diff --git a/Code/Framework/AzCore/Platform/Common/UnixLike/AzCore/Module/DynamicModuleHandle_UnixLike.cpp b/Code/Framework/AzCore/Platform/Common/UnixLike/AzCore/Module/DynamicModuleHandle_UnixLike.cpp
index 8e2b40aaca..f9da818b4f 100644
--- a/Code/Framework/AzCore/Platform/Common/UnixLike/AzCore/Module/DynamicModuleHandle_UnixLike.cpp
+++ b/Code/Framework/AzCore/Platform/Common/UnixLike/AzCore/Module/DynamicModuleHandle_UnixLike.cpp
@@ -13,9 +13,10 @@
 #include <AzCore/Module/DynamicModuleHandle.h>
 #include <AzCore/IO/Path/Path.h>
 #include <AzCore/IO/SystemFile.h>
-
 #include <AzCore/Memory/OSAllocator.h>
 #include <AzCore/Settings/SettingsRegistryMergeUtils.h>
+#include <AzCore/Utils/Utils.h>
+
 #include <dlfcn.h>
 #include <libgen.h>
 
@@ -61,10 +62,11 @@ namespace AZ
             // If it doesn't attempt to append the path to the executable path
             if (!AZ::IO::SystemFile::Exists(fullFilePath.c_str()))
             {
-                auto candidatePath = Platform::GetModulePath() / fullFilePath;
+                AZ::IO::FixedMaxPath candidatePath = Platform::GetModulePath() / fullFilePath;
                 if (AZ::IO::SystemFile::Exists(candidatePath.c_str()))
                 {
-                    fullFilePath = candidatePath;
+                    m_fileName.assign(candidatePath.Native().c_str(), candidatePath.Native().size());
+                    return;
                 }
             }
 
@@ -74,19 +76,26 @@ namespace AZ
             {
                 if (auto settingsRegistry = AZ::SettingsRegistry::Get(); settingsRegistry != nullptr)
                 {
-                    if(AZ::IO::FixedMaxPath projectModulePath;
+                    if (AZ::IO::FixedMaxPath projectModulePath;
                         settingsRegistry->Get(projectModulePath.Native(), AZ::SettingsRegistryMergeUtils::FilePathKey_ProjectConfigurationBinPath))
                     {
                         projectModulePath /= fullFilePath;
                         if (AZ::IO::SystemFile::Exists(projectModulePath.c_str()))
                         {
-                            fullFilePath = projectModulePath;
+                            m_fileName.assign(projectModulePath.c_str(), projectModulePath.Native().size());
                         }
                     }
                 }
             }
-
-            m_fileName = AZStd::string_view{fullFilePath.Native()};
+            else
+            {
+                // The module does exist (in 'cwd'), but still needs to be an absolute path for the module to be loaded.
+                AZStd::optional<AZ::IO::FixedMaxPathString> absPathOptional = AZ::Utils::ConvertToAbsolutePath(m_fileName);
+                if (absPathOptional.has_value())
+                {
+                    m_fileName.assign(absPathOptional->c_str(), absPathOptional->size());
+                }
+            }
         }
 
         ~DynamicModuleHandleUnixLike() override
diff --git a/Code/Framework/AzCore/Platform/Common/WinAPI/AzCore/Module/DynamicModuleHandle_WinAPI.cpp b/Code/Framework/AzCore/Platform/Common/WinAPI/AzCore/Module/DynamicModuleHandle_WinAPI.cpp
index 9daabfb86b..aeb8a81d09 100644
--- a/Code/Framework/AzCore/Platform/Common/WinAPI/AzCore/Module/DynamicModuleHandle_WinAPI.cpp
+++ b/Code/Framework/AzCore/Platform/Common/WinAPI/AzCore/Module/DynamicModuleHandle_WinAPI.cpp
@@ -24,9 +24,9 @@ namespace AZ
         : public DynamicModuleHandle
     {
     public:
-        AZ_CLASS_ALLOCATOR(DynamicModuleHandleWindows, OSAllocator, 0)
+        AZ_CLASS_ALLOCATOR(DynamicModuleHandleWindows, OSAllocator, 0);
 
-            DynamicModuleHandleWindows(const char* fullFileName)
+        DynamicModuleHandleWindows(const char* fullFileName)
             : DynamicModuleHandle(fullFileName)
             , m_handle(nullptr)
         {
@@ -52,6 +52,7 @@ namespace AZ
                     if (AZ::IO::SystemFile::Exists(candidatePath.c_str()))
                     {
                         m_fileName.assign(candidatePath.Native().c_str(), candidatePath.Native().size());
+                        return;
                     }
                 }
             }
@@ -65,7 +66,7 @@ namespace AZ
                 // Therefore an existence check is needed
                 if (auto settingsRegistry = AZ::SettingsRegistry::Get(); settingsRegistry != nullptr)
                 {
-                    if(AZ::IO::FixedMaxPath projectModulePath;
+                    if (AZ::IO::FixedMaxPath projectModulePath;
                         settingsRegistry->Get(projectModulePath.Native(), AZ::SettingsRegistryMergeUtils::FilePathKey_ProjectConfigurationBinPath))
                     {
                         projectModulePath /= AZStd::string_view(m_fileName);
@@ -76,6 +77,15 @@ namespace AZ
                     }
                 }
             }
+            else
+            {
+                // The module does exist (in 'cwd'), but still needs to be an absolute path for the module to be loaded.
+                AZStd::optional<AZ::IO::FixedMaxPathString> absPathOptional = AZ::Utils::ConvertToAbsolutePath(m_fileName);
+                if (absPathOptional.has_value())
+                {
+                    m_fileName.assign(absPathOptional->c_str(), absPathOptional->size());
+                }
+            }
         }
 
         ~DynamicModuleHandleWindows() override