CySEC Certifications & Continuous Professional Development (CPDs)

All Cyprus Investment Firms (CIFs) are expected to employ professionals who hold the appropriate qualifications as per the duties and responsibilities of their role.

All individuals holding such a role within a CIF, or aspiring to hold one, are required to acquire a Professional Competence Certificate that reflects their ability to carry out such activities. These certifications are offered by the Cyprus Securities and Exchange Commission (CySEC) and can be obtained through the following 3 exams:

  • CySEC Basic Financial Services Legal Framework Examination
  • CySEC Advanced Financial Services Legal Framework Examination
  • CySEC Anti-Money Laundering Compliance Officers (AMLCO) Examination

The purpose of these CySEC examinations is to ensure candidates can apply a level of knowledge and understanding appropriate for individuals engaged in the services delivered by Investment Firms.

In this commentary we discuss the recently introduced examination (the CySEC AMLCO examination), and the requirements need to be fulfilled for all three CySEC certifications.

CySEC Anti-Money Laundering Compliance Officers (AMLCO) Certification

4th of February 2020, CySEC has officially commenced the CySEC AML examination for the certification of Anti-Money Laundering (AML) compliance officers. Our Risk & Compliance Director, Evdokia Pitsillidou, was one of the first certified AML Compliance officers, achieving a remarkable pass rate of 95%.

26th of February 2020, and following requests by clients and colleagues, Evdokia hosted the 1st live AML CySEC preparation course by SALVUS Funds.

Since March 2020, in partnership with the Institute of Professional Excellence (IforPE), we have invested in and created a live online preparation course for the CySEC AML Certification.

The results of the course attendees are remarkable with a near-100% success rate from all that took the CySEC AML Certification exam. The testimonials received from candidates who attended previous workshops motivate our education team at SALVUS, to continue preparing more courses and guiding more professionals for their AML CySEC examination, and their continuous professional development.

SALVUS and our CySEC AML Certified instructor, Evdokia Pitsillidou, are now gearing to the 7th Most Complete™ AML CySEC Preparation Course, commencing Wednesday 4th of November 2020, and the last AML preparation course for 2020.

This live online workshop will be held on the 4th, 6th and 13th of November 2020, utilizing the platform of IforPE (the Institute for Professional Excellence).

Before proceeding to your CySEC AML examination, you can visit previously authored articles related to the Anti-Money Laundering Examination,

and test yourself by taking a sample of test questions at the online platform of the IforPE. This short set of questions is available for free and it will give you a better idea as to the type and style of questions of the actual AML examination by CySEC.

Certification Directive

4th of September 2020, CySEC issued the updated Certification Directive concerning all persons who shall attain the CySEC Certifications and are registered in the CySEC public register.

The Directive provides clarification of who is required to hold a CySEC basic certificate, or a CySEC advanced certificate and/or CySEC AML examination, along with the annual CPD requirements for each certification.

CySEC Basic Certification, is required as a minimum certification for persons who perform the investment services/activities of

  • reception and transmission of orders,
  • execution of orders,
  • marketing of UCITS or AIF units.

CySEC Advanced Certification, is required for persons who perform the above-mentioned services or perform the following investment services/activities

  • dealing on own account,
  • portfolio management,
  • investment advice,
  • underwriting or placing of financial instruments with or without firm commitment basis,
  • operation of an MTF or OTF,
  • UCITS or AIF investment management
  • portfolio management and risk management of the AIFM,
  • the representatives of an internally managed AIF, AIFLNP.

CySEC AML Certification

  • AML Compliance officer (AMLCO)
  • assistant AML Compliance officer

Continuous Professional Development (CPDs)

All persons holding the CySEC Certifications, are required to attend seminars related to the relevant legislative framework, annually and before their annual renewal.

Specifically, holders of

  • CySEC Basic Certification must complete 10 CPD hours
  • CySEC Advanced Certification must complete 15 CPD hours
  • CySEC AML Certification must complete 10 CPD hours, related to the AML framework.
  • CySEC Basic and AML Certifications must complete 5 CPD hours relevant to the legislative framework and 10 CPD hours related to the AML framework.
  • CySEC Advanced and AML Certifications must complete 10 CPD hours relevant to the legislative framework and 10 CPD hours related to the AML framework.

SALVUS can contribute on your Continuous Professional Development (CPDs)

SALVUS team is comprised of Professional trainers and through the relevant workshops ensure that all candidates are fully equipped with the necessary knowledge and can fulfil their assigned duties with competence. We would be excited to meet you at one of our workshops.

Please contact us at info@salvusfunds.com for more information and to register in our Workshops.

WorkshopsDetailsRegister
3-day Workshop, 13th, 15th and 22nd of January 2021, 9:00 – 14:00.
The Most Complete Preparation Course for the Anti-Money Laundering (AML) Certification by CySEC.
The Most Complete TM Preparation Course for the AML Certification examination by CySEC includes
+ 3-Day Live Workshop,
+ online recordings,
+ self-study material,
+ test questions at the end of each section,
+ 3 mock examinations simulating the actual exam by CySEC,
+ 1-on-1 coaching,
+ Certification of 15 hours of Continuous Professional Development (CPDs).
Cost 380 EUR (incl VAT).
Register Here
Self-Study for the Anti-Money Laundering (AML) Certification by CySECSelf-Study Course, to prepare you for the AML certification exam by CySEC and access to the instructor for questions.
It includes
+ self-study material
+ test questions at the end of each section,
+ 3 mock examinations simulating the actual exam by CySEC,
+ Certification of 10 hours of Continuous Professional Development (CPDs).
Cost 250 EUR (incl VAT).
Register Here
AML Mock Examination #01Prepare for the Anti-Money Laundering (AML) certification exam by taking a mock exam that
+ includes 40 questions
+ simulates the content and style of the questions in the actual exam.
Cost 40 EUR (incl VAT).
Register Here
AML Mock Examinations #03Prepare for the Anti-Money Laundering (AML) certification exam by taking 3 mock exams
+ each timed exam includes 40 questions and
+ simulates the content and style of the questions in the actual exam.
Cost 95 EUR (incl VAT).
Register Here
The Anti-Money Laundering (AML) Regulatory UpdatesA self-study course that provides you with key 2020 regulatory updates, as well as upcoming developments.
This course includes
+online recordings
+ self-study material
+ test questions
+ Certification of 5 hours of CPD
Cost 120 EUR (incl VAT).
Register Here
PRIIPs & MiFID II Product GovernanceA self-study course that provides you with the PRIIPS regulatory framework and guidance how to comply with MiFID II Product Governance.
This course includes
+ online recordings
+ online recordings
+ self-study material
+ test questions
+ Certification of 5 hours of CPD
Cost 120 EUR (incl VAT).
Register Here
The Anti-Money Laundering (AML) Duties, Responsibilities, Risks, KYC & CDDA self-study course that provides you with knowledge on the AML duties, responsibilities, risks, and concepts such as KYC and CDD.
This course includes
+ online recordings
+ self-study material
+ test questions
+ Certification of 5 hours of CPD
Cost 120 EUR (incl VAT).
Register Here
The Most Complete Best Execution CourseA self-study course that provides you with the best practices to comply with Best Execution responsibilities and prepare you for an inspection.
This course includes
+ online recordings
+ self-study material
+ test questions
+ Certification of 5 hours of CPD
Cost 120 EUR (incl VAT).
Register Here
Internal Capital Adequacy Assessment Process (ICAAP) and stress testingA self-study course that provides you guidance for the preparation of an Internal Capital Adequacy Assessment Process (ICAAP) and stress testing as per the regulatory framework.
This course includes
+ online recordings
+ self-study material
+ test questions
+ Certification of 5 hours of CPD
Cost 120 EUR (incl VAT).
Register Here

The information provided in this article is for general information purposes only. You should always seek professional advice suitable to your needs.

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