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.
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.
Module Intake Dates
October 2024
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.