ICA Specialist Certificate in Financial Crime Risk in Mobile Financial Services

Why Attend

Evaluate the specific financial crime risks mobile financial services present and explore the potential vulnerabilities within the range of products, services and market participants. Learn more about the effectiveness of CDD approaches and gain the tools to manage financial crime effectively. This course is awarded in association with Alliance Manchester Business School, the University of Manchester.

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Course Objectives

  • Essential financial crime concepts
  • Fundamentals of mobile financial services
  • Mobile financial services in practise
  • Mobile financial services and the risk-based approach
  • Mobile financial services and customer due diligence
  • The future of mobile financial services- advances and regulations

Target Audience

• Compliance, AML and financial crime officers
• Money laundering reporting officers
• Managers responsible for internal compliance controls
• Internal and external audit staff
• Company secretaries
• Legal practitioners and support staff
• Accountants

Unit 1 Essential Financial Crime Concepts

  • What is money laundering?
  • Identifying suspicious activity
  • Customer Due Diligence
  • The risk based approach
  • Money laundering and terrorist financing
  • Understanding sanctions
  • Understanding fraud


Unit 2 Fundamentals of Mobile Financial Services

  • Defining Mobile Financial Services
  • Factors in MFS development
  • The international legal and regulatory context
  • Jurisdictional examples


Unit 3 Mobile Financial Services in Practice

  • How mobile money works
  • Business models
  • Wider MFS products
  • Vulnerabilities
  • Risk Factors
  • Sanction and PEP vulnerabilities
  • Financial crime trends and typologies


Unit 4 Mobile Financial Services and the Risk-Based Approach

  • Assessing risk and applying the risk-based approach
  • MFS risk assessment and perceptions
  • New payments methods risk matrix
  • Segmentation of services
  • Third-party risks
  • Training
  • Reviewing AML and CFT systems


Unit 5 Mobile Financial Services and Customer Due Diligence

  • What is the goal of an effective customer due diligence programme?
  • Simplified CDD vs enhanced due diligence
  • When should you carry out CDD?
  • CDD under the risk-based approach
  • Determining the source of wealth and funds
  • Maintaining up-to-date CDD and record keeping
  • Regulatory examples


Unit 6 The Future of Mobile Financial Services – Advances and Regulations

  • The future
  • Industry actions
  • Interoperability and cross border
  • Technology
  • Advances and disadvantages
  • Financial inclusion, integrity and regulation

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