This study-unit provides an introduction to the comprehensive treatment of governance and regulation governing compliance requirements such as Prevention of Money Laundering, the Solvency II Directive, the Insurance Distribution Directive, GDPR etc.
It will also delve into other broader governance and risk initiatives that have been promulgated by regulation and that are currently under the regulatory spotlight. These include, conduct risk management, the role of gatekeepers and the lines of defense. The subject will be tackled both from both a practical and theoretical perspective.
Study-Unit Aims:
The aim of this study-unit is to familiarize students with the governance, regulations and compliance needs of insurance undertakings as dictated by regulation. The main objectives of this study-unit are to provide students with an appreciation of the relationship between good corporate governance, compliance and risk management, an understanding of the importance of the compliance function, and knowledge of the operation of reliable and effective internal controls to manage and minimise the risk of material compliance failures.
More broadly, the aim of this study-unit is to provide students with an appreciation of the evolving regulatory tools and approaches, including the shift from a rules-based to a principles-based approach as well as the more intrusive mindset that is seeping through the regulators' supervisory and enforcement agendas.
Learning Outcomes:
1. Knowledge & Understanding:
By the end of the study-unit the student will be able to:
- Identify the different lines of governance and accountability within an organisation;
- Define the interactions between different stakeholders (internal and external to a company);
- Plan the evolving role of regulation and compliance management in its more intrusive and complex framework.
In general, following completion of the study-unit, students will be able to define the regulatory framework governing risk and compliance, the objectives of European and Maltese authorities in regulating key areas of concern in relation to these matters, as well as a broad plan of the direction of travel of the regulatory framework over the years to come.
They will be also able to examine and discuss Prevention of Money Laundering, the Importance of Transparency, Conflict of Interest and its effect, Standards, The Rule of Law, Data Protection, Gate-keeping and Ethics amongst other areas.
2. Skills:
By the end of the study-unit the student will be able to:
- Evaluate the impact of regulation on the compliance requirements of an insurance entity;
- Interpret regulatory requirements on governance, risk and compliance in managing operational risk;
- Interpret developments in the regulatory regime in connection with compliance matters.
This course, which will be spread over two sessions, is intended to educate and train professionals within Corporate Service Providers on the role of a risk manager and the main requirements of a risk management function emanating from the MFSA’s CSP Rulebook. The course will look into the practical implementation of the function, highlighting the main areas of risk which should be assessed. This course targeted for managers and professionals who would like to delve deeper into risk management.
Immerse yourself in the innovative world of Artificial Intelligence (AI) with this engaging 2-hour course, “AI: An Exploration into ChatGPT and Midjourney.” This course aims to provide a robust understanding of the fundamental concepts of AI, with a special focus on Generative AI. Participants will gain valuable insights into the transformative power of Generative AI algorithms such as ChatGPT by OpenAI and Midjourney through the examination of the latest advancements and future trends. These ground-breaking technologies are shaping diverse professional fields, from Human Resources and Marketing to Education. The interactive session is designed to foster a deeper comprehension of how Generative AI can be tailored to address specific professional requirements of our participants. Attendees will depart with an enriched understanding of Generative AI, its real-world applications, its opportunities, risks, and challenges.
This 2-hour course provides technical and non-technical teams with essential awareness of current cybersecurity threats and best practices for mitigating risks. Participants will learn about the evolving threat landscape, the role of senior management in cybersecurity risk management, and how to implement protective, detective, and reactive controls to enhance the organization's security posture. The course aims to equip all team members with the knowledge to contribute effectively to managing cybersecurity risks within their roles.
This course is intended to educate and train professionals on the role of the risk function within an organization, and its effectiveness in acting as a second line of defense within the organization’s governance structure. The course will look into the practical implementation of risk and risk management, highlighting the main stages of a robust enterprise-wide risk management process.
Open-ended funds and Exchange Traded Funds (ETFs) have become very popular, cost-effective and efficient ways for investors to build diversified portfolios. Funds are widely used by investors and include a wide variety of assets including bonds equities, real-estate and commodities. This course will focus primarily on the different types of funds available to investors ranging from Exchange Traded Funds (ETFs), to open-ended and closed-ended funds. The course will contrast ETFs versus traditional funds, differentiate between active and passive management, explain the prospectus, expense ratios and other key points.
As far as the creation of AML and Financial Crime Compliance policies is concerned, the gatekeeper, controller and the place where the “buck stops”, is the MLRO. This is a critically important position within any firm covered by AML Rules. When it comes to the identification, detection, escalation, reporting, managing and training of staff on Anti-Money Laundering procedures, it is the responsibility of the MLRO to ensure this all happens as effectively and efficiently as possible.
This course will delve into the concept of sustainability, its importance and the different ways one can look at unlocking this powerful tool. Sustainability can be looked at from a financial perspective, through appropriate cost management, cash flow management and diversification. The importance of branding and marketing and the environmental, social and governance impact on the brand as well as the sustainability of human capital. Finally, the attendees will learn about how sustainability is achieved in other jurisdictions and lessons learnt from exploring the development of sustainability from a global perspective.
Participants will gain a clear and focused understanding of the key role of directors and corporate secretaries in the management and administration of the company. Today, directors are being constantly evaluated and scrutinised by regulators and shareholders and is therefore essential directors appreciate the responsibility of the office, their duties, rights, obligations and the relationship with other stakeholders within the company. Participants will also be exposed to the liability directors face in the event of a breach or non-compliance with any applicable law. Recent judgments will also be considered. This course will also emphasise on corporate governance principles, best practices and the interpretation of various provisions of the Companies Act.
The training will focus on Source of Wealth and Source of Funds obligations and what to look out for as well as information and documentation a Subject Person is expected to collate when there is third-party involvement. Reference will also be made to the FIAU Guidance issued in July 2022, titled ‘On Obtaining Source of Wealth Information related to Parties other than the Customer’.
This course provides a comprehensive overview of Qualified Intermediary (QI) and Non-Qualified Intermediary (NQI) concepts, focusing on the key differences, roles, and responsibilities of each designation. Participants will gain a thorough understanding of Chapter 3 of the U.S. Internal Revenue Code, including its regulations on withholding and reporting for foreign persons. The course also explores the practical implications of these regulations on team workflows, emphasizing compliance and the risks of non-compliance. Through interactive case studies, attendees will develop strategies for managing compliance, mitigating risk, and effectively applying their knowledge of QI/NQI roles and Chapter 3 regulations in real-world scenarios.
The aim of this course is to give a brief overview of the different types of Collective Investment Schemes and to provide more information with regards to the tasks and responsibilities of the Fund Administrator. It will also give more insight on the different roles within the Fund Administration business. An explanation on how to calculate an NAV and on how to price different types of Instruments will be provided. After this course you will be able to understand the basic principles of Fund Accounting and Administration.
Students will learn how trusts are legal relationship created by one party and places assets under the control of another party referred to as the trustee for the benefit of the beneficiary. Participants will learn the intricacies of trusts, and the legal and tax ramification of their setup. There will also be discussions related to how to properly craft trust deeds and articulate the powers of trustees. Also students will learn why trusts are formed such as for the protection of assets or estate planning and why trustee independence helps avoid any suggestion that the settlor continues to have control of the trust assets.
The FIAU and the MFSA can and are given authority by law to perform inspections on subject persons and licensed entities. This course is aimed at Designated Non-Financial Business Providers and Corporate Service Providers and will give insight on the different supervisory engagements carried out.
This session will provide an in-depth look at the continuing disclosure obligations emanating from Chapter 5 of the Capital Markets Rules applicable to Issuers in terms of the said Rules. This session will cover both periodic financial reporting as well as ad hoc disclosure obligations, and should be particularly relevant to equity and debt issuers listed on the main market of the Malta Stock Exchange as well as entities contemplating listing.
This course delves into the AML/CFT challenges and risks associated with trusts, providing a practical framework for managing these risks effectively. It examines the unique vulnerabilities of trusts, focusing on beneficial ownership concealment and complex financial structures that can be exploited to launder illicit funds and sanctions evasion, amongst others.
The course addresses customer risk management, particularly wealth accumulation, SOW and SOW, offering actionable insights into compliance obligations and advanced risk mitigation techniques. Participants will gain an understanding of the legal requirements in terms of the PMLFTR and how to apply them effectively in practice when dealing with trust customers. Particular emphasis is placed on conducting due diligence on trusts and their beneficial owners, ensuring compliance with AML obligations while addressing practical challenges.
Through examples
and scenarios
, participants will gain the skills to identify red flags, evaluate trust structures, and implement robust control measures. This includes guidance on understanding the risk factors specific to trusts, enhancing due diligence procedures, and adopting effective strategies to mitigate risks and ensure compliance with AML regulations.
