PAT FinTech

Professional Certificate in AML in a Fintech Environment (ACOI)

Professional Certificate in AML in a Fintech Environment (ACOI)

The course is designed to provide professionals, practitioners and other stakeholders with the skills and competencies that supports a culture of AML compliance that in turn establishes Ireland as a centre of both European and global AML/CTF excellence and innovation.

In the context of the technologically driven innovation in Financial Services (FinTech) the course addresses AML requirements from the perspective of a variety of sectors – for example: Credit and Financial Institutions (‘Firms’) and Designated Non-Financial Business and Professions (DNFBP’s).

The course identifies the core requirements and contemporary (technologically enhanced) best practice in the risk assessment, client onboarding, and life cycle management of client accounts from the perspective of both the financial institutions and professional service providers for example: accountants and auditors.

You must be a current member of the Association of Compliance Officers in Ireland (ACOI) or the Association of Chartered Certified Accountants (ACCA) to undertake this course.

 

If ACOI membership (€150 fee) is required for course accreditation, become a member here

 

If ACCA members wish to accept their professional designation on completion of the course they must become a member of the ACOI.

View the brochure HERE
 
Next Intake: October 2021

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Description

CAFE01: FINTECH AML FRAMEWORK

Overview

This module outlines the AML compliance and regulatory reporting framework in the context of evolving EU AML directives and national legislation. The module addresses AML requirements from the perspective of a variety of sectors – for example: Credit and Financial Institutions (‘Firms’) and Designated Non-Financial Business and Professions (DNFBP’s). Examining the role of the global watchdog Financial Action Task Force (FATF), and evaluating the challenges facing National Financial Investigation Units (FIU’s) in investigating and enforcing AML/CTF actions, is central to the module’s holistic approach to reinforcing/enhancing the effectiveness of Ireland’s existing AML compliance framework. Finally, this module also examines the evolution of AML programmes in an ever increasing digital environment, and aligns the module’s learnings with the importance of a strong compliance – AML/CTF – culture.

 

Aims & Objectives

On the successful completion of this unit learners will be able to:

  1. Summarise the key definitions and regulatory requirements governing the AML Compliance Framework.
  2. Assess the evolution of EU AML Directives and their transposition into Irish (national) legislation.
  3. Differentiate between the AML compliance risks and regulatory requirements across various sectors – financial institutions and professionals – of the payments infrastructure.
  4. Evaluate the role of FATF and the national FIU’s in investigating and implementing effective AML/CTF enforcement.
  5. Identify the critical elements of a contemporary AML programme in an evolving Fintech (digital) environment.
  6. Contextualise the importance of culture and collaboration in the Irish AML Compliance Framework.

 

Summary

CAFE01.1: AML Definitions & Requirements
Introduce key money laundering definitions, the responsibilities of the relevant supervisory authorities, and contemporary money laundering indicators in the context of the core regulatory requirements as established by the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA 2010).
CAFE01.2: AML Directives & Legislation
Evaluate the evolution of EU AML/CTF Directives, and the subsequence transposition into national (Irish) legislation, in the context of an evolving cross-border Fintech Financial Services environment.
CAFE01.3: FinServ Sectors & AML Risks
Analyse AML risks and contemporary guidance from the Central Bank and the EBA, from the perspective of a variety of sectors – for example: segments of the major sectors of Credit and Financial Institutions (‘Firms’) and Designated Non-Financial Business and Professions (DNFBP’s).
CAFE01.4: The Role Of FATF & National FIU
Review the updated FATF AML/CTF recommendations, evaluate the role of FATF and the effectiveness of the co-operation between the Financial Intelligence Unit (‘FIU’), law enforcement authorities, supervisors, and other relevant competent authorities in the Irish AML/CTF Framework.
CAFE01.5: AML In A FinTech Environment
Assess the potential for innovative solutions to address the core AML compliance and regulatory functions, and analyse the specific AML risks associated with data-driven (digital) technological innovation in Financial Services.
CAFE01.6: Fintech AML Compliance Culture
Contextualise AML regulatory requirements, individual accountability, and ongoing Central Bank correspondence, with the importance of a strong compliance culture – specifically in a technologically driven Fintech environment – in the Irish AML Compliance Framework.

 

Delivery

WEEKS 1- 6 Mode Duration
Foundations:

Concepts and Knowledge

Self-Study, on-demand ‘lecture’ or demonstration 2 hours per week
Applications:

Knowledge and Techniques

Self-Study, on-demand ‘lecture’ or demonstration 2 hours per week
Reading and Resources Directed e-Learning Reference material 2 hours per week
Tutorials:

Scenarios and Demonstrations

Live online facilitated by PAT Fintech in conjunction with industry practitioners and specialists as guest faculty 3 hours per week
Quizzes/Tests MCQ Weekly online Self-Complete Assessment To be submitted prior to following Tutorial

 

Assessment

Method of Assessment Weighting (%) Unit Aims & Objectives Assessed
6 Competency-based MCQ’s  30% 1,2,3,4,5,6
Final Scenario-based Examination 70% 1,2,3,4,5,6

 

 

CAFE02: FINTECH AML CYCLE

Overview

This module examines the AML Compliance Cycle from initial risk assessment on prospective new clients through to the enforcement of AML sanctions. Initially, the module identifies the core requirements and contemporary (technologically enhanced) best practice in the risk assessment, client onboarding, and life cycle management of client accounts from the perspective of both the financial institutions and professional service providers (for example: accountants and auditors) providers. The module then addresses the challenges – for example: the quality of data and utilisation of predictive analysis – in providing the competent authorities and the relevant FIU’s with actionable STR information. Finally, the module examines specific examples  – for example: information sharing and analytical resources – of how technology can enhance the effectiveness of the AML compliance cycle.

 

Aims & Objectives

On the successful completion of this unit learners will be able to:

  1. Evaluate the critical inter-related stages of the AML Compliance Cycle and the perspective of the key stakeholders in the Irish AML Framework.
  2. Assess the AML/CTF regulatory requirements, Central Bank guidance, and contemporary best practice for the risk assessment of new counterparties and customers.
  3. Demonstrate contemporary best practice in the onboarding, and lifecycle management of new counterparties/clients in an evolving regulatory and technological (Fintech) environment.
  4. Analyse the effectiveness of transaction monitoring processes, the quality of STR information, and the potential of technologically enabled solutions in the AML Compliance Framework.
  5. Identify the challenges (regulatory, information sharing, and optimising resources) in investigating STRs and enforcing AML sanctions.
  6. Contextualise the importance of stakeholder co-operation, and analyse the potential for technologically enhanced solutions to enhance the effectiveness of the AML prevention & enforcement.

 

Summary

CAFE02.1: AML Compliance Cycle
Evaluate the critical inter-related stages of the AML Compliance Cycle – initial business assessment risk to enforcement of sanctions – from the perspective of the key stakeholders in the effectiveness of the Irish AML Framework.
CAFE02.2: Fintech AML Risk Assessment
Assess the AML/CTF regulatory requirements, Central Bank guidance, and contemporary best practice for the identification, verification, risk assessment, and continuing due diligence of new counterparties and customers.
CAFE02.3: Fintech AML Onboarding & Life Cycle Management
Demonstrate contemporary best practice in the onboarding, and lifecycle management of new counterparties/clients in the context of evolving EU Directives and the potential for innovative solutions to address the core Anti-Money Laundering (AML) compliance and regulatory risks in a Fintech operating environment.
CAFE02.4: Fintech AML Transaction Monitoring & STRs
Analyse the Central Bank and EU guidance of the implementation of effective transaction monitoring and STR reporting in the context of the Irish AML Framework, evolving regulatory requirements, and potential for innovative solutions to mitigate these risks.
CAFE02.5: AML Investigation & Enforcement
Identify the challenges (regulatory fragmentation, information sharing, and FIU resources) in investigating STRs, and assess proposals to enhance the enforcement of AML sanctions in the Irish AML Framework.
CAFE02.6: AML Collaboration
Contextualise the importance of co-operation of stakeholders in the Irish AML Framework, and analyse the potential for technologically enhanced solutions to enhance the effectiveness of the AML prevention & enforcement.

 

Delivery

WEEKS 1- 6 Mode Duration
Foundations:

Concepts and Knowledge

Self-Study on-demand ‘lecture’ or demonstration 2 hours per week
Applications:

Knowledge and Techniques

Self-Study on-demand ‘lecture’ or demonstration 2 hours per week
Reading and Resources Directed e-Learning Reference material 2 hours per week
Tutorials:

Scenarios and Demonstrations

Live online facilitated by PAT Fintech in conjunction with industry practitioners and specialists as guest faculty 3 hours per week
Quizzes/Tests MCQ Weekly online Self-Complete Assessment To be submitted prior to following Tutorial

 

Assessment

Method of Assessment Weighting (%) Unit Aims & Objectives Assessed
6 Competency-based MCQ’s  30% 1,2,3,4,5,6
Final Scenario-based Examination 70% 1,2,3,4,5,6,

 

 

Additional information

Funding Type

ACOI Members (IFS Funding), ACOI Members (Direct Payment), IFCA Members (Direct Payment), ENFCO Members (Direct Payment)