In this course students will be introduced to the many areas of law and financial services that are relevant to the study of financial integrity, meaning the combatting of money laundering and the financing of terrorism (“AML/CFT”), and other issues related thereto; various payments systems; types of financial institutions (both bank and non-bank) and their inter-relationships; anti-money laundering statutes, regulations, and policies; relevant regulatory, law enforcement, and intelligence agencies (which are quite numerous in the U.S.); and the international anti-money laundering framework.
In this course students will gain a basic understanding of criminal law, including goals of the criminal justice systems, sources of criminal law, elements of crimes, available defenses, and personal and enterprise liability. Students will also gain a basic understanding of criminal procedure, including the roles played by prosecutors, defense attorneys, victims, and judges; the criminal process from arrest through conviction; and substantive and procedural protections afforded to criminal suspects.
In this course students will examine the key crimes that result in financial proceeds and serve as predicate offenses to the crime of money laundering, including trafficking in human beings; sexual exploitation; illicit trafficking in narcotic drugs and psychotropic substances; illicit arms trafficking; corruption and bribery; environmental crimes; and tax crimes. Students also study the FATF recommendation regarding predicate offenses and differing national approaches to predicate offenses.
In this course students discuss why and how money is laundered. 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 companies; real estate schemes; fraud and identity theft; and diamond, gold, and other precious metal trading.
In this course students are introduced to international standards for combatting money laundering and related crimes. 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 the ramifications when nations fail to comply with international standards.
This course focuses on the threat of global terrorism and international and domestic standards and requirements to counter the financing of terrorism and the proliferation of weapons of mass destruction (WMD). The course will also focus on United Nations, regional, and national sanctions, and resulting restrictions and obligations.
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 conduct business in regulatory-intensive environments. This course is the foundation for acquiring these competencies.
In this course students will study the AML/CFT requirements imposed on financial institutions, including those related to customer onboarding, customer due diligence, 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.
In this course students will consider risk, compliance, governance, and ethics issues in the financial institution setting. Students will learn about regulatory compliance requirements, enterprise risk management, risk management practices, risk assessments, special considerations for different types of financial institutions, and how to design an effective and sustainable BSA/AML Program.
In this course students study key risk leadership and management competencies required of financial integrity professionals. Topics include keys to effective leadership and management; building trusting relationships; change leadership and transformation; the role and responsibilities of the Board of Directors and management; and creating an ethical institutional culture of risk management and compliance.
In this course, students learn about the supervisory process and supervisory examinations by regulators. Students 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 actions that may be brought against financial institutions for violations.
This course examines how financial intelligence units, investigators, prosecutors, and investigative judges/magistrates investigate and prosecute financial integrity crimes, including how officials in different nations cooperate in those investigations and prosecutions. Students also study freezing and confiscation of assets and criminal proceeds.
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.
In this course students will study a current pressing topic in financial integrity. Topics will vary from cohort to cohort.
Each MAFI student will research a financial integrity problem or issue and will develop and write a substantial paper on the problem or issue. The topic and scope of the paper will be developed jointly by the student and the MAFI Executive Director and students will be assigned a capstone advisor. Students are also required to make a final presentation of their capstone paper.