Course Description and topics covered

The Course will cover the following topics:

• Introduction & Legal framework
  • Legal framework
    • Primary Law
    • Cyprus Securities and Exchange Commission (CySEC)
    • Institute of Certified Public Accountants of Cyprus (ICPAC)
    • Central Bank of Cyprus (CBC)
    • Cyprus Bar Association (CBA)
    • Beneficial Ownership (BO) Register
  • Comparison & Harmonization
  • Implications for Designing Internal Policies & Economic Profile Frameworks

• What is Economic profile? How to construct client’s Economic Profile
  • Definition
  • What is an Economic Profile?
  • Key Components of an Economic Profile
  • KYC Form Fields for Economic Profile Intake
  • How to Collect and Validate the Information
  • Steps in Building the Economic Profile
  • Risk Considerations
  • Documenting and Updating the Economic Profile
  • Why a Comprehensive Economic Profiles Matters

• Core Data & Documentation Requirements
  • Client Identification & Verification
    • Personal Data
    • Legal Entities / Corporates
  • Source of Funds / Source of Wealth
  • Financial Profile: Assets, Liabilities, Income
  • Politically Exposed Persons (PEPs), Sanctions & High Risk Indicators
  • Professional & Qualification Certificates
  • Legal & Regulatory Compliance Documents
  • Transactional Behavior & Purpose of Relationship
  • Ongoing Monitoring & Updating Profile Data
  • Special Documentation for High Risk or Enhanced Due Diligence (EDD)
  • Document Retention, Authenticity, and Certificates
  • Summary Table: Core Data & Documents Taxonomy
  • Real World Examples
  • Key Validation and Supervisory Expectations

• Analytical Commentary on Each Data Element
  • Identity Documents (Individuals) & Proof of Address
    • Validation Methodology
    • Risks / Red Flags
    • Real World Examples
  • Legal Entities / Corporate Documents & Beneficial Ownership
    • Validation Methodology
    • Risks / Red Flags
    • Real World Examples
  • Source of Funds / Source of Wealth Evidence
    • Validation Methodology
    • Risks / Red Flags
    • Real World Examples
  • Financial Profile: Assets, Liabilities, Income
    • Validation Methodology
    • Risks / Red Flags
    • Real World Examples
  • PEP / Sanctions / High Risk Indicators
    • Validation Methodology
    • Risks / Red Flags
    • Real World Examples
  • Professional Qualification / Regulatory / Tax Certificates
    • Validation Methodology
    • Risks / Red Flags
    • Real World Examples
  • Transaction Purpose, Business Relationship Purpose & Behavior Expectations
    • Validation Methodology
    • Risks / Red Flags
    • Real World Examples
  • Ongoing Monitoring / Updates & Document Authenticity / Certification
    • Validation Methodology
    • Risks / Red Flags
    • Real World Examples
  • Checklist Template for Document / Data Validation
  • Sample Red Flag Scoring Matrix
  • Real Case Studies from Cypriot Regulatory Decisions & Supervisory Practice

• Organizing, Storing, & Maintaining the Economic Profile
  • Regulatory & Legal Requirements for Storage & Retention in Cyprus
  • Summary of Retention Minimums (Standard vs High Risk)
  • Best Practices & Technical Processes for Organizing Economic Profiles
  • Security, Access Control & Privacy (GDPR + Local Law)
  • Updating, Monitoring & Trigger Events
  • Governance and Oversight
  • Data Retention Schedule Template
  • Version Control Log Template

• Red Flags in Client Economic Profiles

• Case Studies – Economic Profiles

Course Duration

This Course will be presented Online Live on 18 November 2025 at 10:00 – 15:30. The Course duration is 5 hours.

The Course is addressed to:

This Course is addressed to all individuals who practice Anti-Money Laundering or interested to learn or enhance their knowledge in Money Laundering such as:

• Compliance/AML Managers and staff in Banks, Investment Firms, Investment Funds, ASPs, Trust Service Corporate Providers, Accountants, Auditors and Lawyers.
• Employees of Banks, Investment Firms, Investment Funds, ASPs, Trust Service Corporate Providers, Accountants, Auditors and Law Firms who are involved or interested to learn or enhance their knowledge in Money Laundering.
• Executive Directors, Non-executive directors, Senior Managers, Compliance Officers, Risk Managers, Product Managers, Portfolio Managers, Investment Advisors, Dealers, Marketing Managers and in general employees of investment firms, funds, ASPs. Law firms, Accountants, Auditors.
• Internal Auditors
• Consultants
• Lawyers

It is also suitable to professionals pursuing CPD in Anti-Money Laundering for the renewal of CySEC Certificate (CySEC Basic or CySEC Advance Certificate or CySEC AML Certificate) or other relevant certificates in other jurisdictions.

Training Method

Live Online

At the end of the Course, participants take a Quiz. A Certificate of Completion shall be issued and sent to participants after the Course is completed.

Accreditation and CPD Recognition

The Course may be accredited by regulators and other bodies for up to 5 CPD Units, that require CPD training in financial regulation. The Course may be also approved for up to 5 CPD Units by institutions that approve general financial training, such as the CySEC, ICPAC, CBA, CISI, ICA and ACAMS.

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 “Take this Course” above to pay online and register for this Course. After your registration, you will receive an email with information for the Live Online presentation of the Course.

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.

If you wish to receive an invoice instead of paying online, please complete and submit the Registration Form or Contact us by email. Talk to us for our special Corporate Group rates.

Instructor

Experience

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.

Education

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.

George Papanicolaou is member of the AML and Compliance Committee of the Institute of Certified Public Accountants of Cyprus (ICPAC), a 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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