (“the CySEC”) would like to inform all interested parties that the first “AML Compliance Officer” exams will take place on 4 February 2020, as per the Directive regarding the Certification of Persons and the Certification Registers. The exams will be held every Tuesday and Thursday in Nicosia. All interested persons can submit an application to take the exam starting today 17 December, 2019. Initially, the examinations will be carried out in English and later on in Greek.

Exam Results:

Upon completion of the examination, candidates will be notified immediately whether they have passed and the detailed results of the examination will be sent by email at a later stage.

On receiving this email, successful candidates may register with the Public Register, upon sending a relevant registration application with their contact details to: [email protected] Applications for registration with the Public Register will be available on the Commission’s website.

Exam Fees:

In order to take the examinations, interested individuals are required to pay:

€300 AML Exam