Risk Sensitive Policies and Controls
6 ECTS
Risk Sensitive Policies and Controls
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Module Description
This module is centred around the fact that firms must establish and maintain policies, controls and procedures to mitigate and manage effectively the risks of money laundering and terrorist financing identified in any risk assessment undertaken and the firm must maintain a written record of those policies, controls and procedures established.
Firms must therefore put in place systems and controls to identify, assess, monitor and manage money laundering risk.
These systems and controls must be comprehensive and proportionate to the nature, scale and complexity of a firm’s activities. Firms must regularly review their risk assessment to ensure it remains current.
Entry Requirements
Candidates who apply for this course must possess the following:
- a qualification at MQF Level 4 (one A-level or equivalent in any subject);
AND
- a pass in English Language and Mathematics at MQF Level 3 (O-level or equivalent).
Target Audience
- This programme is targeted at people within the financial and banking sector, as well as other individuals seeking professional and academic advancement in AML 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:
- 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.
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:
- Assessment 1
- Assessment 2
The programme includes different forms of assessment which allow for and promote students’ critical engagement. The 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:
- Analyse the need of establishing and maintaining effective AML controls.
- Assess the reporting lines within a business.
- Evaluate the information in terms of whether this information is sufficient to enable the business to meet AML obligations.
- Discuss the importance of follow-up and ongoing monitoring.
- Analyse how to approve relationships with high risk customers, including politically exposed persons.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Identify which parts of the business present greater risks of money laundering.
- Develop comprehensive understanding of the of risks associated with different types of customers or beneficial owner, product, transactions, business line, geographical location and delivery channel.
- Identify what policies and controls are to be adopted for the day-to-day operations.
- Explain the need for sanctions compliance.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Analyse the purpose and intended nature of the customer’s relationship with the firm.
- Discuss the importance of collecting information about the customer and, where relevant, beneficial owner.
- Apply customer due diligence procedures in a risk-sensitive way.
- Assess the concept of beneficial owners using complex corporate structures.
- Apply procedures in place that are sufficiently flexible to cope with customers who cannot provide more common forms of identification.
Module-Specific Digital Skills and Competences:
The learner will be able to:
- Navigate through the online learning platform to benefit from assignments, discussion boards, literature, tutorials etc.