Money Laundering and Terrorism Financing Threats from New Technologies

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.

Module / Unit Instructions

The proposed structure comprises a blended approach promoting the building of a community of practice via peer-to-peer learning. The structure uses primarily two dimensions of teaching-learning modes:

1. Face-to-face sessions: 18 hours

2. Online Learning Activities: 12 hours

Face to Face sessions

Face-to-face sessions include lectures, tutorials, discussions, presentations and workshop activities promoting peer-to-peer learning.

Online Learning Activities

Online learning activities incorporate tutorials and asynchronous discussions. These may consist of active interaction, participation and contributions in fora discussions, sharing resources and self-reflection exercises.

Learners also contribute to the building of the community of practice by providing feedback to their peers as critical friends, enhancing the learner’s critical engagement throughout the study period.

The tutor provides continual support during both teaching -learning modes by providing information, readings and tasks relevant to the module in question.

The tutor provides continuous formative feedback as an on-going guidance during the student’s learning experience in preparation for their summative assessment.

How you’ll be assessed

This module consists of two assessment tasks, each carrying a weighting as below:

a) Assessment 1 carries 20% of total module mark achieved. b) Assessment 2 carries 80% of total module mark achieved.

For successful completion of a study module the student is required to achieve a minimum of 50% pass mark in both Assessment 1 and Assessment 2

The overall grade achieved for each module is calculated as the sum of: • 20% of the mark achieved for Assessment 1; and • 80% of the mark achieved for the Assessment 2.

Both Assessment 1 tasks and Assessment 2 tasks aim to provide the learner an opportunity to produce evidence of his/her competences aligned to the learning outcomes of each individual Module.

a) Assessment 1 tasks are provided in the form of structured online discussions that support learners in their development throughout all of the modules studied.

Such discussions are facilitated and monitored by lecturer who provides students with constructive feedback to help them improve and prepare for Assessment 2 and the dissertation.

Assessment 1 tasks will contribute to the student’s final mark to acknowledge their work and give them chance to improve.

This method allows students to also contribute to the building of a community of practice by providing feedback to their peers as critical friends, enhancing the learner’s critical engagement throughout the study period.

b) Assessment 2 consists of one assignment at the end of the module.

The mode of assessment varies and may include in-class assignments, and home-based written assignments.

The recommended assessment tool for this module is an essay.

For successful completion of this module the student is required to achieve a minimum of 50% pass mark in both Assessments 1 and 2 respectively.