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Diploma in AML in a Fintech Environment (Level 8)

Diploma in AML in a Fintech Environment (Level 8)

 

The course is aimed at learners with a Level 7 award who wish to specialise in the field of AML risk and compliance with a view to entering the financial services industry, or those with a Level 7 award who are working in Financial Services and who require a qualification in the area in order to progress professionally. As this is an inter-disciplinary qualification it is open to individuals with a background in business, finance or technology.

In the context of the technologically driven innovation in financial services (Fintech), the course assesses the AML Framework from the perspective of a wide range of providers in the Irish Financial Services ecosystem – for example: Credit and Financial Institutions (‘Firms’) and Designated Non-Financial Business and Professions (DNFBP’s).

The course examines the core elements in the AML Cycle and contemporary (technologically enhanced) best practice in the risk assessment, client onboarding, and life cycle management of client accounts for traditional financial institutions, Fintech’s, and other professional services providers.

Analysing 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 another central component to the course’s holistic approach to reinforcing/enhancing the effectiveness of Ireland’s existing AML/CFT compliance regime.

 

You must be a current member of the Compliance Institute (formerly known as ACOI) or the Association of Chartered Certified Accountants (ACCA) to undertake this course.

 

If ACCA members wish to accept their professional designation on completion of the course they must become a member of the Compliance Institute (formerly known as ACOI).

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Description

The programme examines the core elements in the AML Cycle and contemporary (technologically enhanced) best practice in the risk assessment, client onboarding, and life cycle management of client accounts for traditional financial institutions, Fintech’s, and other professional services providers. Analysing 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 another central component to the course’s holistic approach to reinforcing/enhancing the effectiveness of Ireland’s existing AML/CFT compliance regime.

 

MODULE ONE: ANTI-MONEY LAUNDERING (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 examines 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).

Analysing 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 regime.

Finally, this module also assesses 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. Examine 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. Distinguish the critical elements of a contemporary AML programme in an evolving Fintech (digital) environment.
  6. Contexualise the importance of culture and collaboration in the Irish AML Compliance Framework.

 

Summary

ONE_01:  AML Definitions & Requirements – 15%

Examines the 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).

ONE_02: AML Directives and Legislation – 15%

Assesses the evolution of EU AML/CTF Directives, and the subsequence transposition into national (Irish) legislation, in the context in the context of an evolving cross-border Fintech financial services environment.

ONE_03: Sectors & AML Compliance Requirements – 15%

Analyses 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).

ONE_04: The Role of FATF & the National FIU – 15%

Evaluates the updated FATF AML/CTF Recommendations, evaluates 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.

ONE_05: AML in a Fintech Environment – 20%

Distinguishes the potential for innovative solutions to address the core AML compliance and regulatory functions, and analyses the specific AML risks associated with data-driven (digital) technological innovation in financial services.

ONE_06: Compliance (AML) Culture – 20%

Contextualises 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.

 

 

MODULE TWO: 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 assesses 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 evaluates 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.

 

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 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. Examine 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. Differentiates 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

TWO_01:  AML Cycle – 20%

Evaluates the critical inter-related stages of the AML Compliance Cycle – from initial business assessment risk to enforcement of sanctions – from the perspective of the key stakeholders in the effectiveness of the Irish AML Framework.

TWO_02: AML Risk Assessment – 15%

Assesses 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.

TWO_03:  AML Onboarding & Life Cycle Management – 15%

Examines 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.

TWO_04: AML Transaction Monitoring & STR’s -15%

Analyses 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.

TWO_05: AML Investigation & Enforcement – 15%

Differentiates 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.

TWO_06: AML Collaborations – 20%

Contextualises the importance of co-operation of stakeholders in the Irish AML Framework, and analyses the potential for technologically enhanced solutions to enhance the effectiveness of the AML prevention & enforcement.

 

MODULE THREE: EVOLUTION OF AML COMPLIANCE

Overview

This module positions the importance of AML compliance within the EU Digital Finance Strategy and the European Commission’s call for greater harmonisation of AML requirements and enforcement across the EU.

The module analyses a number of areas of regulatory AML-related focus, for example: the adoption and use of digital identities, the innovation in payments infrastructure, and the challenges of both protecting, and sharing, client’s data in an increasingly digitalised environment.

The implication of the growing utilisation of so-called crypto currencies and assets is specifically evaluated the context of recently published EU proposed regulation of Crypto markets.

Overall, the module synergises the evolution of AML regulation and compliance functions to enable stakeholders to establish Ireland as a centre of excellence in the EU’s forward looking strategy for the single market.

 

Aims & Objectives

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

  1. Contextualise the inter-related components of the evolving EU Digital Finance strategy in the context of AML compliance and supervision.
  2. Assess the impact of digital identity solutions on AML compliance in an increasingly digitised Fintech environment.
  3. Analyse the AML compliance risks in an evolving domestic and cross-border payments infrastructure.
  4. Examine the compliance risks associated with data protection and the ethical use of personal data in Fintech (data driven) operating models.
  5. Differentiate the AML compliance risks related to the evolution of regulated and nonregulated crypto- currencies and crypto-asset markets and payment services.
  6. Critically evaluate the key components of the EU’s harmonisation strategy and the stakeholder priorities in implementing AML/CTF best practice in Ireland.

 

Summary

THREE_01:  EU Digital Finance Strategy – 15%

Contextualises the ongoing implementation of the EU’s strategy to support the innovation of financial services across a single market in the context of the risks and opportunities this presents for AML supervision, compliance and enforcement.

THREE_02: Digital Identities – 15%

Assesses the evolution, and application, of digital identity solutions in the monitoring and management of AML compliance and regulatory risk in an increasingly digitised Fintech environment.

THREE_03: AML & Fintech Payments – 15%

Analyses the AML compliance risks and regulatory requirements in the evolving Fintech cross border payments ecosystem, including the impact of peer-to peer (DLT) networks, the adoption of stable coins, and the issuance of Central Bank Digital Coins (CBDC).

THREE_04: Data Protection in a Fintech Environment – 20%

Examines the inter-related compliance risks, and increasing regulatory focus, on the protection, governance, and ethical use of personal and non-personal, data in an increasingly digitised financial services environment.

THREE_05: AML & Crypto – 20%

Differentiates the evolution of crypto-currencies/assets in the context the legal, compliance regulatory and specific AML/CTF risks associated with balancing technological innovation in the Fintech ecosystem with financial stability and effectively functioning AML Framework.

THREE_06: Harmonisation of AML Compliance – 15%  

Evaluates specific areas of compliance risk related to regulatory fragmentation, outline the European Commission’s strategic approach to the harmonisation of the regulation of EU financial services, and identify stakeholder priorities in implementing AML best practice in Ireland.

 

MODULE FOUR: FINTECH INNOVATION & AML COMPLIANCE

Overview

This module analyses the current impact, and future opportunities, of technological innovation in the AML Compliance Cycle.

The module examines, through the demonstration of a range of contemporary AML (RegTech) solutions, the potential of various technologies – machine learning (ML), artificial intelligence (AI), natural language processing (NLP), and distributed ledger technologies (DLT) – to enhance the operational efficiency, and increase the quality of actionable information, of the AML Compliance Cycle.

The evaluation of use cases across several sectors with AML reporting obligations, and an examination of the challenges in implementing innovative solutions, further develops the modules focus on the adopting of best practice in the AML Compliance Cycle.

Finally, to position Ireland as a centre of innovative and regulatory excellence,  the module formulates strategic priorities for stakeholders in the Irish AML/CTF ecosystem.  

 

Aims & Objectives

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

  1. Contextualise the balance in enabling financial services innovation whilst protecting consumers, maintaining financial stability, and enhancing the AML Compliance Framework.
  2. Assess the key concepts and core technologies supporting the innovation and adoption of AML (RegTech) solutions throughout the AML Compliance Cycle.
  3. Examine the range of applications and demonstrate the application of contemporary AML (RegTech) solutions within the AML Compliance Cycle.
  4. Evaluate use case studies of the application of technologically enhanced solutions through the AML Compliance Cycle.
  5. Appraise the challenges in adopting/implementing AML (RegTech) solutions is the context of the EU’s regulatory focus upon Digital Resilience.
  6. Analyse the evolution of RegTech and SupTech innovation in the context of formulating strategic priorities to position Ireland as a centre of excellence in AML compliance

 

Summary

FOUR_01:  Innovation & Regulation – 15%

Contextualises the role of national, and EU regulators, in enabling the innovation of technologically enabled financial services whilst protecting consumers, maintaining financial stability, and enhancing the AML/CTF Compliance Framework.

FOUR_02: RegTech Technologies – 20%

Assesses the key concepts and core technologies driving the innovation in financial services, and demonstration the contemporary, and potential, applications of AML (RegTech) solutions throughout the AML Compliance Cycle.

FOUR_03: AML (RegTech) Solutions – 20%

Examines the range of AML (RegTech) solutions – Knowledge Automation, Change Management, Workflow Management, and Point Solutions – and demonstrates contemporary applications in the AML Compliance Framework.

FOUR_04: AML Use Cases – 15%

Evaluates use cases of the operational effectiveness of a range of solutions offered by Irish domiciled RegTech providers throughout the AML Compliance Cycle.

FOUR_05: Implementing AML (RegTech) Solutions – 15%

Appraises the key factors driving the accelerating adoption of AML (RegTech) solutions across the compliance, risk management, and regulatory reporting frameworks of financial service providers, specifically in evaluating the operational risks in managing third-party vendors.

FOUR_06: Future of AML Compliance – 15%

Analyses the evolution of RegTech and SupTech innovation in the context of formulating strategic priorities to position Ireland as a centre of excellence in the technological & regulatory evolution of AML compliance.

 

 

 

Additional information

Funding Type

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