ACAMS Cyprus Chapter will provide a platform for AML and general compliance professionals in Cyprus, across all industries and professional practices, regulators and law enforcement, for the enhancement of knowledge, personal development and exchange of experiences and expertise on anti-money laundering and countering terrorist financing. ACAMS Cyprus Chapter welcomes those interested in enhancing their AFC knowledge, even if they are not currently practising in a relevant role.
ACAMS Cyprus Chapter’s vision is to offer an environment that facilitates networking amongst members, encourages its members to speak up and express their ideas and concerns and start thinking outside the box. It envisages discussion to identify practical solutions to aid the implementation of the various provisions of the relevant regulations and related directives, within the framework of required professional and ethical standards. ACAMS Cyprus Chapter aims to achieve these goals by organising specialised training events to facilitate learning and education, thus supporting ACAMS in its general mission, which is to support and advance the knowledge and skills of the Cyprus AML and financial compliance community.
Upcoming Cyprus Chapter learning events will be announced soon.
Sanctions Screening: A practical Perspective
October 13, 2016
Over 100 AML Compliance professionals attended the latest ACAMS Cyprus Chapter event in Nicosia on 13 October 2016. Samantha Sheen, Director AML Europe for ACAMS gave a very interesting presentation on Sanctions Screening: A Practical Perspective. The event was sponsored by Piraeus Bank (Cyprus) Ltd, and marked the sixth successful learning and networking event of the ACAMS Cyprus Chapter in less than a year after its launch. Christoforos Livadiotis, Board member of the ACAMS Cyprus Chapter and Head Compliance at Piraeus Bank (Cyprus) Ltd, as well as Marios Siathas, General Manager of EIMF, the local training partner of ACAMS, both addressed the event. Attendees had the opportunity to network after the event, during a cocktail reception.
Cybercrime and AML
14 June 2016
On 14 June 2016, the ACAMS Cyprus Chapter hosted yet another great event, exclusive to Chapter members. The event took place in Nicosia and AML Compliance professionals from Cyprus had the opportunity to network and attend a very interesting presentation from a cyber security specialist, Mr Constantinos Marangos of EY. Mr Marangos highlighted the importance of Cyber security and the adverse effects that can be brought about by a cyber attack by providing examples and discussing possible preventive mechanisms.
Nassos Paltayan, one of the Chapter’s Vice Chairs, also discussed Cybercrime and its relevance to a successful AML programme.
Gregory Dellas, Chair of the ACAMS Cyprus Chapter and Charalambos Anastasiades, Vice-Chair, also shared their experiences and key takeaways from their attendance at the 12th ACAMS AML and Financial Crime Conference Europe which took place between 23-25 May in London.
The ACAMS Cyprus Chapter is already planning more events for the months ahead. To become a member of the ACAMS Cyprus Chapter and attend the events or for more information please email email@example.com.
The ACAMS Cyprus Chapter Board meets John Horan
30 May 2016
On Monday, 30th May 2016, the Members of the Board of the Association of Certified Anti-Money Laundering Specialists (ACAMS) Cyprus Chapter had the opportunity and pleasure to meet with John Horan, of the Maze Investigations Compliance and Training (MICT) Ltd, during a learning and networking dinner in Nicosia. John, an expert in compliance solutions specialising in Anti Money Laundering, bribery, corruption and financial crime, was in Cyprus for a two-day seminar hosted the Association of Cyprus Banks, on bribery and corruption.
John and the Members of the Board of the ACAMS Cyprus Chapter discussed a number of issues including ways to handle possible bribery and/or corruption scenaria, the 4th EU AML Directive and the risk-based approach in light of local AML regulatory guidance which is continuously becoming stricter and more demanding on financial institutions and professional services firms.
The next ACAMS Cyprus Chapter event will take place in Nicosia on the 14th June, will be exclusive to chapter members and will be on Cybercrime and AML. To join the ACAMS Cyprus Chapter or for more information contact us by email on firstname.lastname@example.org.
An Evening of AML/CTF Networking and a presentation by Holger Pauco-Dirscherl
17 March 2016
The ACAMS Cyprus Chapter organised yet another successful event on 17 March 2016 in Nicosia. The event was attended by more than 100 AML Compliance related professionals and regulators and combined an evening of AML/CTF networking with a presentation by Holger Pauco-Dirscherl, CAMS, of UBS Deutschland, also the Co-Chair of the ACAMS Germany Chapter. Holger presented a series of hot topics including Combating Terrorist Financing and Current Sanctions Regimes, he also touched upon upcoming challenges facing the Anti-Financial Crime Sector. Both Gregory Dellas, Bank of Cyprus, Chair of the ACAMS Cyprus Chapter, and Bert Pills, the CEO of Hellenic Bank (sponsor) addressed the event.
An Evening of AML/CTF Networking and discussion with Douglas Sloan
18 November 2015
An Evening of AML/CTF Networking and VIP Presentations
4 November 2015
Hosted by the Association of Certified Anti-Money Laundering Specialists (ACAMS)
On 4 November 2015 ACAMS launched its Cyprus Chapter and celebrate the introduction of local CAMS training at an evening reception in Nicosia.
Bank of Cyprus Ltd
Gregory is a qualified banker with over 18 years of experience in AML/Compliance and Wealth Management.
Currently, he leads the AML Risk Management team within the International Banking Services Division (IBS) of the Bank in Cyprus, the biggest financial institution in Cyprus. IBS offers a range of specialised banking services to international corporate clients, from jurisdictions including Russia, Ukraine, Israel, China, BVI, Belize etc. Gregory acts as the Local Compliance Officer for the division for AML and other regulatory matters. His team is responsible for the review of all high risk clients of the Division and for providing guidance and specialised trainings to the management and staff of IBS on various matters including sanctions compliance, effective transactions monitoring, source of funds/wealth, FATCA/CRS etc.
In the past, Gregory worked with Coopers and Lybrand in Nicosia and held various senior and managerial positions in Cyprus Popular Bank and Bank of Cyprus. He has extensive experience in Wealth Management, in the areas of client advisory and portfolio management custody and operations. He led the setting up of boutique Private Banking units in the UK and Romania for Cyprus Popular Bank and was also responsible for setting up the procedures and systems as regards client on-boarding for high risk clients, PEPs, complex legal structures and the successful implementation of MiFID. He also served as a Money Laundering Compliance Officer (Group MLRO), responsible for the AML function for Cyprus Popular Bank in Cyprus and all its overseas subsidiaries.
He holds a BSc in Industrial Economics from the University of Warwick and an MBA from Lancaster University, in the UK and has attended various conferences and workshops in Cyprus and overseas, both as a delegate and a speaker. He currently serves as the Chair of the ACAMS Cyprus Chapter.
Charalambos is a co-owner and a co-Director of CiSero Ltd, a company specializing in providing compliance services in Cyprus. CiSero has provided and continues to provide consultancy and training on Anti-Money Laundering and Counter Terrorist Financing to financial institutions regulated by the Central Bank of Cyprus and the Cyprus Securities and Exchange Commission; members of the Cyprus Bar Association, the Institute of Certified Public Accountants of Cyprus and the Cyprus Fiduciary Association as well as to other professionals.
Charalambos expertise includes the design and development of compliance programs, compliance risk assessment and analysis, compliance systems evaluation and compliance training.
Charalambos has an MBA degree from Vanderbilt University and 30 years of work experience of which 23 are in the financial services industry. In addition to working as a Money Laundering Compliance Officer (MLCO), he has worked in the finance, retail and corporate sectors of financial institutions. His extensive experience in compliance ranges from Know-Your-Customer due diligence processes, customer risk assessment and case management to AML compliance program development, implementation and evaluation.
LJ Compliance Consulting
With over 35 years of experience working in the banking sector, Era Michaelides opted for early retirement in 2012 from the position of Group Director Compliance Division, a unit she had been given the task of setting up as early as 1999, following a training secondment to HSBC (UK).
Since then, the compliance function extended to include various regulatory issues, and under her leadership the Division successfully expanded, to undertake the responsibility for monitoring the regulatory compliance of local subsidiaries and to incorporate the Compliance Units of all overseas branches and subsidiaries. Era oversaw the set up and growth of these units, publishing and successfully implementing group wide policies. During this period she also gained significant exposure in liaising with both local and international regulatory authorities and representing the bank in specialized organisations and seminars/workshops overseas.
In addition to her extensive knowledge and experience on regulatory/Anti- Money Laundering matters, Era has, during the course of her banking career, amassed vast experience in other areas such as correspondent banking, foreign exchange & dealing and international business. She is currently acting as an external associate/ advisor to LJ Compliance Consulting.
Jacqueline Loizides Lambert, CAMS
LJ Compliance Consulting
Jacqueline started her career in Ernst & Young UK before moving into the Cyprus banking sector where she has gained over 18 years of experience in various roles encompassing corporate lending, compliance and serving as Company Secretary.
As Manager within the Compliance Division of a local bank, Jacqueline gained significant experience in drafting Compliance/ Anti-Money Laundering policies and procedures, provision of technical advice, compliance monitoring, as well as liaising with local and international regulators. In 2013 Jacqueline moved out of the banking sector to set up her own business providing consulting services to local firms falling under the AML legislation.
In addition to being a qualified Chartered Accountant (ICAEW), Jacqueline is also a professionally qualified member of the International Compliance Association (UK) and a Certified Anti-Money Laundering Specialist. She is a graduate of Manchester University.
Piraeus Bank (Cyprus) Ltd
Christoforos is the Head of Compliance and Money Laundering Reporting Officer (MLRO) of Piraeus Bank (Cyprus) Ltd. His role is to provide independent oversight of the management of the Bank’s compliance with laws, regulations, guidelines and internal policies/procedures relevant to the activities of the Bank, including but not limited to AML.
Prior to joining Piraeus Bank (Cyprus) Ltd, Christoforos worked as a financial analyst/investigator in the Cyprus Financial Investigation Unit (FIU) MOKAS, where he was responsible for local and international money laundering cases.
Christoforos holds a BSc from the University of East Anglia (UEA) in Accounting with Management and an MSc from the University of Reading – ISMA Centre Business School in International Securities Investment and Banking (ISIB).
Avraam P. Demetriou
Hellenic Bank Public Company Ltd
Avraam, joined Barclays Bank in June 1990. Due to previous high-ranked positions in the Hotel Industry, immediately had been appointed as branch manager in Limassol. Two years later was transferred to Nicosia, again as branch manager. In 1996 after takeover of Barclays by Hellenic Bank, he was selected and appointed as one of the first Business Development Officers. In 2002, he received a new appointment in a special re-engineering team under the supervision of the CEO. Later on he undertook the position of Head of Credit Administration and Marketing Manager in Hellenic Bank Finance. This position included supervision of 45 people throughout Cyprus, approving finance loans, implementing procedures and systems in credit approvals and monitoring.
Seven years later, in 2011 there was a new appointment to Group Compliance Unit. Avraam held the position of the Head of Regulatory Department until 2015. This included several duties, interpretation of legislations, communication with different departments of the Bank, implementation of legal requirements but also requirements from Regulator’s Directives. Among other many duties, in March 2013 Avraam has taken the intermediation between RM Committee (Restrictive measures committee at Central Bank of Cyprus) and the rest of the Bank (branches etc.), upon applying the relevant law. As of June 2015 he received a new appointment under the current duties as above.
In charge of compliance and risk management team. Tasks include Internal processes and manuals maintenance according to regulations and laws, Training of colleagues on AML matters, Sanctions related issues and management, FATCA US and CRS related matters, Review of all information for acceptance of new clients, Internal Auditors liaison, ISO 27001 liaison and in charge of implementation, Representative of Abacus on ICPAC AML committee, Representative of Abacus on CFA AML committee, Leader of module 7 (DNFBPs) of the National Risk Assessment representing ICPAC.
Professional career: 2005 – 2008 PricewaterhopuseCoopers Nicosia (Auditor in Financial Services sector), 2009 – 2013 Abacus Limited (Client portfolio manager), 2014 – today Abacus Limited (Head of Compliance)
Academic and professional qualifications/memberships: The English School Nicosia leaver (2000), National Guard – Special Forces (2002), BA Accounting and Finance (2005), ICAEW member (2008), ICPAC member (2009), ACAMS member (2014), CAMS certified (2015).
Christodoulos G. Vassiliades & Co. LLC
Louisa Chr. Massonidou is an Advocate and Deputy Managing Director of the Firm, specialising in Corporate Law, Commercial Law, Contract Law, Admiralty and Maritime Law, Trademarks, International Tax Planning, Trust Law, Administrative Law and General Legal Practice.
Louisa achieved an LLB from Athens University in 1992 and was admitted to the Cyprus Bar Association in 1993.
During 1993-1996 she held the post of the Head of Litigation Department of Christodoulos G. Vassiliades & Co. and during 1996-2002 the post of the Head of the Corporate Department of the same Firm. Parallel to the post of the Head of the Corporate Department, Louisa held also the post of the Deputy Managing Partner/Director of the Firm since 1996.
In addition to the above duties, Louisa has been serving as the Compliance Officer of the Firm for more than 15 years, thus amassing considerable knowledge and experience on compliance issues, Anti Money Laundering Laws and related Directives and Regulations. She has attended numerous seminars/workshops on the subject, has been responsible for the training of the staff of the Firm on the same and has drafted the AML Manual of the Firm.
Louisa is a member of the Cyprus Bar Association, Nicosia Bar Association, European Bar Association, International Bar Association, International Tax Planning Association and Asia Pacific Offshore Institute.
She speaks Greek and English.
Eirini Panagiotou was born on the 10th of October 1990 in Limassol, Cyprus. Eirini graduated in law from University of Surrey in 2011. She continued her specialization with an LLM in Environmental Law (International Law of the Sea, Natural Resources, Sustainability and Energy) from the University of Queen Mary (UK). In 2013, she became a member of the Cyprus Bar Association.
Since then, Eirini works as a Legal Officer at the Legal/Compliance Department at Banque SBA, Cyprus. Specifically, Eirini has been involved in the AML field by applying Due Diligence measures in line with the AML Laws and Directives, evaluating KYC documentation, performing Account Opening, preparing legal agreements and reviewing and verifying corporate documents. Recently, she became CAMS certified.
Stefanie is the alternate money laundering compliance officer at FBME Bank and the assistant manager of the compliance department.
She started her banking career at Commerzbank AG in Germany and has over 6 years of experience within the banking sector in Cyprus. During her career, she fulfilled several functions from Deputy Head of the customer service – account opening section, which ensures the opening of customer accounts as per the Bank’s ‘Customer Acceptance Policy’ and in line with the AML Directive issued by the Central Bank to assistant manager in the compliance department, supervising and ensuring the smooth operation of the department (current).
The last 2 years she is active in the field of Anti-Money Laundering and Counter-Terrorism Financing.
Stefanie was born and raised in Germany and moved to Cyprus in 2005. She graduated from the college for banks and insurance firms in Berlin, Germany as qualified bank clerk (dual vocational training system) and became a Certified Anti-Money Laundering Specialist (CAMS) in April 2015.
George Chr. Pelaghias, M.A., LL.M, CAMS
Chr. G. Pelaghias & Co LLC
George Chr. Pelaghias is a Certified Anti-Money Laundering Specialist (CAMS) and the head of compliance of the Cyprus based Law Firm, Chr. G. Pelaghias & Co LLC. He holds graduate degrees in Diplomatic History, and Law from Uppsala University, Sweden.
JSC “Trasta Komercbanka” CY Branch
Natalia was born in the Republic of Belarus, she graduated from Minsk State Linguistic University with Master Degree in 1997.
In 2000 she moved to Cyprus and completed a full 4year course of Greek Language in the University of Cyprus.
Professional career: 2001 – 2011 Christodoulos G. Vassiliades & Co LLC, Head of the Banking Department. Her team was responsible for opening of bank accounts with local and worldwide banks, communication with clients, dealing with company documentation, due diligence, Central Bank regulations and KYC, assisting clients in the areas of client advisory and portfolio management custody and operations in cooperation with different banks.
In November 2011 Natalia joined JSC “Trasta Komercbanka” Cyprus Branch where she holds a position of MLCO. JSC “Trasta Komercbanka” is one of the oldest banks in Latvia offering a wide spectrum of services. Natalia is responsible for maintaining procedures manual applied for the credit institution she works for, recording and assessing on an annual basis all risks arising from the existing and new customers, products, services, taking measures for effective management of aforesaid risks, submission of the annual MLCO’s reports to the Central Bank of Cyprus, preparation and amendments of bank policies and procedures for prevention of money laundering and terrorist financing, reporting to the Board of Directors, MOKAS, reporting to the Central Bank of Cyprus, training of the staff.
Natalia attended various conferences and workshops in Cyprus and overseas for Anti-Money Laundering and Counter Terrorist Financing.
She speaks Russian, Greek, English, Spanish languages.
Association of Cyprus Banks
Ms Frixou has been working with the Association of Cyprus Banks as a Senior Officer since 2005.Previously she has been practicing corporate law in a large law firm in Nicosia. She has also delivered a number of training courses in respect of the Cyprus anti-money laundering, companies and investment services laws.
Ms Frixou is a Barrister at Law (member of Gray’s Inn London) and has been admitted to the Bar in Cyprus. She is a holder of a Bachelor of Laws (LLB) and a Master of Laws (LLM) in Corporate Commercial Law from King’s College London and a Postgraduate Diploma in Professional Legal Studies from City University London.
She is a member of the Anti-Money Laundering & Anti-Fraud Committee Committee of the European Banking Federation and the AEDBF Europe (European association of professionals in the legal aspects of banking, financial and capital market sector).