International Diploma in AML – Cohort 17
Assignment One
Submission due date: 8 June 2020
Please read through the following guidance notes before writing your assignment.
Submitting your assignment
1. Please collate your assignment as a single document in a Microsoft Word format.
2. Save the assignment as your candidate ID number, e.g. CON XXXXXXXXXX.
3. All marking is anonymous, which means your name should not appear on your work.
4. You must state the region/jurisdiction in which you are working in the header of each
page.
5. You must ensure that all your work is properly referenced.
6. Penalties will be applied to those candidates who submit their assignment after the
due date.
Word count
7. The total word count for this assignment should be between 3,000 and 3,500 words.
This includes all in-text references and appendices but excludes any footnotes,
eference page or contents page. N.B. Appendices should only be used in exceptional
circumstances and should consist of only
ief extracts or tables.
8. The number of words per part of the question should be in proportion to the number of
marks allocated.
9. Penalties will be applied for excessive overall word count.
Academic malpractice
ICA regards plagiarism and other forms of academic malpractice, such as collusion and
fa
ication, as serious academic offences.
10. When submitting your assignment to ICA you have responsibility for ensuring that:
a. it is entirely your own work, except where you have given fully documented
eferences to the work of others
. the material contained in your assignment has not previously been submitted
for assessment in any formal course of study.
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found elsewhere on the Internet, in books and journals or in work previously submitted.
12. ICA has issued guidelines on academic malpractice to help clarify for you what will be
considered as constituting such offences and to indicate the nature of the penalties
that may be imposed where they occur.
Further advice on all aspects of assignment writing and submission is available in the
ICA Assessment Handbook.
Your assignment question is on the next page
International Diploma in AML - Cohort 17 – Assignment 1 – 8 June 2020
2 ICAA562
All parts of the questions can be answered in relation to a jurisdiction with which you
are familiar.
The name of the jurisdiction you have selected should be clearly stated in your
answer.
Answer all parts of the question.
Question
a) Given the heavy penalties that can flow from a
each of sanctions, suggest measures
that a financial institution might take to minimise the risk of a significant sanctions
each.
(15 marks)
) With reference to a jurisdiction with which you are familiar, illustrate the main offences
of money laundering. Within your explanation, you must establish how those money
laundering offences can be committed, the legislation that is applicable to establishing
the offence(s) of money laundering and the potential penalties for commission of the
crime(s). Give examples where appropriate.
(30 marks)
c) Trade-based money laundering is defined as the process of disguising the proceeds
of crime and moving value by using trade transactions in an attempt to legitimise their
illicit origins. Evaluate the attractiveness of international trade and trade finance to
money launderers.
(20 marks)
d) From an AML/CDD perspective outline the importance of identifying the Ultimate
Beneficial Ownership of a corporate structure.
(10 Marks)
International Diploma in AML - Cohort 17 – Assignment 1 – 8 June 2020
3 ICAA562
e) You have recently been appointed as the MLRO for an international financial services
firm based in a jurisdiction of your choice.
You have been recruited to review the effectiveness of the existing money
laundering/te
orist financing risk control framework following a recently completed
egulatory report that identified that the cu
ent framework is deficient.
You have been asked by the board of the firm to design and implement a new
framework.
You conduct a full review of the cu
ent policies, procedures, risk framework and
controls and draft an initial paper for the board that highlights the best international
practice for the remedial measures that are needed to
ing the firm up to a high
standard.
As part of the report you decide to highlight for the board an executive summary that
focuses upon:
i) the key AML risk management principles and concepts that will be at the heart
of the new framework;
ii) the nature of a risk-based approach to AML/CFT and how to apply it.
Draft the executive summary for the report
(25 marks)
Total 100 marks