CySEC AML Chapter 1 Flashcards: Introductory Provisions | ExamPass CY

All 12 cards in this deck

Which directive is the 4th EU AML Directive, and which is the 5th?: The 4th is Directive (EU) 2015/849; the 5th is Directive (EU) 2018/843, which amends (does not replace) the 4th.
What are the 'ML/TF Risk Factors Guidelines'?: EBA/GL/2021/02 on customer due diligence and risk factors — distinct from the FATF securities-sector guidance.

What is the Sanctions and Restrictive Measures Law of Cyprus?: Law 58(I)/2016, implementing UN Security Council and EU Council sanctions measures.

Under which article is MOKAS (the Unit) established?: Article 54. Article 59(1)(b) covers CySEC as a Supervisory Authority, and Article 61E the CASP register.
What is the legal basis for CySEC's status as a Supervisory Authority?: Article 59(1)(b) of the AML/CFT Law.

Which sectors does CySEC supervise for AML purposes?: Investment firms, administrative service providers (jointly with ICPAC and the Cyprus Bar Association), and the registration of Crypto Asset Service Providers.

Is passing the exam enough to act as an AML Compliance Officer?: No — the individual must also be entered in CySEC's AMLCO register, which is public and published on CySEC's website, before acting.
What ongoing obligation applies to AMLCOs at renewal?: They must participate every year in professional AML training to keep their knowledge current.
What is the stated aim of the AML certification?: To equip AMLCOs to detect, prevent and control ML/TF activities — setting the competence standard for compliance officers.
Why is the AMLCO register public?: Transparency: anyone can verify on CySEC's website that a compliance officer is properly registered.

What role does the workbook play?: It is the primary learning and revision tool for the exam — the first point of study, not a legal statute in itself.

Who supervises administrative service providers besides CySEC?: ICPAC (for accountants) and the Cyprus Bar Association (for lawyers), depending on the profession.