Description

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

This course 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 course focus on the adoption of best practice in the AML Compliance Cycle.

Outcomes

On the successful completion of this module 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. Classify 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. Identify the challenges in adopting/implementing AML (RegTech) solutions is the context of the EU’s regulatory focus upon Digital Resilience.
6. Summarise 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.

Assessment

One Applied Research Report – 40%
Final Examination – 60%

Course Syllabi

1: Innovation & Regulation
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.

2. RegTech Technologies
Examines 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.

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

4. AML Use Cases
Demonstrates and evaluates use cases of the operational effectiveness of a range of solutions offered by Irish domiciled RegTech providers throughout the AML Compliance Cycle.

5. Implementing AML (RegTech) Solutions
Identifies 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.

6. Future of AML Compliance
Summarises 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.