Announcements
Course WhatsApp Group
Joining the course's WhatsApp group offers several benefits that can enhance your learning experience. Firstly, it provides immediate and direct communication with the academy, ensuring you receive important updates promptly. You will also be notified of any cancellations or postponements of lectures, allowing you to stay informed and plan accordingly.
Additionally, the group serves as a platform for sharing ideas and collaborating with your coursemates, fostering a supportive learning community. We encourage you to join, by clicking on the button below, and actively participate in discussions, as this will enrich your academic journey.
Academy Documents
Kindly access the Students' Policies & Forms by clicking on the button below. The following documents, among others, can be found there: Student Handbook, Student Code of Conduct, Students' Privacy Notice, Deferral, Suspension, and Cancellation Policy, Assignment Extension Policy, Re-Sit Policy, Complaints Procedure Policy, Equality Policy, and Student Disciplinary Policy.
Online Sessions' Link
To join the online sessions for this module, please click on the button below. If you are not already signed in to your Zoom account, you will be prompted to register your attendance. You will also need to enter the password provided below.
Meeting ID: 879 3311 1007
Passcode: 731311
Please ensure that your name and surname appear as registered for the study programme, as this is essential for recording your attendance.
Lecture Schedule & Notes
Lecture notes will be available during the week following the respective lecture. Schedule dates are indicative and may change. All changes, if any, may be communicated via email, SMS or telephone calls.
Lecture | Date | Time | Presentation | Notes (If Any) | Session Recording |
---|---|---|---|---|---|
Lecture 01 | 30 October 2024 | 09:00 to 11:30hrs | Presentation 01 | Request | |
Lecture 02 | 6 November 2024 | 09:00 to 11:30hrs | Presentation 02 | Request | |
Lecture 03 | 4 December 2024 | 09:00 to 11:30hrs | Presentation 03 | Request | |
Lecture 04 | 11 December 2024 | 09:00 to 11:30hrs | Presentation 04 | Request | |
Lecture 05 | 18 December 2024 | 09:00 to 11:30hrs | Presentation 05 | Request | |
Lecture 06 | 8 January 2025 | 09:00 to 11:30hrs | Presentation 06 | Request | |
Lecture 07 | 15 January 2025 | 09:00 to 11:30hrs | Presentation 07 | Request | |
Lecture 08 | 22 January 2025 | 09:00 to 11:30hrs | Presentation 08 | Request | |
Presentations - Part 1 | 12 February 2025 | 09:00 to 11:30hrs |
Lecturers
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
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,
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,
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)
- FIAU - The Business Risk Assessment Guidance Note
- 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. The second part of the lecture will focus on relying on third parties for certain CDD measures, as well the outsourcing of aspect of the AML/CFT functions.
Core Reading List
- Financial Intelligence Analysis Unit, Implementing Procedures, Part I, 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)
- FIAU Guidance Note - Common Issues related to the Money Laundering Reporting Officer
Lecture 9 - Presentations Part 1
Lecture 10 - Presentations Part 2
Methods of Assessment
1 Assignment 80% of final score
1 Presentation 20% of final score
Assignment
You are required to choose one of the three questions available in the Assignment Submission Form made available by clicking the button below. The assignment must be submitted no later than Thursday, 27th February 2025, along with the Assignment Submission Form. Please ensure that you indicate the question you have addressed on the Assignment Submission Form.
For guidance on how to plan, draft, and submit your assignment, please refer to the 21 Academy presentation on Writing and Submitting Your Assignment by clicking the button below.
Writing and Submitting Your Assignment
We are also providing the 21 Academy's Assignments Rubric for your reference. This rubric is a performance-based assessment tool that tutors will use for grading, and it will help you understand the requirements of the assignment and how it will be assessed.
Presentation
You also have to prepare and deliver a 10 minute presentation on your assignment. The presentation will be delivered on 12 February 2025.
A Presentation Rubric is being made available for your guidance below. 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 presentation and how your presentation will be graded.
Your presentation should be also be submitted in pdf format on Turnitin by not later than 30 minutes before it is being delivered. Do not scan the presentation but convert/save it directly to pdf.
Note that the submitted presentations will be scanned for plagiarism.
Referencing Style
Your assignments, presentations and reflective notes should be referenced using the Harvard Referencing style. Please follow a short video, by clicking on the button below, to understand this referencing style.
Submitting Assignments and Presentatations - Turnitin
The Academy will notify you via email when the assignment questions become available. Shortly after, you will receive another email from Turnitin, likely on the same day, confirming your enrolment in a "class" where you can upload your assignment(s).
Please ensure that your assignments are submitted no later than 23:59 on the assignment submission deadline, as indicated on the Assignment Submission form or in the Turnitin "class."
At 21 Academy, you have the option to submit multiple drafts before the final submission deadline. The version uploaded at the deadline will be treated as your final submission for assessment. Please note that Turnitin evaluates the same assignment twice within a 24-hour period, so any additional submissions during this time will not be reviewed until the 24-hour period has passed. Ensure that your final submission does not exceed 20% similarity, particularly when using direct quotations.
Follow this very short video to understand how to submit your assignment through Turnitin
To understand the similarity report generated by Turnitin follow this 1 minute video