The value of good governance Services offered by ICPAC to its Members for compliance matters

Transcription

1 The value of good governance Services offered by ICPAC to its Members for compliance matters (seminar 18/2016) 3-4 Nov 2016

2 Seminar Agenda 1. Presentation on ICPAC s latest developments and key information about AML and Compliance issues 2. The Value of Good Governance. 3. Break 4. Fast Track to the ICSA Qualification 5. Studying for the ICSA Qualifications 6. ICPAC VinciWorks e-learning platform for AML 7. Practical Solutions to Meet your AML Requirements 8. Q&A Discussion

3 Agenda: ICPAC s latest developments and key information about AML and Compliance issues 1. ICPAC as a competent authority 2. Regulating for Compliance 3. ICPAC s AML and Compliance functions 4. Challenges ahead 5. Members obligations 6. Support services offered to the Members

4 1. ICPAC as a competent authority Decisions of the Council of Ministers in 2001 and 2002 The Auditors and Statutory Audits of Annual and Consolidated Accounts Law (L.42(I)/2009) [new bill is under consideration to transpose the new EU Directive on Audit and the EU Regulation for PIEs] Prevention and Suppression of Money Laundering Activities Laws (L.188(I)/2007 and L.58(I)/2010) Law Regulating Companies Providing Administrative Services and Related Matters (L.196(I)/2012) The Insolvency Practitioners Law (L.64(I)/2015)

5 2. Regulating for compliance Licensing Guiding Training Supporting Monitoring Disciplining

6 Licensing ICPAC issues the following practicing certificates to: Individuals (4) Firms (3) General P/C Insolvency ASP Auditing General Auditing ASP

7 Guiding ANNUAL COMPLIANCE OFFICER S REPORT Guidance for the completion and submission of the Annual Compliance Officers Report to ICPAC Notifications for: - Tax compliance - Company law - Sanctions - Competition - AML - Specific other matters November 2016

8 Training Seminars Presentations Circulars Webinars / e-courses

9 Supporting ICPAC Management Help Desks Specialised Committees E-courses

10 Monitoring Off-site surveillance On-site visits

11 Off-site surveillance Risk Based process Questionnaire Process results Medium Risk High Risk Calculate a risk score Low Risk Assign a risk category

12 Onsite visits Monitoring routes: Audit Monitoring AML / Rules and Regulations Review Focus on auditors and audit firms On ALL Licensed entities ICPAC has outsourced the task of the on-site monitoring visits to ACCA since 2005.

13 Disciplining Disciplinary Committee, for breaches of law, the Regulations and the Code of Ethics. Regulatory Committee, for unsatisfactory results and matters arising from the on-site monitoring of members and firms.

14 3. ICPAC s AML & Compliance Functions Ms Amalia Hadjimichael: Monitoring and Compliance Officer - Issues its AML Directive for its Members. - In 2015 introduced a specific monitoring tool for the off-site surveillance and on-site inspection of its Members. o Probably the only accountancy body in Europe that has adopted such mechanisms. - Set specific requirements for its members to adhere to.

15 ICPAC s AML & Compliance Functions ICPAC participates in: - The Advisory Authority for the Prevention and Suppression of Money Laundering Activities - A Special Technical Committee AML/CFT at the Central Bank of Cyprus - The National Risk Assessment project (World Bank) - The process of transposing the 4 th EU AML Directive into domestic law - The FATCA and CRS legislative and implementation process Close cooperation with other competent authorities.

16 ICPAC s AML & Compliance Functions - Operates a dedicated committee for all Compliance matters (ie AML, Corporate Governance and Regulatory Compliance). - Produces and disseminates updates and guidance to the members. - Carries out seminars and supports/participates in conferences on AML and compliance issues. - Provides free of any charge e-courses on AML & Compliance via a specifically designed e-learning platform.

17 4. Challenges ahead Internationally Base Erosion and Profit Shifting (BEPS) OECD Country by Country Reporting (CbCR) EU Common Consolidated Corporate Tax Base (CCCTB) EU Anti Tax Avoidance Directive (ATAD) EU Global Forum for Transparency and Exchange of Tax Information OECD Common Reporting Standard (CRS) OECD FATCA USA 4 th EU AML Directive (UBO and Trust registers) EU Panama Papers / Lux leaks / Lagarde list / Bahama leaks etc

18 5. Members Obligations AML & Compliance AML/Rules & Regulations Review - Adherence to ICPAC s AML Directive - Adherence to ICPAC s Members Handbook and relevant legislation - Application of proper KYC and Due Diligence procedures for the clients - Adoption of a Risk Based Approach to estimate the risk factor of clients - Inform MOKAS of the MLCO - Submit to MOKAS STRs or SARs (as and when required) - Submit to ICPAC the Annual Compliance Officer s Report (General Circular 24/2015) - Panama Papers report (Informative Circulars 7/2016 and 10/2016) - A number of other circulars and auxiliary material has been circulated

19 Annual Compliance Officers Report The Compliance Officer of each firm has to submit to ICPAC his/her Annual Compliance Officer s Report, for the previous year. Deadline: 3 months from the end of the calendar year A guideline has been prepared for the facilitation of the completion and submission of the report. ANNUAL COMPLIANCE OFFICER S REPORT Guidance for the completion and submission of the Annual Compliance Officers Report to ICPAC November 2016

20 6. Support services offered to the Members Tax & VAT support: IFRS / Audit / Ethics: Neofytos Neofytou (Redimus Ltd) - IAAE portal - Helpline AML & Compliance:

21 Support services offered to the Members Training / E-learning platform:

22 Support services offered to the Members Provision of other services at discounted prices or at special packages exclusively for ICPAC members: Training / Qualifications: Other international affiliations:

23 For more info:

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25 For more information Kyriakos Iordanou General Manager The Institute of Certified Public Accountants of Cyprus Tel: [+357] Fax: [+357] Website: