Transparency of Beneficial Ownership
6 ECTS
Transparency of Beneficial Ownership
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€613 refund on this module
Module Description
This module delves into the importance of ascertaining who the ultimate beneficial owner is.
The issue of transparency of beneficial ownership has gained relevance over the last years. It plays a central role in tax transparency, and in ensuring the integrity of the financial sector and law enforcement efforts.
Tax evasion, corruption and money‑laundering are facilitated through the misuse of legal entities and legal arrangements.
By using complex structures, the identity of the “true owners” of assets, including financial ones, and the true purpose of the assets and their origin can be hidden.
This module assesses these risks along with other aspects such as the threat from bearer shares or nominee shareholders or directors, or from entities, such as trusts, shell companies or inactive companies and other similar structures.
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:
- Be able to examine the concept of beneficial ownership.
- Explain how to identify beneficial owners.
- Analyse the importance of transparency of beneficial ownership in the financial and non‑financial sectors.
- Describe the interaction of beneficial ownership and the international standards on anti‑money laundering and combating the financing of terrorism.
- Assess the importance of a multi-pronged approach.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Assess and address the risk posed by legal person and legal arrangements to, not only by those created in the country, but also by foreign-created persons which have or have not sufficient links with the country.
- Acknowledgment and appreciation of the fact that access to information by competent authorities should be timely, and information should be adequate for identifying the beneficial owner, accurate – based on verification – and up to date.
- Full comprehension of what is an effective system to identify the beneficial owner behind the legal persons.
- Explain the relationship between the technical compliance and the effectiveness in relation to beneficial ownership.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Ability to explain how the measures that countries implement to enhance transparency of beneficial ownership may provide a platform to more effectively address serious concerns, such as corruption, as well as to meet international standards.
- Explain the connection between CDD measures and specific transparency measures.
- Explain the importance of knowing the ultimate beneficial ownership in different sectors both financial and non-financial.
- Assess the importance of having measures in place that prevent the misuse of legal persons for money laundering or terrorist financing.
- Assessed best practices by other countries on ensuring that there is adequate, accurate and timely information on the beneficial ownership and control of legal persons that can be obtained or accessed in a timely fashion by competent authorities.
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.