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,
- AML: Customer verification and deposits,
- AML: compliance culture and reporting obligations,
- AML: suspicious activity reporting and ML offences,
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 to 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.
| Workshops | Details | Register |
|---|---|---|
| Self-Study for the CySEC Advanced Certification | Self-Study Course, to prepare you for the CySEC Advanced certification exam and access to the instructor for questions. It includes: + self-study material, + video recordings from live workshops, + test questions at the end of each section, + 4 mock examinations simulating the actual exam by CySEC, + 1-on-1 coaching, + Certification of 20 hours of Continuous Professional Development (CPDs). Cost 352 EUR (plus VAT). | Register Here |
| Self-Study for the CySEC Anti-Money Laundering (AML) Certification | Self-Study Course, to prepare you for the AML certification exam by CySEC and access to the instructor for questions. It includes: + self-study material, + video recordings from live workshops, + test questions at the end of each section, + 4 mock examinations simulating the actual exam by CySEC, + 1-on-1 coaching, + Certification of 10 hours of Continuous Professional Development (CPDs). Cost 252 EUR (plus VAT). | Register Here |
| Self-Study for the CySEC Basic Certification | Self-Study Course, to prepare you for the CySEC Basic certification exam and access to the instructor for questions. It includes: + self-study material, + video recordings from live workshops, + test questions at the end of each section, + 4 mock examinations simulating the actual exam by CySEC, + 1-on-1 coaching, + Certification of 10 hours of Continuous Professional Development (CPDs). Cost 252 EUR (plus VAT). | Register Here |
| CySEC Advanced Mock Examinations | Prepare for the CySEC Advanced certification exam by taking 4 mock exams. + each timed exam includes 70 questions and + simulates the content and style of the questions in the actual exam. Cost 135 EUR (plus VAT). | Register Here |
| AML Mock Examination #01 | Prepare for the CySEC 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 25 EUR (plus VAT). | Register Here |
| AML Mock Examinations #04 | Prepare for the CySEC Anti-Money Laundering (AML) certification exam by taking 4 mock exams. + each timed exam includes 40 questions and + simulates the content and style of the questions in the actual exam. Cost 80 EUR (plus VAT). | Register Here |
| ICA AML Mock Examinations (set of 6) | Prepare yourself for success in the ICA AML examination for ICPAC and CBA professionals by taking 6 mock exams. + 6 mock exams simulating the real exam environment + 25 multiple-choice questions per exam + embedded timer for exam time management + feedback provided at the end of each mock exam Cost 120 EUR (plus VAT). | Register Here |
| The 2023 Anti-Money Laundering (AML) Regulatory Updates | A self-study course that provides you with the key 2022-2023 regulatory updates on AML, as well as the related upcoming developments. This course includes: +online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| The 2023 AML Duties, Responsibilities, Risks, KYC & CDD self-study course | A self-study course that provides knowledge on the AML duties, responsibilities, risks, and concepts such as KYC and CDD. Suited and recommended for the required annual Continuous Professional Development (CPD). This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| Client Onboarding KYC & CDD, Appropriateness - Target Market, AML Risk Scoring & RBA | A self-study course that provides you information for creating a complete client onboarding procedure taking into consideration the client target market, the suitability and appropriateness assessment, and the AML regulatory requirements. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| Compliance Monitoring Program (CMP) & Assessment in 2023 | The Compliance Monitoring Program & Assessment is a self-study course that outlines essential information regarding the Compliance Risk Assessment (CRA), the Compliance Function and the Compliance Monitoring Program (CMP). The course discusses the key features, inspection areas and methodology of the CMP, provides valuable compliance tips on their application taking into consideration the desk-based review of Circular C441 and Circular C553 on the guidelines on certain aspects of the compliance function requirement. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| Compliance with Market Abuse in 2023 | A self-study course that provides the necessary knowledge on the Market Abuse Regulation (MAR), and concepts such as Insider Dealing, Disclosure of Inside Information and Market Manipulation. The course includes frequent questions and answers, accepted market practices and guidance how the firm submits a STOR to the regulator. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| The 2023 PRIIPs & MiFID II Product Governance | A self-study course that provides learners with in-depth education on the regulatory framework of Packaged Retails and Insurance-based Investment Products (PRIIPs) and how to comply with MiFID II Product Governance requirements. Additionally, the course delves into the marketing of investment products and services, and the product intervention measures on Contracts for Differences (CFDs), applicable to each EU Member State. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| 2023 Investors Information - PRIIPs, KID & MiFID Product Governance | A self-study course that outlines the necessary knowledge about the information provided to investors, PRIIPs and KIDs, as well as the Product Governance regulatory requirements in accordance with the European Directive - MiFID II. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| ICARA in 2023: Practical Examples & Stress Testing | A self-study course that guides the learner in preparing an Internal Capital Adequacy Risk Assessment Process (ICARA), including practical examples for Risk Assessment, Stress Testing and Capital Planning, as per the regulatory framework of the Investment Firm Regulation and Directive (IFR & IFD). This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| Cyprus Investment Funds 2023: AIF & RAIF | The Cyprus Investment Funds: Alternative Investment Funds (AIF) & Registered Alternative Investment Funds (RAIF) is a self-study course that introduces the learner to the basic concept around Collective Investment Undertakings (CIU), the CySEC investment fund and fund management regulatory framework, providing an in-depth overview of the characteristics and requirements for AIF, AIFLNP and RAIF, also outlining their difference to UCITS. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| AML in 2023: Fiat, Digital Assets & Crypto Assets | A self-study course that introduces the learner to the specifics of Digital and Crypto Assets and how they compare to Fiat Currencies through the perspective of the Anti-Money Laundering (AML) framework. Further, the course discusses existing and upcoming regulatory provisions and provides practical examples for customer and transaction monitoring, and guidance for the identification and reporting of a suspicious transaction. This course includes: + online recordings + self-study material + practical examples + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| How to prepare the AMLCO Annual Report in 2024 | A self-study course that guides the learner in preparing the Anti-Money Laundering Compliance Officer’s (AMLCO) Annual Report in 2024 by outlining all the information required to be included and describing practices to be avoided. This course includes: + online recordings + self-study material + practical examples + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| Review of Regulatory Updates and CySEC Circulars for Q1 2023 | A self-study course designed to provide comprehensive coverage of all Circulars issued by CySEC during the first quarter of 2023. The course explores the essential actions that CySEC regulated entities need to take in response to these regulatory updates. In addition, the course covers in detail Circular C553 providing crucial insights into compliance function requirements. This course includes: + online recordings + self-study material + test questions + Certification of 2 hours of CPD Cost 50 EUR (plus VAT). | Register Here |
| Review of Regulatory Updates and CySEC Circulars for Q2 2023 | A self-study course crafted to provide in-depth coverage of all Circulars issued by the Cyprus Securities and Exchange Commission (CySEC) in the second quarter of 2023. The course delves into the fundamental steps that CySEC regulated entities must adopt in light of these regulatory revisions. In addition, the course examines in detail Circulars C576 & C578 delivering significant knowledge regarding remuneration requirements and the collection of remuneration data. This course includes: + online recordings + self-study material + test questions + Certification of 2 hours of CPD Cost 50 EUR (plus VAT). | Register Here |
| Review of Regulatory Updates and CySEC Circulars for Q3 2023 | This self-study course covers all Circulars released by the Cyprus Securities and Exchange Commission (CySEC) in Q3 2023. It guides CySEC-regulated entities on required actions due to these regulatory developments, delves into Circular C600, and highlights key points from EBA and ESMA's Joint Guidelines for the supervisory review process (SREP). Additionally, it includes our quarterly EU and Cyprus, Regulatory Review Quick Reference Guide. This course includes: + online recordings + self-study material + test questions + Certification of 1.5 hours of CPD Cost 50 EUR (plus VAT). | Register Here |
| Review of Regulatory Updates and CySEC Circulars for Q4 2023 | This self-study course covers all Circulars released by the Cyprus Securities and Exchange Commission (CySEC) in Q4 2023. It guides CySEC-regulated entities on required actions due to these regulatory developments, delves into Circular C603, and highlights key points from ESMA Guidelines on MiFID II product governance requirements. Additionally, it includes our quarterly EU and Cyprus, Regulatory Review Quick Reference Guide. This course includes: + online recordings + self-study material + test questions + Certification of 1.5 hours of CPD Cost 50 EUR (plus VAT). | Register Here |
| 2023 Annual Review of Regulatory Updates & CySEC Circulars | The 2023 Annual Review of Regulatory Updates & CySEC Circulars bundle includes the following courses: - Review of Regulatory Updates and CySEC Circulars for Q1 2023, - Review of Regulatory Updates and CySEC Circulars for Q2 2023, - Review of Regulatory Updates and CySEC Circulars for Q3 2023, and - Review of Regulatory Updates and CySEC Circulars for Q4 2023. This course includes: + online recordings + self-study material + test questions + Certification of 7 hours of CPD Cost 118 EUR (plus VAT). | Register Here |
| The new RTS 27/28 requirements and Best Execution in Practice in 2023 | A self-study course that outlines the new requirements of the RTS 27/28 and provides insights about the best practices in complying with the Best Execution responsibilities in accordance with the European Directive on Markets in Financial Instruments (MiFID II) requirements and prepares you for an inspection. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| How to prepare the MiFID Compliance Report in 2024 | A self-study course that equips learners on how to prepare the Compliance Annual Report in 2024 and ensure alignment with the Markets in Financial Instruments Directive (MiFID). The course takes into consideration Circular C553 on the guidelines on certain aspects of the compliance function requirement and describes the information to be included and the inspection areas to be examined throughout the report. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| The Markets in Crypto Assets (MiCA) Regulation in 2023 | The Markets in Crypto-Assets (MiCA) Regulation is a self-study course that introduces learners to the primary categories of crypto-assets. It discusses the significance of adopting the MiCA Regulation and provides a detailed examination of the regulatory provisions, including the issuance and offering of crypto-assets, the responsibilities of Crypto-Asset Service Providers, as well as the development and publication of crypto-asset white papers. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| Organizational and Operational Requirements & Client Funds Safeguarding in 2023 | A self-study course that introduces learners to the key organizational and operational requirements of Cyprus Investment Firms (CIF). Further, the course provides a comprehensive overview of CySEC’s Circulars C576 & C578 on certain aspects of MiFID II remuneration requirements and the collection of remuneration data. Finally, the course discusses the required arrangements that CIF regulated entities must establish and maintain for the safeguarding of client funds and financial instruments. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| How to get prepared for an inspection by the regulator in 2023 | A self-study course that guides learners on how to get ready for an inspection by CySEC in 2023. The course discusses the role and powers of CySEC and examines critical governance arrangements, organizational requirements, and key inspection areas. In addition, the SALVUS Regulatory Compliance team shares with learners valuable inspection tips, as well as post-inspection expectations. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| Sustainable Finance: Regulatory Framework & ESG Factors | A self-study course that introduces learners to Sustainable Finance and guides them through the provisions of the regulatory framework developed at the European Union level. The course discusses in detail the Environmental, Social and Governance (ESG) Factors that lead to responsible investing and decision-making. Additionally, it examines how financial institutions are impacted by these regulations, as well as the regulatory obligations placed upon them. Lastly, this course presents a broad range of investing strategies designed to align with ESG mandates and drive sustainable returns. This course includes: + online recordings + self-study material + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus VAT). | Register Here |
| Regulatory Updates on AML and MiCA | This self-study course is designed to provide professionals with in-depth insights into the latest developments within both national and European Anti-Money Laundering (AML) regulatory frameworks. The comprehensive curriculum delves into the nuances of managing various risks associated with Fiat, Digital Assets, and Crypto Assets, including assessment and mitigation. Additionally, this course presents essential updates on the European Regulation on Markets in Crypto Assets (MiCA), including eligibility criteria and obligations of Crypto Asset Service Providers (CASP). This course includes: + online recordings + self-study material + practical examples + test questions + Certification of 5 hours of CPD Cost 100 EUR (plus 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.