Money Laundering and Terrorism Financing Threats from New Technologies
6 ECTS
Money Laundering and Terrorism Financing Threats from New Technologies
Get 70% back via Tax Credit
€613 refund on this module
Module Description
This module presents the opportunities and challenges from new technologies.
The emphasis is on risk-based supervision (a comprehensive, structured system that assesses risks within the financial system, giving priority to the resolution of those risks) as opposed to de-risking (the phenomenon of financial institutions terminating or restricting business relationships with clients to avoid, rather than manage, risk).
In this module, you will further analyse the fact that, as stated by the Financial Action Task Force, it is a misconception to characterise de-risking exclusively as an anti-money laundering issue.
In addition, the new technologies presented in this module are not solely in relation to the distributed ledger technology but also incorporate other tools of artificial intelligence, Application Programming Interface, and Compliance and Supervision Platform for Assessing Risk.
Entry Requirements
Candidates who apply for this course must possess one of the following:
• Level 6 Degree related to one of the following areas: Law, Artificial Intelligence, Finance, Accounting, Governance, Business and Government Policy;
OR
• Level 5 Diploma or Higher Diploma and 4 years’ work experience, preferably in a supervisory or managerial role;
OR
• Level 6 degree not related to Law, Artificial Intelligence, Finance, Accounting, Governance, Business and Government Policy and a minimum of two years relevant experience.
Target Audience
This course is targeted at people within the financial and banking sector, legal sector, governance sector, business sector, artificial intelligence sector, and other individuals seeking professional and academic advancement in the field of Anti-Money Laundering and Compliance.
Career Paths
The programme prepares for positions such as and not limited to:
- Compliance Supervisor/Manager/Officers
- Anti-Money Laundering Managers
- Money Laundering Reporting Officer and their deputies
- Law enforcement agencies and supervisory and regulatory authorities
- Managers with responsibilities for internal AML controls
- Risk Managers
- Director of Compliance
How you’ll be assessed
The course comprises:
- Evening classes for part-time courses.
- Classes held throughout the day for full-time courses.
- Guided learning, presentations, comprising synchronous online discussions, tutorials and/or videos.
- Self-study hours comprising research, reading and assignment work.
Assessment
Assessment is carried out via two mandatory components:
- Modular Assessment
- Dissertation Assessment
The programme includes different forms of assessment which allow for and promote students’ critical engagement. The formative and summative assessment tasks may include an in-class assignment and/or a home-based written assignment using diverse assessment tools which may take the form of online and in-class discussions, examinations, case studies, reports, proposals, essays, and presentations, etc., as applicable to the diverse modules.
Learning Outcomes
Competences:
At the end of the module/unit the learner will have acquired the responsibility and autonomy to:
- Analyse the opportunities and challenges of new technologies for AML/CFT.
- How to make use of the FATF recommendations’ flexibility to provide sound financial services to the financially excluded.
- Address the unintended consequences and Potential for Abuse from the new technologies in relation to virtual assets.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- The importance of understanding the need of having an enabling environment to enhance AML/CFT effectiveness.
- Be able to explain and adopt changes that promote AML/CFT innovation that support financial inclusion by design.
- Have a good knowledge on the new technologies such as artificial intelligence, the tools adopted by the supervisory authorities and the distributed ledger technology.
- Analyzing the fact that without proper regulation, virtual assets become as presented by the Financial Action Task Force: a virtual safe haven for the financial transactions of criminals and terrorists.
- Promoting a compliance culture of risk management and not de-risking.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- The ability to assess what are the new technologies in relation to AML/CFT.
- Assess their opportunities and challenges.
- Appreciate the importance of addressing financial inclusion and the risks of financial exclusion.
- Adopt a risk-based approach rather than a rule-based approach.
- Design good practices using appropriate IT tools.
Module-Specific Digital Skills and Competences:
At the end of the module/unit, the learner will be able to:
- Navigate through the online learning platform to find assignments, discussion boards, literature, tutorials etc.