Risk-based Approach for Financial Institutions, Designated Non-Financial Business Professions and Virtual Asset Service Providers
6 ECTS
Risk-based Approach for Financial Institutions, Designated Non-Financial Business Professions and Virtual Asset Service Providers
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Module Description
In this module, you will address the full spectrum of risks and how to focus resources where the risks are highest.
This module aims at ensuring that supervisors and supervised entities primarily understand the money laundering and terrorism financing (ML/TF) risks in their country and of their respective sectors and business by identifying and assessing possible risks.
You will also delve into the why and how a risk-based approach is less burdensome on lower risk sectors or activities, and for obliged entities to continuously update their understanding of risk and adjust and improve their supervisory approach.
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:
- Perform an overall ML/TF risk assessment with respect to their supervisory process and business operations and determine which factors need to be taken into account.
- Carry out a risk-based approach versus a rule-based approach.
- Assess what constitutes high risk and what type of risks exists in every sector.
- Tailoring supervision to address the relevant ML/TF risks.
- Ability to align the operations and due diligence with the risk profile.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Analyze how supervisors should assess the risks their supervised sectors face and prioritise their activities, in line with the FATF Standards’ risk-based approach.
- Adopt strategies to address common challenges in risk-based supervision & jurisdictional examples, including examples of strategies for supervising non-financial businesses and professions and virtual asset service providers.
- Moving beyond a tick-box approach from both the subject person and the supervisory authority perspective to curb money laundering and terrorist financing.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Support the development of a common understanding of what the risk-based approach involves.
- Carry out a risk assessment of the business and developing a risk management system.
- Outline the high-level principles involved in applying the risk-based approach.
- Determining the frequency and intensity of AML/CFT supervision of DNFBPs on the cognizance of the ML/TF risks, taking into consideration the characteristics of the DNFBPs. · Monitoring and reviewing the ML/TF risks. Conduct jurisdictional risk assessments (JRAs).
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.