2017 CFA Seminar 7 – AML Challenges and Developments & Sanctions Compliance

October 2017

Total number of participants: 262

The Cyprus Fiduciary Association ( and the Institute of Certified Public Accountants of Cyprus ( organised a half-day (4-hours) seminar titled “AML Challenges and Developments and Sanctions Compliance” (9 October 2017, St Raphael Resort, Limassol). This was the first joint event between CFA and ICPAC that signaled the beginning for many similar successful events in the future.

The seminar was addressed primarily to Compliance Professionals and Directors of Administrative Services Providers, but also to any other ASP employees that needed to be aware of sanctions and compliance developments.

The instructors of the event were Ms. Samantha Sheen, AML Director – Europe at ACAMS (UK), Mr. Pantelis Christofides, Partner and Head of Regulatory Department at L. Papaphilippou & Co LLC Advocates & Legal Consultants, as well as Mr. Nassos Paltayian, Head of Compliance at Abacus Ltd and member of the AML Committees in both associations, CFA and ICPAC.

The presentation of Ms. Sheen was focused on the definition of sanctions and restrictive measures. Participants were provided with practical tips on how to make sanctions compliance more effective and were also advised on the steps to be taken when these are breached. Mr. Christofides’ presentation was focused on how Cyprus adopts and enforces the restrictive measures (sanctions). Lastly, Mr. Paltayian made a presentation of the recent AML Challenges Developments by emphasizing at the highlights of the 4th AML Directive and what to expect from the Cyprus revised legislation. He also went through the general principles of the Risk Based Assessment and gave ways of approach and examples of high and low risk clients.

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