Preventive Measures for Money Laundering and Terrorism Financing
6 ECTS
Preventive Measures for Money Laundering and Terrorism Financing
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Module Description
This module sets out what is expected of firms and their staff in relation to the prevention of money laundering and terrorist financing, but also allows some discretion as to how they apply the requirements of the Anti-Money Laundering and Countering Terrorist Financing (AML/CFT) regime in the particular circumstances of the firm, and its products, services, transactions and customers.
This module will be of direct relevance to senior management, nominated officers and MLROs, and those who set out the firm’s risk management policies and its procedures for preventing money laundering and terrorism financing.
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:
- Manage the firm’s money laundering and terrorist financing risks, and how this should be carried out on a risk-based approach.
- Address the identification and verification of customers, separating out basic identity from other aspects of customer due diligence measures, as well as assessing how to monitor customer activity.
- Address the identification and reporting of suspicious activity.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Analyse how AML/CFT might be prevented through a better understanding of risk and risk-based approach.
- Appreciate how to define the ways in which a firm/bank and its staff should protect themselves against the risks of Money Laundering -and Terrorist Financing.
- Understand the due diligence measures to deter money laundering and terrorist financing. · Increased awareness of the penalties for non-compliance with AML legislation.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Being cognizant of the importance of taking responsibility for effectively managing the money laundering and terrorist financing risks faced by the firm’s businesses.
- Being cognizant of the importance to carry out regular assessments of the adequacy of the systems and controls in place to ensure that money laundering and terrorism financing risks are managed effectively.
- Carry out client risk assessments (CRAs) to risk score the client.
- Guarantee implementation of adequate mitigation procedures.
- Outline and implement customer acceptance policies (CAPs) and counterparty identification programmes (CIPs).
- Delineate documentation and record-keeping requirements.
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.