This course 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 course evaluates 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 implications 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 course 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, and contextualise the inter–related components of the evolving EU Digital Finance strategy in the context of AML compliance and supervision.
On the successful completion of this course learner will be able to:
- Contextualise the inter-related components of the evolving EU Digital Finance strategy in the context of AML compliance and supervision.
- Evaluate the impact of digital identity solutions on AML compliance in an increasingly digitised
- Analyse the AML compliance risks in an evolving domestic and cross-border payments infrastructure.
- Identify the compliance risks associated with data protection and the ethical use of personal data in Fintech (data driven) operating models.
- Assess the AML compliance risks related to the evolution of regulated and non-regulated crypto-currencies and crypto-asset markets and payment services.
- Outline the key components of the EU’s harmonisation strategy and the stakeholder priorities in implementing AML/CTF best practice in Ireland.
One Applied Research Report – 40%
Final Examination – 60%
1: EU Digital Finance Strategy
Examines 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.
2. Digital Identities
Evaluates 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.
3. AML & Fintech Payments
Assesses 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).
4. Data Protection in a Fintech Environment
Identifies 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.
5. AML & Crypto
Analyses 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.
6. Harmonisation of AML Compliance
Highlights 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.