Understanding and Managing Money Laundering and Terrorism Financing, Risks, Typologies and Red Flags
6 ECTS
Understanding and Managing Money Laundering and Terrorism Financing, Risks, Typologies and Red Flags
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Module Description
This module offers a comprehensive exploration into the identification of trends and patterns across various phases of money laundering and terrorism financing.
Students will delve into the intricate processes of placement, layering, and integration, seeking to discern recurring patterns and behaviors indicative of illicit financial activities.
By examining case studies and real-world scenarios, learners will develop the analytical skills necessary to detect anomalies and irregularities within financial transactions, thereby uncovering potential instances of money laundering or terrorism financing.
Furthermore, the module facilitates a nuanced understanding of the contextual factors and indicators that may differentiate between different types of illicit financial activities.
Through data analysis and investigative techniques, students will learn to discern patterns specific to particular forms of money laundering or terrorism financing, thereby enhancing their ability to effectively combat financial crime.
Ultimately, this module equips students with the knowledge and tools to critically assess financial data, identify suspicious activities, and contribute to efforts aimed at preventing and disrupting illicit financial flows.
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:
- Critically analyze the stages of money laundering and terrorism financing and the various methods used to launder money, identifying typologies and red flags.
- Explain the placement, layering and integration processes in turning the illegal funds to legitimate funds in money laundering process and identifying typologies and red flags in the different stages.
- Explain the process on collection, transferring and use of funds to achieve the objective of terrorism financing.
- Relate the latest typologies involving ML/TF 5. Evaluate the various emerging ML/TF trends carried out by criminals and assess the typologies accordingly in order to be able to include in a risk assessment.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Identifying the threats and vulnerabilities and consequences in anti-money laundering and combating the funding of terrorism policies, procedures, and processes.
- . Identifying the typologies in anti-money laundering and combating the funding of terrorism policies, procedures, and processes in order to enhance the risk understanding for a risk-based approach.
- Assisting management in understanding how the structure of a business unit or business aligns its AML compliance program with its risk profile.
- Assisting management in carrying out due diligence in line with the money laundering and terrorism financing typologies identified and in line with legal obligations.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Assess and evaluate the fundamental differences between Money laundering and Terrorist Financing.
- Identify the due diligence necessary in understanding, assessing, and managing ML/FT risks.
- Assess what the principal uses, and sources are of money by terrorist organisations.
- Build a set of ‘red-flags’ based on identified ML/TF typologies.
- Analyse the methods used to launder proceeds of criminal activities and finance illicit activities.
- Know how to monitor complex, unusual, and large transactions and activities.
- Reporting of suspicious transactions and activities on the basis of the typologies identified.
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.