7 CPD
Course Description
Real estate sector has been always attractive to money launderers because it facilitates the integration of criminals’ ill-gotten proceeds through, for example, accessing the financial sector and justifying large capital flows cross borders. More importantly, the high value associated with luxury properties allows criminal networks to easily launder a high volume of illicit funds, especially if cash transactions are permissible, without attracting the attention of law enforcement authorities or financial professionals.
Real estate sector has high AML risks, however, industry players often fail to appreciate and/or mitigate.
This course explains how various industry players can use an RBA to mitigate those risks. It emphasises the importance of a comprehensive understanding of the RBA and the threats real estate professionals might be exposed to in carrying out their day-to-day functions. It identifies sector-specific risks, describes strategies for assessing and managing those risks, and also describes challenges the industry faces in doing so.
Understanding the RBA should form the basis of an AML/CTF regime, enabling appropriate measures to prevent, mitigate and manage ML/TF risks proportionally. In doing so, resources are likely to be more targeted and allocated more efficiently, consequently improving outcomes.
By attending this course, real estate professionals will be better placed to develop effective processes and procedures to identify, mitigate and manage ML/TF risk and ensure that the RBA to ML/TF is implemented. In doing so, those in the real estate sector, which has been identified as high-risk for ML/TF activity, can remain vigilant in their approach to AML/CFT.
This seminar applies not only to professionals that operates within the real estate sector and are involved in transactions for clients concerning the buying and selling of real estate, but also to other obliged entities and professionals like notaries, lawyers, lenders, property value assessors – when these professionals engage in interactions or functions related to the buying and selling of real estate. These professionals are broadly referred to as real estate professionals and other DNFPBs. The seminar also applies to real estate developers, who may carry out similar activities to those described above – including the sale of property.
The seminar is of great value to Administrative Service Providers (ASPs), Accountants, Auditors and Lawyers to understand and be able to identify money laundering in real estates from the clients. Also is of great value to banks, investment firms and other obliged entities when the source of funds and the source of wealth of their clients is derived from real estate. Also, banks and other lending institutions should be aware of ML in real estate when they facilitate/financing real estate transactions since might be exposed to similar ML/TF risks as those facing real estate professionals.
Topics covered
The course is split into the following sections:
Section 1: Introduction to money laundering in the real estate sector
- Overview
- “Who owns our city?”
- How big is the problem?
- Why Is Real Estate Attractive to Money Launderers?
- What is the Impact of Money Laundering on the Real Estate Markets?
- Residential real estate vs commercial real estate
Section 2: Relevant legislation
- Supervisory Authorities
- Tasks and Powers of the Supervisory Authorities
Section 3: CYPRUS National Assessment of Money Laundering and Terrorist Financing Risks, October 2018 – The real estate sector
- Analysis and Risks of the real estate sector in Cyprus
Section 4: “Anti-money laundering and counter-terrorist financing measures Cyprus Fifth Round Mutual Evaluation Report December 2019” – The risk in the real estate sector
- What is MONEYVAL
- Analysis and Risks of the real estate sector in Cyprus
- Estate Agents Registration Council
Section 5: FATF Guidance for a Risk-Based Approached (RBA) in the Real Estate Sector
- About FATF
- Members of FATF
- Application of the FATF Recommendations in the context of the real estate sector
- Application of Risk Based Approached (RBA) to AML/CFT by Real estate agents
- Should Real estate agents be subject to a country’s AML/CFT regime?
- How should Real estate agents be supervised for compliance with the AML/CFT regime?
- How should real estate professionals be required to comply?
- Consideration of the engagement in client relationships
- Responsibilities of countries and competent authorities
- Allocating responsibility under an RBA
- Identifying ML/TF risk in the real estate sector
- General ML/TF risks facing the real estate sector
- Importance of identifying ML/TF risks for a successful RBA
- CDD and access to beneficial ownership information
- Anonymous Companies
- Politically Exposed Persons
- Virtual Assets
- Luxury Real Estate
- Terrorist Financing
- Gatekeepers
Section 6: Risk Assessment & Risk Mitigation
- Risk Assessment
- Risk Categories
- Geographical risk
- Client risk
- Transaction risks and Methods of delivery risk
- Documentation of Risk Assessments
- Risk Mitigation
- Customer Due Diligence
- Simplified Due Diligence
- Enhanced Due Diligence
- Beneficial ownership
- Regulatory obligations
- Internal controls
- Governance
- Training and awareness
Course Duration:
This course may take up to 7 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 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, Lawyers, real estate professionals and real estate agents.
- Employees of Banks, Investment Firms, Investment Funds, ASPs, Trust Service Corporate Providers, Accountants, Auditors, Law Firms and real estate professionals 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, real estate professionals and in general employees of investment firms, funds, ASPs, Law firms, Accountants, Auditors and real estate firms.
- 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
The course is offered fully online using a self-paced approach. The learning units consist of power point presentations. 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 can be accredited by regulators and other bodies for 7 CPD Units that require CPD training in Anti-Money Laundering. The course may be also approved for up to 7 CPD Units by institutions that approve general financial and AML 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 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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