IFSP Course: AML for Directors

Course designed to meet MFSA requirements

Independent directors are now subject to regulation in Malta, under the broader regulation of CSPs; directors are therefore now subject persons for the purposes of AML, and a degree of knowledge of AML is becoming part of the MFSA’s assessment of directors’ suitability during its licensing process.

The IFSP is holding a course designed to introduce independent directors to what AML means to them. The course is designed to give participants an understanding of the basics of AML before introducing the specific responsibilities of directors in the effort to combat money laundering and funding of terrorism. The course will be spread over eight three hour sessions held twice a week and will be assessed via an examination.

The course syllabus has been developed to meet the MFSA’s requirements for licensing of individual CSPs who will be acting as directors. It is open to any practitioner seeking to offer services as a director, regardless of their previous experience in AML.

The sessions will for the most part be held online via Zoom, with the final session dedicated to practical case studies. Participants will be expected to attend the majority of the sessions, with a 75% attendance (six of the eight sessions) required to be able to take the examination. Participants who manage to attend at least four of the sessions will be eligible for a Certificate of Attendance.

The AML for Directors course will start on 27 September 2023 and will run for the four weeks following; the examination will be held on a Saturday a week after the last lecture session, online via ClassMarker. The paper will be available to candidates from 8:00 to 17:00 and can be started at any time during that period. However, once the exam has been started, a candidate will need to finish within one single session.