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.
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:
- 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.