In this course students will be introduced to the many areas of law and financial services that are relevant to the study of anti-money laundering, financial integrity, and financial crimes, including the meaning of “financial integrity” and “money laundering;” U.S. and international payments systems and how they are regulated; types of financial institutions (both bank and non-bank) and their inter-relationships; U.S. anti-money laundering statutes and regulations; the numerous U.S. and state financial regulatory, law enforcement, and intelligence agencies; and the international anti-money laundering framework.
Regulatory obligations are numerous, substantial, and increasing. Business and law have become so intertwined that statutes and regulations are not just for lawyers anymore. To perform their responsibilities competently, effectively, and ethically, numerous non-lawyers – including middle-level and top-level executives – must acquire the knowledge and skills needed to navigate regulatory-intensive environments. This course is the foundation for acquiring these competencies by exploring how statutes and regulations come into existence, when they may be invalid, and how courts interpret them. Students will also gain a practical understanding of how to get information about, and interact with, the various U.S. governmental agencies and their processes. This foundational learning will allow students in later, upper level courses to apply their general knowledge to subject-specific material. This core course can provide the same foundational knowledge to students wishing to study any highly regulated industry, such as health, labor, anti-money laundering, or consumer finance.
In this course students will explore the various mechanisms and typologies engaged in by those laundering money. Topics will include trade-based money laundering; cash smuggling; gambling; luxury goods; shell banks and companies; real estate schemes; fraud and identity theft; Ponzi schemes; and diamond, gold, and precious metal trading.
In this course students will focus on the international standards for evaluating national efforts at combatting money laundering and global terrorism. Students will learn about the international standards set by the Financial Action Task Force (FATF) and other international organizations, learn about the mutual evaluation process by which countries’ efforts are measured, and discuss international sanctions.
This course deals with the institutional dynamics that allow compliance officers to interact with “business owners” and regulators in order to properly risk-manage compliance requirements while creating and enforcing a code of conduct that champions an ethical corporate culture. The students are introduced to the Code of Ethics and corporate governance, including the role of the board of directors and executives in managing firms and overseeing risk management and regulatory compliance. The course covers the detection and handling of potential compliance lapses, including the conduct of investigations and the role of whistleblowers and attorney advisors. Students will explore the broader compliance functions of social responsibility, sustainability, and human rights. This course will be useful as a foundation for any student studying any highly regulated field where risk management is required, such as in the health care or finance settings.
In this course students will consider risk, compliance, governance, and ethics issues in the financial institution setting. Students will learn about regulatory compliance requirements, risk assessments, special considerations for complex financial institutions, and how to design an effective AML program (including the five pillars). Students will also study risk leadership, risk categories, and risk management.
In this course students will study the AML/CFT requirements imposed on financial institutions, including customer onboarding, customer due diligence, know your customer, compliance with Office of Foreign Asset Control (OFAC) rules, record-keeping and reporting. Students will consider issues involved in banking high-risk clients and offering high-risk products, and issues for peer-to-peer and crowdfunding platforms. Students will also study high-risk affiliations for financial institutions, such as correspondent banking. Topics of focus will include suspicious activity detection and reporting, structuring transactions, and currency transaction monitoring. Finally, students will learn about on site examinations by regulators.
In this course students will gain a basic understanding of U.S. criminal law, including goals of the American criminal justice system, sources of criminal law, elements of crimes, criminal intent, defenses to liability, and enterprise liability. Students will also gain a basic understanding of U.S. criminal procedure, including the roles played by prosecutors, defense attorneys, victims, and judges; criminal investigations and evidence collection; the criminal process from arrest through conviction; and constitutional protections afforded to criminal suspects.
In this course students will study the remedies available to the U.S. government and individuals for violations of money laundering rules. Students will study enforcement actions brought by governmental agencies, and the remedies that can be sought in those actions, including administrative penalties, criminal and civil penalties, and civil and criminal forfeiture. Students will also discuss private rights of actions that may be brought against financial institutions for violations.
In this course students will study the main types of criminal conduct in which money laundering plays a key role. Subjects covered will include the financing of drug trafficking, human trafficking, global terrorism, and weapons proliferation.
This course will examine in detail how financial intelligence units, investigators, prosecutors, and investigative judges/magistrates cooperate with officials of other jurisdictions in identifying possible financial integrity crimes, investigating and prosecuting those cases, and recovering assets that are candidates for freezing or confiscation. The course will also review the FATF standards for cooperation in civil and criminal matters and methods of compliance assessments, relevant U.N. conventions, model laws and regulations, and a sampling of key national laws and regulations, including those of the United States.
This course will cover the rise of technology and the impact new technology is having on the financial crimes industry. Students will study cryptocurrency, initial coin offerings and crypto asset-backed offerings, blockchain, bitcoin, and the use of artificial intelligence. Students will study the ethics and compliance issues that arise with the advent of new technologies and the growing reliance on technology in operational execution of AML/CFT programs.