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AML Training in Cyprus – Stay Compliant with Certified Courses
Introduction
In Cyprus, compliance with Anti-Money Laundering (AML) regulations is not just good practice – it is a legal requirement. The country’s role as a regional financial hub, combined with its membership in the European Union, makes AML compliance a top priority for professionals across banking, finance, law, accounting, and administrative service providers (ASPs).
Failure to comply with AML obligations can result in severe penalties, regulatory sanctions, and reputational damage. This is why AML training in Cyprus has become a mandatory component of professional development.
This article provides a comprehensive guide to AML training in Cyprus, covering legal requirements, training content, target audiences, and the benefits of certified courses
Why AML Training Matters in Cyprus
Legal and Regulatory Obligations
- Cyprus AML Law (Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as amended) makes training mandatory for regulated entities.
- CySEC, the Central Bank of Cyprus, and the Cyprus Bar Association all require staff to undergo regular AML training.
- Training ensures compliance with the EU’s 5th and 6th AML Directives (AMLD5/6) and Financial Action Task Force (FATF) recommendations.
High-Risk Environment
- Cyprus’s open financial system and international business presence increase exposure to money laundering, terrorist financing, and sanctions evasion risks.
- Without proper AML knowledge, professionals risk enabling financial crime, even unknowingly.
Who Needs AML Training in Cyprus?
AML training is essential across multiple professions:
- Banking and financial services – compliance officers, client-facing staff, and management.
- Investment firms and brokers – professionals regulated under MiFID II and CySEC.
- Lawyers and law firms – especially those engaged in company formation, trust management, and real estate transactions.
- Accountants and auditors – professionals offering tax planning and advisory services.
- Administrative Service Providers (ASPs) – company directors, nominees, and fiduciaries.
- Real estate agents – handling large cash or cross-border transactions.
Core Components of AML Training
1. Understanding AML Laws and Regulations
- National AML legislation in Cyprus
- EU AML Directives (5th & 6th)
- FATF Recommendations
2. Customer Due Diligence (CDD) and KYC
- Identifying and verifying clients
- Enhanced Due Diligence (EDD) for high-risk clients
- Ongoing monitoring obligations
3. Recognising Red Flags and Suspicious Transactions
- Structuring transactions to avoid reporting thresholds
- Unexplained wealth or complex corporate structures
- High-risk countries, PEPs, and sanctions exposure
4. Reporting Obligations
- Role of the Money Laundering Compliance Officer (MLCO)
- Suspicious Transaction Reports (STRs)
- Internal escalation procedures
5. Risk-Based Approach
- Assessing client risk profiles
- Business-Wide Risk Assessment (BWRA)
- Transaction monitoring frameworks
AML Training Requirements in Cyprus
Frequency of Training
- Staff must undergo initial training upon hiring.
- Annual refresher training is mandatory for all staff handling financial transactions or compliance duties.
Delivery Formats
- Live training – in-person seminars or online webinars.
- E-learning modules – flexible, pre-recorded AML courses.
- Blended training – a combination of live and recorded content.
Certification
- Training should result in a recognized CPD certificate that counts towards regulatory CPD hours.
- Certificates are often requested by CySEC inspectors during audits.
Benefits of AML Training
- Regulatory Compliance – meet CySEC, Central Bank, and EU AML obligations.
- Risk Mitigation – prevent money laundering, terrorist financing, and reputational harm.
- Career Advancement – AML expertise is a highly valued skill in Cyprus’s financial sector.
- Organisational Trust – builds credibility with clients, regulators, and stakeholders.
How to Choose the Right AML Training Course
When selecting an AML course in Cyprus, consider the following factors:
- Accreditation – ensure the provider is recognized by regulators or professional bodies.
- Course Content – covers CDD, STR reporting, FATF/EU updates.
- Flexibility – availability of online, live, or blended training.
- Certification – CPD certificates accepted by CySEC and other regulators.
💡Pro Tip: ICPTE offers AML training courses tailored for Cyprus professionals, combining practical examples with EU and CySEC regulatory requirements..
AML Training for Specific Sectors in Cyprus
Banking and Investment Firms
Focus on transaction monitoring, client onboarding, and MiFID II integration.
Law Firms and ASPs
Emphasis on corporate structures, trusts, shell companies, and beneficial ownership transparency.
Accountants and Auditors
Covers tax evasion typologies, cross-border structures, and suspicious activity detection.
Real Estate Professionals
Training on cash transactions, foreign buyers, and links to high-risk jurisdictions.
Future Trends in AML Training
- Integration with Technology – training now includes modules on AI, blockchain, and RegTech solutions in AML compliance.
- Sanctions Compliance – growing focus on sanctions screening due to geopolitical risks.
- ESG and AML Overlap – sustainability reporting and AML obligations increasingly intersect.
Conclusion
AML training in Cyprus is more than a regulatory checkbox – it is the foundation of a robust compliance culture. With evolving threats and stricter EU directives, professionals across finance, law, accounting, and real estate must stay vigilant.
Choosing a certified, Cyprus-focused AML training course ensures compliance, protects against financial crime, and enhances professional credibility.
ICPTE provides flexible, accredited AML training courses designed specifically for Cyprus professionals – helping you stay compliant, competent, and competitive.
