MAFI Courses (2020-2022 Cleveland cohort)
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.
SIS Title: Intro to Financial Integrity
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.
SIS Title: Intro Crim Law and Procedure
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.
SIS Title: Proceeds Crime/Money Laundering
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.
SIS Title: Money Laundering in Practice
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.
SIS Title: Int’l AML/CFT 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.
SIS Title: Combat Financing Terror/Weapon
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.
SIS Title: Leg Reg in Practice (MAFI)
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.
SIS Title: Fin Inst AML/CFT Obligations
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.
SIS Title: Risk Management
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.
SIS Title: Risk Leadership
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.
SIS Title: Superv/Enforce FI AML/CFT Obl
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.
SIS Title: Investigate Prosecute Fin Crim
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.
SIS Title: New Tech AML/CFT Risks
In this course students will study a current pressing topic in financial integrity. Topics will vary from cohort to cohort.
SIS Title: Selected Topics Fin Integrity
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.
SIS Title: Capstone
MAFI Courses (2022-2024 Cleveland and South Africa cohorts – pending faculty approval)
The course will begin with a basic orientation to the Master of Arts program, and follow with faculty presentations on research, writing and plagiarism. Next, the course will provide an overview of how money is “moved” and why, and the basics of the laundering of criminal proceeds. Next, it introduces the Financial Action Task Force (FATF) and its history. It then addresses the entire system of global antimony laundering and combatting the financing of terrorism and proliferation policies and practices—that is, what constitutes “financial integrity.” The purpose of this introductory course is to cover the basics of these policies and procedures and, most importantly, how they fit together to form a comprehensive program. Each will be examined in depth in the remailing courses in the Master of Arts program.
This course will examine in detail measures that banks and other financial institutions are required to implement financial integrity preventive measures. It will begin by putting Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regulation and supervision into the context of general financial institution regulation and supervision other than anti-money laundering, all of which had predated AML/CFT requirements. It will then turn to issues in risk analysis and risk management.
This course covers the basics of financial integrity regulation and supervision, with a focus on customer onboarding and acceptance, record keeping, customer activity monitoring, suspicious activity report preparation, internal controls, including independent testing, and the supervisory process.
This course continues the examination of preventive measures by examining targeted financial sanctions, the role of the U.S. Department of Treasury’s Office of Foreign Asset Control (OFAC) and the creation and implementation of an effective preventive measures compliance program, including a review of requirements for AML/CFT programs, policies, procedures and internal controls, the designation of an AML compliance officer, training of appropriate officers and employees, and an independent AML audit. It will then turn to common deficiencies in such programs at every level across a variety of financial institutions and sectors. Finally, it will examine in depth the case of trade-based money laundering.
This course will begin with an overview of the criminal investigative, prosecutorial, and asset recovery process in the United States, with brief references to other national systems. The course will cover the basics of the crime of money laundering and of selective predicate crimes (or in U.S. lingo, specified unlawful activities). It will then examine the operations of national financial intelligence units in analyzing suspicious activity reports and other data and information. It then reviews the investigation and prosecution of financial integrity crimes, including the use of civil process. The course concludes with discussions of cases.
This course will cover the rise of technology use in compliance and risk disciplines impacting the financial crimes industry. The focus will be on use of Blockchain, artificial intelligence and introduction of new products such as cryptocurrency, initial coin offerings and crypto asset backed offerings. These new technologies lend increased complexity in the role of compliance when dealing with products and technology without an established roadmap. Content and discussions will examine the changing demands on compliance officers and growing reliance of technology in operational execution of the AML/CFT program. It will review the disparate guidance globally which make operational implementation and compliance advice challenging in a fast-paced financial services industry. The takeaway will be to ensure that students are able to apply financial integrity principals as they navigate through the innovative stages.
This course investigates why and how individual instances of money laundering and terrorism financing frequently trigger the need for multi-jurisdictional cooperation and assistance. To investigate and prosecute such cases effectively, national government authorities must request and provide information and evidence of illegal activity to the authorities of other nations, as well as seize and confiscate criminal proceeds and instrumentalities. Procedures for such international cooperation can be complex, but their effective implementation is essential for curbing transnational money laundering and terrorism financing.
Students have a choice to complete either a Capstone Project or a Thesis. In many ways they are the same. They both represent a scholarly effort of high quality. Both should clearly state a problem or issue to be addressed; analyze the nature of the problem or issue--including a review of the existing literature and a statement as to what additions are needed adequately to understand the problem or issue; present an analysis that fulfills the missing knowledge; and state a conclusion. The primary difference lies in scope and focus; a capstone project addresses a problem the student has encountered in the student’s professional practice and concludes with a specific recommendation to address that problem; while a thesis is an academic-focused research project with broader applicability that contributes a new perspective to the field that goes beyond a single problem or issue in practice. Students will, in consultation with faculty, be expected to identify a topic by the end of the first year; an advisor will be assigned at that time to help guide the capstone or thesis project. Following the conclusion of the MAFI course of study, students must present the essence of the capstone or thesis to fellow students and a panel of faculty. The entire process should be enjoyable as well as rewarding.