Insurance safeguards the potential losses of those facing risks. In the context of personal lines, this covers all potential mishaps that are experienced by individuals in their personal capacity. Therefore, it is immediately apparent that we are referring to risks that threaten the assets, health and wellbeing of people in a society.
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 full programme is designed to give the participant a complete outlook on the combatting of such fraud.
The objectives of this programme are to provide the participant with a thorough understanding of the Anti-Money Laundering requirements in Malta and knowledge of aspects involved in the identification and reporting of suspicious or fraudulent transactions.
This Anti-Money Laundering course will also help attendees to develop their knowledge on financial crime and in carrying out the basic functions required by current regulations.
Following successful completion of this course the participant will be able to:
Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compulsory unit
The module will focus on the general money laundering landscape in Malta including the Anti Money Laundering (AML) landscape, laws and regulation in Malta, responsible authorities and general requirements for subject persons in line with the part 1 implementing procedures including; Suspicious Transaction reporting (STR), Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), Customer Risk Assessment (CRA), Business Risk Assessment (BRA), Anti Money Laundering (AML) policies and procedures and reporting obligations.
Financial Services Industry (FSI) (Elective Unit)
The module will focus on the Part II implementing procedures for Virtual Financial Assets Agents / Corporate Service Providers (VFA/CPS) Assets providers.
Gaming Industry (Elective Unit)
The module will focus on the Part II implementing procedures for online and land-based gaming.
| Unit | Month | Date |
| Compulsory Unit | September | 6th, 13th, 20th, 27th |
| October | 4th, 11th, 18th, 25th | |
| November | 1st, 8th, | |
| Elective Unit Financial Services Industry (FSI) Module or Gaming Industry Module | November | 15th |
| November | 22nd |
Lectures will be held on the following dates, between 5.00 – 7.00 pm
Exam will be held on Monday 4th December 2023.
The course consists of a total of 10 sessions of 2 hr duration for the compulsory unit and a total of 2 session of 2.5 hours duration for the elective unit. A further of 75 hours of self-study is required.
Participants preferably need to be in possession of an A Level (Level 3 qualification) or its equivalent or higher; or have 2 or more years of proven experience working in the financial services industry and/or in the field of Anti-Money Laundering.
This programme is intended for practitioners working or wishing to work in industries that are subject to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements (i.e., are subject persons) for example Financial Services and Gaming industries. This award is designed especially for those who have or wish have to Anti Money Laundering (AML) skills or related duties. This includes 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 Money Laundering Reporting Officers MLRO e.g., Risk Officers or Anti Money Laundering (AML) Risk Officers.
At 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%.
A certificate will be issued to successful candidates.
At 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%.
Resit Policy
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.
Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) (Compulsory unit)
Implementing procedures Part 1
Guidance notes: The business Risk Assessment
Supervisory Guidance Paper on Money Laundering and Terrorist Financing Institutional/Business Risk Assessment
Financial Services Industry (FSI) (Elective Unit)
FIAU, 2021 – Implementing procedures Part 1; FIAU, B’Kara, accessible at https://fiaumalta.org/wp-content/uploads/2021/03/20210310_Revised-Implementing-Procedures-1.pdf
Gaming Industry (Elective Unit)
FIAU AND MGA, 2021 – Implementing procedures Part 2; FIAU, B’Kara, accessible at https://fiaumalta.org/wp-content/uploads/2020/11/FIAU-Implementing-Procedures-Part-II_RemoteGaming.pdf
Total Learning Hours
Full course: 25 hours
Hours include contact hours, supervised practice hours, self-study hours and assesment hours.
Stefan Lia, ACII, BA (Hons), MSc, CRISC currently Heads the Governance, Risk and Compliance Function at Betsson Group. His responsibilities include coordinating internal audit, managing the group insurance program, designing, implementing and managing risk management and governance processes and acting as advisor to operational management on various matters.
Stefan started his career working with a Maltese insurer where he was responsible for Commercial Insurance underwriting. This was followed by a stint at the MFSA where he spent over four 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.
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 Glasgow Caledonian University and is certified in Risk and Information System Controls by ISACA.
