Announcements
Announcement 01 - Announcement 01 - Welcome
Announcement 02 - Assignments questions have been made available below. A link to a video presentation on how to write and submit your assignment has also been made available as well as a link to download the 21 Academy's assignments and presentations rubrics. Scroll down to the bottom of the page.
Academy Documents
Lecture Presentations
Lecture presentations will be available during the week following the lecture.
Lecture 1 - Session 01
Lecture 2 - Session 02
Lecture 3 - Session 03
Lecture 4 - Session 04
Lecture 5 - Session 05
Lecture 6 - Session 06
Lecture 7 - Session 07
Lecture 8 - Session 08
Lecture Summaries & Suggested Reading
Lecture 1 - Introduction to Anti-Money Laundering and Funding of Terrorism and understanding the impact of non- compliance
This lecture will delve into the definition of the offences of money laundering and funding of terrorism from a theoretical perspective. The roles of international and European law-making bodies will also be discussed. Through this lecture, participants should develop a practical understanding of the notions of money laundering and funding of terrorism and articulate a general understanding of the Global/European and articulate an understanding of regulatory requirements and obligations to business management and directors.
Core Reading List
- Financial Intelligence Analysis Unit, Part I, Implementing Procedures- Chapter 1
- Prevention of Money Laundering Act (Cap.373 of Laws of Malta)
- Prevention of Money Laundering and Funding of Terrorism Regulations (Subsidiary Legislation 373.01)
- Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (“4th AML Directive)
- Directive 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (“5th AML Directive”)
Supplementary Reading List
- Cox, D., (2014). Handbook of Anti-Money Laundering
- Parkna, T., (2012) Mastering Anti-Money Laundering and Counter Terrorist Financing
- Brian Seymour (2008) Global Money Laundering, Journal of Applied Security Research, 3:3-4, 373-387, DOI: 10.1080/19361610801981001 available at https://www.tandfonline.com/doi/abs/10.1080/19361610801981001?journalCode=wasr20
Lecture 2 - Understanding Maltese Legislation on Money Laundering and Funding of Terrorism
This lecture will examine Malta’s regime for combatting anti-money laundering and the funding of terrorism through a detailed analysis of the salient features of the Prevention of Money Laundering Act and Prevention of Money Laundering and Funding of Terrorism Regulations. Through this lecture, participants should be able to develop an understanding of the local regulatory requirements relating to money laundering and terrorist financing, identify issues related to these offences, the powers of local authorities such as the FIAU and the Police and the reporting requirements to such authorities.
Core Reading List
- Financial Intelligence Analysis Unit, Part I, Implementing Procedures- Chapter 1, Chapter 2
- Prevention of Money Laundering Act (Cap.373 of Laws of Malta)
- Prevention of Money Laundering and Funding of Terrorism Regulations (Subsidiary Legislation 373.01)
- Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (“4th AML Directive)
- Directive 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (“5th AML Directive”)
Supplementary Reading List
- Cox, D., (2014). Handbook of Anti-Money Laundering
- Parkna, T., (2012) Mastering Anti-Money Laundering and Counter Terrorist Financing
Lecture 3 - FIAU Implementing Procedures
This lecture will examine the FIAU Implementing Procedures Part I. Through this lecture, participants should be able to develop an understanding of these Implementing Procedures, which Procedures elaborate on the legislative framework examined in the previous two sessions.
Core Reading List
- Financial Intelligence Analysis Unit, Part I, Implementing Procedures - Chapter 1
Lecture 4 - Conducting customer Due Diligence Part 1
The following topics will be covered in this lecture:
- Defining Customer Due Diligence (CDD)
- The value of CDD
- Identification and Verification – requirements and obligations for each typology of customer
- Identifying the Customer and Beneficial Owner/s – defining beneficial ownership for each typology of customer
Core Reading List
- Financial Intelligence Analysis Unit, Implementing Procedures, Part I, Chapter 4
- The Joint Money Laundering Steering Group (JMLSG), Guidance Document, Part 1, Chapter 5, https://secureservercdn.net/160.153.138.163/a3a.8f7.myftpupload.com/wp-content/uploads/2020/07/JMLSG-Guidance_Part-I_-July-2020.pdf
Lecture 5 - Conducting customer Due Diligence Part 2
The following topics will be covered in this lecture:
- The importance of establishing the purpose and intended nature of the relationship
- Understanding Source of Wealth and Source of Funds
- Ongoing Monitoring – Customer reviews, updating CDD and transaction monitoring
- The importance of Screening – Screening tools and how best to interpret the results
- Sanctions Screening – Obligations and best practice
- Timing of CDD measures
- CDD on a risk-based approach
- Simplified Due Diligence – When and how
- Enhanced Due Diligence – When and how
- Failure to complete CDD – Consequence and repercussions
Core Reading List
- Financial Intelligence Analysis Unit, Implementing Procedures, Part I, Chapter 4
- The Joint Money Laundering Steering Group (JMLSG), Guidance Document, Part 1, Chapter 5, https://secureservercdn.net/160.153.138.163/a3a.8f7.myftpupload.com/wp-content/uploads/2020/07/JMLSG-Guidance_Part-I_-July-2020.pdf
Lecture 6 - Application of a Risk based approach
This lecture will analyse in detail the requirements around the risk-based approach, including the BRA and CRA requirements and the application of SDD and EDD. Attendees should therefore develop an understanding of the application of a risk-based approach.
Core Reading List
- Financial Intelligence Analysis Unit, Part I, Implementing Procedures
- Prevention of Money Laundering and Funding of Terrorism Regulations (Subsidiary Legislation 373.01)
- Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (“4th AML Directive)
Lecture 7 - Politically Exposed Persons and Reliance on Third Parties
Politically Exposed Persons (“PEPs”) pose a high risk of ML/FT due to the position they occupy and the influence they exercise. PEPs may abuse of their prominent public functions for private gain, the application of EDD measures is therefore necessary to mitigate the potential risks of ML/FT that arise when a subject person deals with PEPs.
This lecture will firstly delve into the definition of a PEP at law and identify several key factors to consider when determining whether such person qualifies as a PEP. Furthermore, participants will be guided on the required enhanced due diligence measures when dealing with PEPs.
Core Reading List
- Financial Intelligence Analysis Unit, Part I, Implementing Procedures - Chapter 4
- Prevention of Money Laundering Act (Cap.373 of Laws of Malta)
- Prevention of Money Laundering and Funding of Terrorism Regulations (Subsidiary Legislation 373.01)
- Malta Financial Services Authority “Guidance on Politically Exposed Persons”
Supplementary Reading List
- Raymond Choo, K. (2008), "Politically exposed persons (PEPs): risks and mitigation", Journal of Money Laundering Control, Vol. 11 No. 4, pp. 371-387.
Lecture 8 - Money Laundering Reporting Officer Obligations and reporting procedures
This lecture will focus on the obligations of the Money Laundering Reporting Officer (“MLRO”) and aims to clearly identify the areas which need to be closely monitored and reported on as part of such officer’s obligations arising out of AML and CFT legislation and regulations. Through this lecture participants should become familiar with the various roles and responsibilities of an MLRO.
Core Reading List
- Financial Intelligence Analysis Unit, Part I, Implementing Procedures- Chapter 5
- Prevention of Money Laundering Act (Cap.373 of Laws of Malta)
- Prevention of Money Laundering and Funding of Terrorism Regulations (Subsidiary Legislation 373.01)
Lecture 9 - Presentations Part 1
Lecture 10 - Presentations Part 2
Assignment
You have to choose 1 out of the 3 questions which are available in the Assignment Submission form. The assignment should be submitted by not later than Wednesday 15th January 2021. The assignment has to be submitted together with the Assignment Submission Form which is available below. Note that you also have to prepare and deliver a 20 minute presentation on your assignment. The date when you have to deliver the presentation will be given to you shortly and will be either on the 15th or 17 December.
If you need information on how to plan, draft and submit your assignment follow the 21 Academy presentation on Writing and Submitting your Assignment.
We are also making the 21 Academy's Assignments Rubric and the Presentations Rubric available for your guidance. This is a performance-based assessment tool. Tutors will use the rubric to assist them to allocate scoring while it allows students to understand what is required in the assignment and presentation and how each will be graded.
Assignment should be sent accompanied by the respective assignment submission form on info@advisory21.com.mt. Please send assignment in pdf format. Do not scan assignment but convert/save it directly to pdf.
Note that the submitted assignments will be scanned for plagiarism.