Module Code: H7ALTFF
Long Title Anti-Money Laundering, Terrorist Financing and Fraud
Title Anti-Money Laundering, Terrorist Financing and Fraud
Module Level: LEVEL 7
EQF Level: 6
EHEA Level: First Cycle
Credits: 10
Module Coordinator: Philip Shanahan
Module Author: Philip Shanahan
Departments: School of Business
Specifications of the qualifications and experience required of staff  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Demonstrate an enhanced knowledge of Anti Money Laundering (AML), Counter the Financing of Terrorism (CFT) and Financial Sanctions (FS) frameworks in Ireland and the EU, and the challenges facing those with responsibilities towards this legislation
LO2 Develop policies and procedures to ensure compliance with AML/CFT/FS legislation within their organisation
LO3 Analyse the various roles within the governance and oversight of AML/CFT/FS compliance
LO4 Conduct risk assessments of the business and appropriate customer due diligence, in order to understand and mitigate money laundering and terrorist financing risks, and align AML/CFT compliance with the organisations risk management strategy
LO5 Apply principles and procedures to real life work situations both internally (in own organisation), and externally in other types of financial institutions
LO6 Demonstrate an application of AML/CFT compliance through compliance checking and audit, and prepare for regulatory audits in the area of AML, CFT and FS
LO7 Describe how financial fraud can occur in a financial services provider and identify the strategies that can be used to mitigate this risk
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Entry requirements  
 

Module Content & Assessment

Indicative Content
Legislative Overview
•Criminal Justice (Money Laundering & Terrorist Financing) Acts 2010 & 2013 •The International dimension •Financial Action Task Force (FATF) •EU Directives on Money Laundering •Designated persons •Regulatory oversight, Central Bank reports on AML audits, enforcement powers •Key definitions •Guidance •Core obligations on designated persons •The legal system
Governance and Oversight
•Governance structure and AML/CFT •The Money Laundering Reporting Officer (MLRO) •Role and responsibilities •Fitness & probity and the MLRO, stature/seniority within the organisation •Central Bank expectations •Oversight reporting
Risk Based Approach
•CJA and risk-based approach •Identifying risks •Assessing risks •Risk categorisation •Reviewing risk categorisation
Customer Due Diligence (CDD)
•CJA and CDD •Defining CDD •Levels of customer due diligence •Identification requirements •Monitoring of transactions •The link between risk-based approach and customer due diligence
Reporting Suspicions
•CJA and reporting suspicions •Reporting suspicions to the MLRO •Reviewing of suspicions by the MLRO •Reporting suspicions to the authorities
Policy and Procedures
•Developing AML policy and procedures •How policy differs from procedures •Key components of an AML policy •Deciding what is to be included in policy and procedures •Aligning AML policy and procedures with the organisations risk management strategy
Training
•Legislative requirements •Levels of training and who should receive this training •Development and assessment of training
Record Retention
•What records should be retained and in what format •How long records should be retained •Security of, and access to AML records
Financial Sanctions
•What financial sanctions means •Obligations on designated persons •Actions required when a ‘hit’ occurs
AML Compliance Testing
•Oversight – a legal requirement •How to conduct an internal compliance audit and importance of follow up actions •Preparing for an AML regulatory audit •Ongoing compliance testing
Financial Fraud Involving Financial Institutions
•Who is affected by financial fraud •Identity theft •Phishing •Card fraud •Skimming •Counterfeit cards •Advance fee scams •Fund transfer scams •Fraudulent loans •Forged banknotes •Internal fraud •Fraud prevention
Assessment Breakdown%
Coursework60.00%
End of Module Assessment40.00%

Assessments

Reassessment Requirement
Repeat failed items
The student must repeat any item failed
Reassessment Description
Repeat Assessments will be conducted in accordance with current college Assessment Regulations which are available on the Learner portal, in the Learner handbook and through the College internet site. These policies can also be viewed at: https://www.ncirl.ie/Students/Exams Specifically, where a learner fails to achieve a pass on the written exam on this module, he/she must resit another written exam. Failure to achieve a pass on the work-related assignment means he/she will initially be provided with feedback from the lecturer and then asked to re-evaluate the research done and resubmit based the feedback received. An appropriate timescale will be provided. If the learner fails the second written exam, he/she will be afforded a third attempt. A second failure on the work-related assignment means he/she will be given a new assignment and will be given appropriate time to complete and submit. A third failure on either assessment will mean that the learner must repeat the module.

NCIRL reserves the right to alter the nature and timings of assessment

 

Module Workload

Module Target Workload Hours 0 Hours
Workload: Online
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Online classes x 2 6 Every Third Week 2.00
Total Weekly Contact Hours 2.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture 2 x 7 hour workshops 14 Every Third Week 4.67
Directed Learning Directed reading followed by formative assessment 12 Every Week 12.00
Lecturer-Supervised Learning (Contact) No Description 10 Every Week 10.00
Independent Learning Time Independent learning/study/research 210 Every Week 210.00
Total Weekly Contact Hours 26.67
 

Module Resources

This module does not have any book resources
This module does not have any article/paper resources
Other Resources
  • [Reading will be prescribed by lecturer].
Discussion Note: