Page 31 - CAPE Financial Services Syllabus Macmillan_Neat

UNIT 1
MODULE 3: GOVERNANCE, REGULATIONS AND ETHICS (cont’d)
SPECIFIC OBJECTIVES
Students should be able to:
1. discuss the concept of money
laundering with reference to
financial institutions ;
2. describe the money laundering
process;
3. describe the common offences of
money laundering;
4. describe how accounts are
monitored to prevent money
laundering;
5. discuss the concept of cyber
security;
CXC A38/U2/16
CONTENT
(a) definition of money laundering;
(b) money laundering regulation is
heavily focused on financial
institutions; and,
(c) discussion on financial institutions as a
conduit of money laundering.
Money laundering process:
(a) placement of funds;
(b) layering (to conceal source); and,
(c) integration (untraceable to original
source).
Common offences of money laundering:
(a) laundering proceeds of the crime;
(b) failure to report knowledge or
suspicion of money laundering; and,
(c) alerting suspect.
Monitoring Account to include:
(a) customer Due Diligence (verifying
customer background and source of
funds);
(b) timing of verification;
(c) requirement to cease transactions;
(d) simplified Customer Due Diligence;
and,
(e) enhanced Due Diligence.
(a) Cybercrime;
(b) Cyber security; and,
(c) The effects of cybercrime and cyber
security.
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