Award in Anti Money Laundering

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General information

To be confirmed
17:00–19:30 CET


Money laundering is the process by which criminals attempt to conceal the true criminal origin and ownership of the proceeds of their criminal activities. As fraud and money laundering become more and more sophisticated, operators in the financial services must ensure that they build more sound and robust internal structures to detect, monitor and prevent money being laundered into their firm. The award in anti money laundering programme is designed to give the participant a complete outlook on combatting this fraudulent activity.


The objectives of this programme are to provide the participant with a thorough understanding of the anti-money Laundering function and knowledge of aspects involved in the identification and reporting of suspicious or fraudulent transactions. This course will also help attendees to develop their knowledge on financial crime.

Learning outcomes

At the end of this seminar participants should be able to:

  • Understand how money is laundered through layering and placement and integration
  • Be aware of the relevant legislation and what such seek to achieve;
  • Know the role and function of certain institutions in the combat of money laundering particularly the MFSA and the FIAU;
  • Knowledge of the operational aspects of identifying, monitoring and reporting suspicious activity and transactions.

This course is particularly suitable to those who aspire to become Money Laundering Reporting Officers or who are earmarked to deputising for such a role.

This programme is intended for practitioners working in the Financial Services Industry especially those with specific fraud prevention or Anti Money Laundering duties. Therefore, it applies to all employees or practitioners involved directly or indirectly with business transactions involving the use of financial means. It is of particular relevance to Money Laundering Reporting Officers (MLRO) and those who are acting for or deputising or assisting the MLRO.

Participants preferably need to be in possession of a level 3 qualification or higher and have 2 or more years’ experience working in the financial services industry / in the field of Anti Money Laundering.

A certificate will be issued to successful candidates and distributed during the presentation of certificates event held annually.

The Malta Qualifications Council deems this CPD Award of 4 credits to be at Level 4 on the Malta Qualifications Framework (MQF) and on the European Qualifications Framework (EQF) for Lifelong Learning.

The course consists of 25 contact hours and held once a week. A total of 10 sessions of 2.5 hours duration (17:00-19:30 CET). A further of 75 hours of self-study is required. Examinations will be held between 0930-1130hrs on a Saturday

Towards the end of the programme, candidates will be required to undertake a two (2) hour written exam consisting of 10 compulsory questions covering all topics. Pass mark is set at 55%.

  • More than one (1) re-sit attempt is allowed.
  • The re-sit will take place on the same date of the corresponding awards of the subsequent intake.
  • Re-sit exam fee is €60 inclusive of one (1) revision session.

Mr Stefan Lia

Stefan Lia, ACII, BA (Hons), MSc, CRISC is a qualified risk professional with experience working in various industries including Gaming, Insurance and other financial services.

He currently Heads the Governance, Risk and Compliance Function at Betsson Group. His responsibilities in include running the Enterprise Risk Management Process and supporting the AML Business Risk Assessment, coordinating internal audit, managing the group insurance program, designing and implementing risk management and governance processes and acting as advisor to Operational Management on various matters.

Stefan has vast experience working with the Financial Services and Gaming industries. He started his career working with a local insurance Company where he was responsible for Commercial Insurance underwriting. This was followed by a stint at the MFSA where the spend over 4 years as part of the Consumer Complaints Unit.

Prior to joining Betsson in his current role, he was part of the team Risk Advisory at Deloitte Malta. In this role Stefan worked with various local and international clients from Gaming and Insurance on various matters around insurance, AML, Financial Regulation and Compliance.

Stefan holds an Advanced Diploma in Insurance from the Chartered Insurance Institute, a BA Hons in Financial Services from University of Edinburgh Napier and MSc in Risk Management from Galsgow Caledonian University and is Certified in Risk and Information System Controls by ISACA.


Dr Diane Bugeja

Diane practices primarily in financial services law, financial regulation and anti-money laundering regulation, providing advice to local and overseas clients on the impact of the current and forthcoming regulatory regime on their business models. Diane also advises clients on the regulatory aspects of a wide range of transactions, including licensing-related matters, capital markets initiatives and on-going liaison with regulatory authorities more broadly.

Diane joined the firm as an Associate in 2016 and was promoted to Senior Associate in January 2017. She was previously a risk and regulatory consultant at a Big Four audit firm, working in Malta and in London, and subsequently joined the enforcement departments of the UK and Maltese financial services regulators. Diane successfully completed her PhD in Law in 2017.

She is a visiting lecturer at the University of Malta, Insurance Department and is regularly invited to speak at conferences and deliver seminars on various aspects of financial services law and insurance more specifically.

Introduction and background of AML
Monday 5th October 2020
Prevention of money laundering act
Monday 12th October 2020
The Financial Intelligence Analysis Unit (FIAU)
Monday 19th October 2020
Regulation and legislation
Monday 26th October 2020
Suspicious transaction reports
Monday 2nd November 2020
Customer due diligence 1
Monday 9th November 2020
Customer due diligence 2
Monday 16th November 2020
Simplified vs enhanced due diligence
Monday 23rd November 2020
Reporting procedures and obligations
Monday 30th November 2020
Further obligations of licensed entities
Friday 4th December 2020
EXAM: 0930 – 1130hrs
Saturday 12th December 2020
Dispatch of Exam results by post: 26th January 2021

Module 1: Understanding AML and its framework

Introduction and background of AML

  • Introducing the money laundering process
  • Defining money laundering and terrorism financing
  • An outline of the differences between the two
  • International and European conventions/standards/legislation
  • The local legislative and regulatory framework

Prevention of Money Laundering Act

  • Main features
  • Offences
  • Entities and persons subject to PMLFTR
  • Introducing the roles and structures of the FIAU
  • Investigation and preventive tools:
    • Investigation order
    • Postponement order
    • Attachment order
    • Monitoring order
    • Freezing order
    • Confiscation/forfeiture order

The Financial Intelligence Analysis Unit

  • Organisational structure
  • Functions
  • Compliance monitoring (off-site and on-site monitoring)
  • Powers

Regulation and legislation

  • The 3rd and the proposed 4th AML Directive
  • The Maltese Legislative Framework

Module 2: AML Operations and Obligations

Suspicious transaction reports

  • Dealing with STRs
  • Analysing the information available
  • Obtaining more information: Open and closed sources
  • Submitting STRs to the FIAU
  • Assessing the quality of STRs
  • Examples of STRs – Case Studies

Customer due diligence 1

  • Defining Customer Due Diligence (CDD)
  • Purpose of CDD
  • CDD concepts
  • Process of accepting a new customer
  • Identification and verification
  • Applicant for business
  • Beneficial owner
  • Principal
  • Natural Person
  • Company or partnership
  • Foundation or Association
  • Trustee of a trust

Customer due diligence 2

  • On-going monitoring
  • Distinguishing between source of wealth and funds
  • Timing of CDD
  • Failure to complete CDD
  • Reliance
  • Levels of due diligence
  • Risk based approach

Simplified vs enhanced due diligence

  • Face to face VS non-face to face
  • Politically exposed persons (PEPs)
  • Reputability of jurisdictions

Reporting procedures and obligations

  • Rational behind reporting
  • Reporting and other obligations
  • MLRO and the role of the designated employee (Duties and appointments)
  • Internal and external reporting
  • Subjective and objective tests
  • Actions after reporting
  • Monitoring order
  • Additional reporting obligations

Further obligations of licensed entities

  • Record keeping
  • Awareness and training
  • Vetting of employees
  • Procedures manual

€600 per participant

The course fee includes:

  • Course material, notes, sample questions, specimen examination papers and/or other educational material
  • Examination and Certification

  • Companies effecting group bookings (four or more participants) are entitled to a 10% discount. For group bookings kindly send an e-mail to
  • A 25% cancellation fee is payable for cancellations received within 15 days of the start of the programme.
  • No refund will be entitled after the commencement date of the programme.