5 CPD
Course Description
This course provides an in-depth, practical understanding of the Cyprus and European legal framework regulating Electronic Money Institutions (EMIs) and Payment Institutions (PIs), as well as the key operational and regulatory risks they must manage. This self-study seminar is specifically tailored to professionals operating in or advising these institutions, including compliance officers, legal consultants, risk managers, executives, and senior regulatory staff.
EMIs and PIs are central to the European digital financial ecosystem. Their roles encompass the issuance of electronic money, execution of payment transactions, and provision of ancillary financial services. As these institutions handle significant volumes of funds and sensitive personal and financial data, regulatory scrutiny is high. The Central Bank of Cyprus (CBC), acting as the competent authority, implements European Union directives such as the Payment Services Directive (PSD2) and the Electronic Money Directive (EMD2) while also enforcing local legislation.
In Cyprus, these financial institutions must comply with strict licensing requirements, capital adequacy standards, safeguarding measures for client funds, governance expectations, anti-money laundering obligations, and operational resilience frameworks.
Given the dynamic nature of digital finance and evolving regulatory requirements, maintaining compliance is an ongoing challenge.
Risk management is a cornerstone of the governance and operational strategy of Electronic Money Institutions (EMIs) and Payment Institutions (PIs). The Central Bank of Cyprus (CBC) requires all institutions under its supervision to implement a comprehensive, proactive, and documented Risk Management Framework (RMF) tailored to the scale and complexity of their operations.
A well-developed risk management framework is essential for the safe and sound functioning of Electronic Money Institutions (EMIs) and Payment Institutions (PIs). The Central Bank of Cyprus (CBC), in line with EBA Guidelines, requires that institutions proactively identify, assess, mitigate, and monitor risks across all areas of operation.
Topics covered
The course is split into the following sections:
Section 1: Legal and Regulatory Framework
- The Role of the Central Bank of Cyprus (CBC)
- Applicable Local and European Legislation
- Applicable Local Legislation
- Applicable European Directives and Regulations
Section 2: Authorisation requirements of Electronic Money Institutions and Payment Institutions
- List of Payment services
- Initial Capital Requirements of Payment Institutions and Electronic Money Institutions
- Ongoing Capital Requirements
- Brief description of an electronic money institution (EMI)
- Authorisation of an electronic money institution (EMI)
- Brief description of a Payment Institution (PI)
- Authorisation of a Payment Institution (PI)
- Evaluation Criteria (applicable for both EMIs and PIs)
- Comparison of EMIs and PIs
- Safeguarding of Client Funds
- Why is it important for EMIs and PIs to segregate client funds, and how can this impact the institution’s operations and reputation?
Section 3: Risks for the business operations of EMIs and PIs
- Establishment of committees of the management body
- Composition and organization of committees of the management body
- Role of the risk committee
- Risk Management function
- ICT risk and security management function
- Risk Management Framework
- Analysis of the Risk Management Framework
- Outsourcing and Third-Party Risk Management
- Main Risks for the Business Operations of EMIs and PIs
- Operational Risk
- Compliance and Legal Risk
- ICT and Cybersecurity Risk
- Financial Risk
- Fraud Risk
- Reputational Risk
- Outsourcing Risk
- Strategic and Business Risk
- Money Laundering and Terrorist Financing Risk
- Business Continuity and Disaster Recovery Risk
- Technology and Innovation Risk
Course Duration:
This course may take up to 5 hours to be completed. However, actual study time differs as each learner uses their own training pace.
The course is addressed to:
This course is addressed to all individuals who are involved in Electronic Money Institutions (EMIs) and Payment Institutions (PIs) such as:
- Executive Directors, Non-executive directors, Senior Managers, Compliance Officers, Risk Managers, Marketing Managers and in general employees of EMIs and PIs.
- Internal Auditors
- Professionals operating in or advising EMIs and PIs
- Legal Consultants
- Consultants
It is also suitable to professionals pursuing CPD for the renewal of their professional certificates.
Training Method
The course is offered fully online using a self-paced approach. The learning units consist of power point presentations and videos. Learners may start, stop and resume their training at any time.
At the end of the course, participants take a Quiz to complete the course and earn a Certificate of Completion once the quiz has been passed successfully.
Accreditation and CPD Recognition
The course may be accredited by regulators and other bodies for 5 CPD Units that require CPD training in financial regulation.
Eligibility criteria and CPD Units are verified directly by your association or other bodies in which you hold membership.
Registration and Access
To register to this course, click on the Take this course button to pay online and receive your access instantly. If you are purchasing this course on behalf of others, please be advised that you will need to create or use their personal profile before finalizing your payment.
Access to the course is valid for 90 days.
If you wish to receive an invoice instead of paying online, please Contact us by email. Talk to us for our special Corporate Group rates.
Instructor
George Papanicolaou has more than 20-years experience in the Financial industry. He worked for several years in managerial positions as area Manager, Head of Brokerage, Compliance Officer, Anti Money Laundering Officer, General Manager and Executive Director in Cypriot Investment Firms as well as Managing Director of GP GLOBAL LTD offering consulting services and training courses to Investment Firms, focuses in Internal Audit, compliance & AML issues. He offered numerous courses/seminars both in Cyprus and abroad in Investment Firms Law as well as in Compliance & Anti Money Laundering. George Papanicolaou is also a Chairman of a Nomination Committee in a company listed in the Oslo Stock Exchange.
George Papanicolaou holds a BSc in Electronic Engineering from the University of Texas at Austin (USA), an MBA with specialization in Finance from Leicester University (UK) and a Postgraduate Certificate in the Mechanics of Risk Management from Middlesex University (UK).
He also holds an ICA International Diploma in Anti Money Laundering from the International Compliance Association and the University of Manchester, as well as an Advance and Money Laundering certificate from the Cyprus Securities and Exchange Commission for the provision of investment services/activities.
He is a Member of the AML and Compliance Committee of the Institute of Certified Public Accountants of Cyprus (ICPAC), Fellow of the International Compliance Association (FICA), Mentor of ICA new students, member of the Cyprus Institute of Internal Auditors and the first Network chair for Cyprus of the International Compliance association.
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