Financial Crime World

Cyprus Financial Firms Adapting to Regulatory Shifts through Continuous Training

Evolving Regulatory Landscape in Cyprus

Amidst the constantly shifting regulatory environment, Cyprus-based financial firms are increasing their focus on employee training to keep up with the latest requirements. The European Institute of Management and Finance (EIMF) in Cyprus offers a solution through its live online learning platform.

Access to Critical Regulatory Updates through EIMF’s Live Online Learning Platform

  • Participants have access to recorded sessions of EIMF’s interactive courses
  • Delivers essential updates on financial regulations from industry experts
  • Professionals can learn from their offices or homes
  • Allows for continuous learning alongside daily workload

The financial and professional services sector is subject to various regulatory bodies, including:

  • Local and EU authorities
  • European Union and Central Bank
  • International standard-setting bodies

Professional certification holders must undergo annual training to understand the most recent regulatory frameworks they must adhere to. This not only ensures regulatory compliance but also helps firms meet Continuous Professional Development (CPD) requirements mandated by Cyprus Securities and Exchange Commission (CySEC).

Prioritizing Ongoing Training and Updating Internal Controls

As numerous changes arise, financial firms must proactively anticipate requirements and invest in ongoing employee training to remain compliant:

  • Employees in financial sector and compliance functions
  • Continuous adaptations for businesses
  • Upgrades to internal control mechanisms
  • Efficient handling of regulatory changes necessitating shifts in business approaches

CySEC Regulation and Compliance

Many Cyprus-based financial companies fall under the regulatory purview of CySEC, which sets and enforces new regulations. For these firms:

  • Employees holding certifications must undergo annual training
  • Training ensures regulatory compliance
  • Firms can meet CPD requirements mandated by CySEC