New course at the University of Lodz in cooperation with business "AML analyst - anti-money laundering".
Lodz, June 20, 2023. - Nearly one-fifth of all business service centers in Poland are already handling anti-money laundering (AML) processes. Executing increasingly complex processes and taking on global AML functions requires increasing competence in data analysis, risk assessment and knowledge of the relevant IT tools. A new postgraduate course at the University of Lodz has been launched in cooperation with the Association of Business Services Leaders (ABSL) and companies such as Euroclear, EY, mBank as well as Nordea, and is in response to growing market and regulatory demand. Recruitment for the 2023/24 academic year has just begun.
Poland, as the undisputed leader in Europe in the development of business services, currently employs more than 400,000 people. Increasingly, more advanced processes, including those related to AML policy, are being transferred to business operations located in the country. Many experts estimate that demand for such services and processes will grow. According to ABSL data, processes related to AML policies are being handled by an increasing number of business service centers in Poland - almost 19% in 2022.
A new direction in response to labor market needs
The program of the new postgraduate course, "AML Analyst - Anti-Money Laundering", will be conducted on a full-time or remote basis at the Faculty of Law and Administration of the University of Lodz. The course was developed in cooperation with practitioners and business representatives from companies such as Euroclear, EY, mBank and Nordea in response to the current needs of the labor market, particularly the banking sector. According to European and Polish law, financial institutions, insurance companies, payment institutions and accounting offices, are obliged to introduce an internal procedure for preventing money laundering, as well as the financing of terrorism.
“ We already have more than 100 business service centers in Lodz, which will be increasingly interested in attracting AML graduates to the labor market. As well as an even larger pool of employers from outside the sector, the industry will benefit from the introduction of such a course by our university. The joint initiative with ABSL, thanks to the involvement of practitioners with experience in banking, will allow students to gain the necessary competencies to operate effectively in an environment of changing regulations. This is another course which the University of Lodz, from the beginning, has established in close cooperation with business. Thanks to its flexible formula, the AML course is an interesting development option for people from all over Poland," stresses Professor Agnieszka Kurczewska, University of Lodz Vice-Rector for External Relations.
The program of the new postgraduate course at the University of Lodz includes law and economics of the banking sector, management, accounting, and the practice of financial institutions. One-third of the practical classes will be concerned with developing analytical thinking skills, risk assessment, working with large amounts of data, and obtaining and analyzing information from various sources. A graduate of the course will be able to work in an international environment as an AML analyst in financial institutions. This is a function which is responsible for identifying and countering money laundering in order to prevent reputational and financial risks to a company from being associated with criminal activity.
We observe that one of the fastest-growing areas in the business services sector is AML. It is not only a legal requirement, but also part of building a company's trust and reputation as well as protecting its customers and shareholders. Effective control procedures help ensure an organization's financial security, protecting it from the risk of loss. In addition, responsible AML handling increases the company's attractiveness to customers and business partners. Thanks to the high quality of our analysts' work, more and more countries are choosing to use the support of centers and branches which are located in Poland. We are delighted to launch a nationwide course of study in Lodz, responding to the needs of the service sector, which remains one of the most rapidly developing branches of the economy," notes Agnieszka Belowska-Goslawska, Vice-President ABSL, Technology.
Anti-money laundering market
According to Future Market Insights, the global size of the AML market - that is, services, software, and solutions to detect, prevent and report money laundering activities - is estimated at $3.18 billion in 2023. Projections point to the AML-related market being worth $16 billion by 2033. The development of specialization and knowledge regarding the phenomenon is all the more important because, according to the United Nations Office of on Drugs and Crime (UNODC), between 2 and 5% of global GDP is subject to money laundering.
For more information about the study: www.aml.uni.lodz.pl
Association of Business Service Sector Leaders - brings together more than 240 of the world's largest companies, representing a sector that currently employs more than 400,000 people in Poland. The 1,700 service centers, scattered in more than 80 locations, form a thriving sector supporting economic development through, among other things, innovative solutions implemented by multinational corporations. The goal is to build attractive and sustainable ecosystems that will create new jobs through positive engagement and responsibly grow investment and business in local communities.
ABOUT THE UNIVERSITY OF LODZ
The University of Lodz is the largest university in central Poland, with nearly 30,000 students and more than 3,500 academic and administrative staff. Its mission is to educate high-class scientists and specialists in many
fields of humanities and sciences. It cooperates with businesses, both at the human resources level, providing qualified employees, and at the scientific level, offering its know-how to companies in various sectors of the economy. The University of Lodz is a university that is open to the world - the number of foreigners studying here continues to grow, and Polish students are exploring Europe and Asia, or going overseas. The University is part of Lodz, it works with and for Lodz citizens, engaging in many socio-cultural projects.