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.
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:
- 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.