FCA102 - Anti-Money Laundering Administration

Outline info
Semester
School
Last revision date 2017-11-13 20:14:11.156
Last review date 2017-11-13 20:14:11.158


Subject Title
Anti-Money Laundering Administration

Subject Description
Anti-Money Laundering Administration: The international financial services community is working closely with the government and police force at all levels to contain efforts by organized crime and terrorist groups to launder money and use the financial services system as a conduit for the illicit transfer of funds from the proceeds of crime. The Canadian government has put legislative mechanisms in place and established a financial intelligence unit, FINTRAC, to monitor compliance. This subject will teach students how to design and administer Anti-Money Laundering management programs in conformance with Canadian and international regulatory requirements.

Credit Status
FCA102 is a required subject in the Financial Services Compliance Administration program.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Demonstrate an understanding of key concepts associated with money laundering.
2. Articulate the principles and practices associated with the regulation of anti- money laundering and terrorist financing in an international context.
3. Demonstrate a working knowledge of the Proceeds of Crime and Terrorist Financing (Money Laundering) Act.
4. Prepare a Financial Transactions and Report Analysis Centre ( FINTRAC) suspicious transactions report.
5. Monitor compliance with FINTRAC regulatory reporting requirements.
6. Demonstrate a working knowledge of the money service business and develop a money service business compliance program.
7. Demonstrate a working knowledge of the U.S. anti-money laundering compliance system.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Prerequisite(s)
None

Topic Outline
1.      Anti-Money Laundering: A Global Perspective

  • FINTRAC website:
    • Locate the definitions for money laundering and terrorist financing
2.      The International Regulatory Environment - FATF 48 Recommendations
  • FATF website:
    • Locate and read the 40 recommendations plus nine special recommentations
3.      The Role and Function of: Financial Intelligence Units (FIUs) and Law Enforcement
  • Egmont and FINTRAC websites:
    • Locate the definition of an FIU; consider the interaction between these agencies and law enforcement agencies.
    • Consider the interactions between businesses, FIUs and law enforcement agencies.
 4.      Proceeds of Crime (Money Laundering) and Terrorist Financing Act
  • FINTRAC website contains links to the PCMLTFA, its enacted regulations and higher level descriptions of these pieces of legislation.
5.      Financial Transactions and Report Analysis Centre (FINTRAC) Compliance
  • Though it does not carry the weight of law, FINTRAC also provides a number of plain language guidance documents intended to assist businesses in following the law in Canada.
6.      FINTRAC Reporting and Record Keeping
  • FINTRAC website (continued from above)
7.      FINTRAC: Money Service Businesses
  • FINTRAC website (continued from above)
8.      Registration Program: OSFI's Guideline B-8
  • OSFI website:
    • Review of OSFI's guideline B-8, which is written in relatively plain language.
    • Note the difference between this guidance that applies to federally regulated financial institutions (FRFIs) such as banks operating in Canada.
9.      Canadian Dealership Perspective (IIROC)
  • IIROC website: Canadian Dealership Guidelines
10.   Risk Management Profiles
  • FINTRAC, OSFI and IIROC website
11.   US Anti-Money Laundering Regulation
  • FINCEN website – note some of the differences between Canadian and American AML requirements

Mode of Instruction
Instruction will consist of classroom lectures and interactive discussion.

Prescribed Texts

There is no textbook for this class. Materials available online will be used.

These include, but are not limited to:

Reference Material
Guide to Research & Citation: MLA Style. Seneca Libraries. Latest Version. Seneca College

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.


Modes of Evaluation
Assignment  -  30%
Quizzes        -  30%
Final Exam   -  40% 

Academic Program Manager:
Emiliano Introcaso

Approved by: Academic Program Manager Emiliano Introcaso