Financial Crime Concepts from edX

Discover the interrelationships between fraud and cybercrime, bribery and corruption and other crimes that fall under the financial crime ‘umbrella’, as well as how an effective fraud response plan can mitigate risk for firms.

You will gain insight into the impact of identity theft and fraud on victims and learn effective ways these crimes can be prevented, as well as an understanding of the complex landscape of cybercrime – revealing the multitude of malicious disruptions in our digital world.

In addition, you will gain a comprehensive understanding of the darker aspects of bribery and corruption. This includes learning about the international initiatives in place to combat these crimes.

The learning will also enable you to appreciate the importance of mitigating risk once fraud has been identified within a firm. This includes knowledge of whistleblower protections and the processes involved in internal investigations when fraud is suspected.

This course is ideal for professionals working in or aspiring to work in areas where financial crime prevention is important to their role. Such areas include compliance roles, risk functions, those with fraud prevention responsibilities and regulatory representatives. While it offers valuable insights for all professionals, it is best suited for individuals early in their careers.

What's inside

Learning objectives

Upon completion of this course, participants should be able to:
• define and give examples of identity theft and identity fraud
• understand the effect of identity fraud on victims
• outline the various methods used by identity fraudsters
• advise on how to avoid becoming a victim of identity theft
• grasp the different components of cyber fraud
• know the differences between the different types of malicious disruptions
• distinguish between ransomware, hacking, logic bombs and phishing

• differentiate between bribery and other forms of corruption
• understand the main international initiatives to combat bribery and corruption
• understand the risk of bribery and corruption for developing countries
• examine the objectives of a fraud response plan
• describe the different components of a fraud response plan
• outline fraud reporting channels
• discuss the importance of whistle-blower protections
• understand the nature of internal investigations when fraud is suspected

Upon completion of this course, participants should be able to:
• define and give examples of identity theft and identity fraud
• understand the effect of identity fraud on victims
• outline the various methods used by identity fraudsters
• advise on how to avoid becoming a victim of identity theft
• grasp the different components of cyber fraud
• know the differences between the different types of malicious disruptions
• distinguish between ransomware, hacking, logic bombs and phishing
• differentiate between bribery and other forms of corruption
• understand the main international initiatives to combat bribery and corruption
• understand the risk of bribery and corruption for developing countries
• examine the objectives of a fraud response plan
• describe the different components of a fraud response plan
• outline fraud reporting channels
• discuss the importance of whistle-blower protections
• understand the nature of internal investigations when fraud is suspected

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Know what's good

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, and possible dealbreakers

Provides insights into the interrelationships between various financial crimes, which is crucial for professionals in compliance and risk management roles

Explores international initiatives to combat bribery and corruption, which is highly relevant for those working in global regulatory environments

Covers the components of a fraud response plan, which helps firms mitigate risk and is essential knowledge for fraud prevention professionals

Discusses whistleblower protections, which are vital for fostering ethical conduct and transparency within organizations

Examines the nature of internal investigations when fraud is suspected, which is a core skill for compliance officers and internal auditors

Presented by the International Compliance Association, which is known for its expertise in compliance and financial crime prevention

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Financial Crime Concepts with these activities:

Review Anti-Money Laundering (AML) Principles

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Reinforce your understanding of AML principles, which are foundational to understanding financial crime concepts.

Browse courses on Anti-Money Laundering

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Review key AML regulations and guidelines.
Study common money laundering techniques.
Take a practice quiz on AML compliance.

Review 'Financial Investigation and Forensic Accounting'

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Gain a deeper understanding of financial investigation techniques used to combat financial crime.

View Financial Investigation and Forensic Accounting on Amazon

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Read the chapters on fraud detection and investigation.
Summarize key concepts and techniques.
Identify how these techniques relate to the course syllabus.

Create a Presentation on Cyber Fraud

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Solidify your understanding of cyber fraud by creating a presentation that explains different types of cyber fraud and prevention methods.

Browse courses on Cybercrime

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Research different types of cyber fraud.
Prepare a presentation outlining the risks and prevention methods.
Present your findings to a peer or study group.

Four other activities

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Review 'The Laundromat'

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Gain insights into real-world money laundering schemes and the impact of financial crime on a global scale.

View The Laundromat on Amazon

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Read the book and take notes on key events and actors.
Identify the money laundering techniques used.
Discuss the book with peers or in a forum.

Develop a Fraud Response Plan Template

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Apply your knowledge of fraud response plans by developing a template that can be used by organizations to mitigate fraud risks.

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Research best practices for fraud response plans.
Create a template with key components and sections.
Present the template to a mentor for feedback.

Create a Data Visualization of Bribery and Corruption Statistics

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Enhance your understanding of bribery and corruption by creating a data visualization that illustrates the prevalence and impact of these crimes.

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Gather data on bribery and corruption from reputable sources.
Create a visualization using tools like Tableau or Power BI.
Present your visualization and findings.

Volunteer at a Financial Literacy Program

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Apply your knowledge of financial crime prevention by volunteering at a financial literacy program and educating others on how to avoid becoming victims of fraud.

Browse courses on Financial Literacy

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Find a local financial literacy program.
Volunteer to teach or assist with workshops.
Share your knowledge of fraud prevention techniques.

Career center

Learners who complete Financial Crime Concepts will develop knowledge and skills that may be useful to these careers:

Fraud Investigator

Fraud Investigators examine and analyze financial records to detect and prevent fraudulent activities. This course helps build a foundation in identifying various forms of fraud, including identity theft and cyber fraud. Understanding how these crimes impact victims and the methods used by fraudsters is essential for any fraud investigator. This course will further guide investigators in understanding the steps needed to properly respond to fraud, including internal investigations and whistleblower protections. This course is highly useful for anyone looking to enter the field of fraud investigation.

See salaries and explore the career path for Fraud Investigator

Compliance Officer

A Compliance Officer ensures a company adheres to laws and regulations, especially those related to financial activities. This role requires a strong understanding of diverse financial crimes, which this course provides. You'll learn the nuances of fraud, cybercrime, bribery, and corruption, directly applicable to developing and enforcing compliance policies. Understanding fraud response plans is crucial for a compliance officer since they must mitigate risk after a violation has occurred. Given the course's focus on prevention and detection, it is a particularly useful course for anyone seeking this role.

See salaries and explore the career path for Compliance Officer

Anti-Money Laundering Analyst

An Anti Money Laundering Analyst detects and prevents money laundering and other financial crimes. This role requires a solid foundation in financial crime concepts, which this course provides. With a grasp of fraud, cybercrime, bribery and corruption, you'll have the knowledge base required to detect suspicious behaviors and assess risk. Moreover, this course's discussion of international efforts to combat bribery and corruption is particularly useful for the anti money laundering analyst role. This course is particularly useful for anyone who seeks to work in anti money laundering.

See salaries and explore the career path for Anti-Money Laundering Analyst

Risk Analyst

Risk Analysts assess and manage financial and operational risks, including those related to financial crimes. The course's comprehensive overview of fraud, cybercrime, bribery, and corruption is directly relevant to the role. This course provides an understanding of how to mitigate risk and establish effective response plans. A risk analyst needs to be aware of the different types of malicious disruptions, and this course gives an understanding of ransomware hacking and phishing. This course is designed for those in or aspiring to work in risk functions, making it ideal for those who wish to become a risk analyst.

See salaries and explore the career path for Risk Analyst

Internal Auditor

Internal Auditors evaluate a company's internal controls, including those related to financial crimes. This course’s comprehensive overview of the different types of fraud and corruption are highly applicable to conducting audits. You'll gain insights into the importance of fraud response plans, fraud reporting channels and internal investigations, which are fundamental to the work of an internal auditor. This course will be useful for those looking to move into or advance in internal auditing.

See salaries and explore the career path for Internal Auditor

Financial Regulator

A Financial Regulator oversees financial institutions and ensures they follow laws and regulations to prevent financial crime. This course provides key knowledge of common financial crimes such as fraud and bribery, and will be useful for those in this field. Understanding the risk these crimes pose to institutions and knowing international initiatives to combat them is especially important for regulators. This course builds skills in recognizing and mitigating various types of financial crime, which is crucial for anyone in a financial regulatory role.

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Forensic Accountant

Forensic Accountants investigate financial crimes and provide expert testimony in legal proceedings. A forensic accountant benefits from a deep familiarity with different kinds of financial misconduct, which this course helps to build. The course's detail on fraud, cybercrime, bribery, and corruption can be directly applied to investigating financial discrepancies. The course's exploration of internal investigations and whistleblower protections are highly relevant to the duties of a forensic accountant. This course may be useful for those interested in accounting roles, especially in the field of forensics.

See salaries and explore the career path for Forensic Accountant

Cybersecurity Analyst

Cybersecurity Analysts protect computer systems and networks from cyber threats, including cyber fraud and malicious disruptions. Gaining an understanding of cybercrime, including different types of malicious disruptions like ransomware, hacking, logic bombs and phishing is necessary to this role, and this course provides this grounding. Because this course explains the landscape of cybercrime and its impact, it helps build skills for anyone wishing to work in cybersecurity. This course may be useful for anyone looking to go into cybersecurity.

See salaries and explore the career path for Cybersecurity Analyst

Data Security Analyst

Data Security Analysts focus on the protection of sensitive data from unauthorized access, which includes defending against cyber threats. This course helps provide a foundation in the various ways that cyber criminals attempt to access and misuse digital information. A data security analyst must be aware of the impact of identity theft and fraud, and this course addresses this directly. This course may be useful for a data security analyst, particularly in the area of cybercrime.

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Legal Counsel

Legal Counsel provides legal advice and representation, including on matters related to financial crimes. This course, which addresses fraud, cybercrime, bribery, and corruption, may be useful for a legal counsel specializing in financial crime. Gaining an understanding of international initiatives to combat bribery and corruption, is useful for legal professionals operating in this space. This course may be useful for professionals specializing in financial law.

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Operations Manager

Operations managers oversee the daily activities of an organization. They need to be aware of the different types of fraud that might impact an organization and how to properly respond to them. This course will be useful for those wishing to understand fraud response plans, reporting channels and internal investigations. The course may be useful for those who wish to become operations managers.

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Public Policy Analyst

A Public Policy Analyst researches and analyzes policies, often including those related to financial crime. This course may be useful to understand different types of financial crime. The information on international initiatives to combat bribery and corruption will be of benefit to the public policy analyst, particularly those focusing on global financial policy. This course may be useful for anyone who wishes to work in public policy related to financial crime.

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Business Consultant

A business consultant advises clients on improving their business operations and performance. This course may be helpful for consultants who focus on risk management practices. Understanding fraud prevention and response can be very beneficial for a consultant who wishes to work with companies in financial risk. This course may be useful for those working as business consultants.

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Project Manager

Project Managers oversee the planning and execution of projects. This course may help project managers who work in the financial field by giving them a general overview of some common financial crimes. The course may also be useful for those who are involved with projects related to internal investigations and fraud response plans. This course may be useful for project managers working in financial fields.

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Human Resources Specialist

Human Resources Specialists manage personnel and oversee employee relations, including handling issues related to misconduct. This course may be useful to those working in human resources since it addresses the importance of whistleblower protections and internal investigations. A human resources specialist may find this information helpful; however, this role is not the best fit for someone taking this course.

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Financial Crime Concepts

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