Assessor Resource

FNSAML806
Implement an anti-money laundering and counter terrorism financing program

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to implement and monitor an organisation's new, redesigned or reconfigured anti-money laundering and counter terrorism financing (AML/CTF) program to meet organisational goals and regulatory requirements.

It applies to individuals who use specialised AML/CTF knowledge and skills to evaluate complex information and compliance requirements and apply to relevant tasks. Individuals typically lead and review organisation wide activities, exercise significant autonomy, responsibility and accountability and contribute to the strategic goals and operations of the organisation. They review, critically analyse, consolidate and synthesise knowledge to generate ideas and provide solutions to complex problems.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Implement an AML/CTF program

1.1 Review requirements for the new, redesigned or reconfigured AML/CTF program and develop an implementation plan

1.2 Consult, negotiate and communicate the implementation plan with stakeholders including work redesign and resource allocation

1.3 Ensure procedures and/or system requirements are developed, tested and refined

1.4 Analyse and adopt organisational change processes to integrate new, redesigned or reconfigured AML/CTF requirements

1.5 Develop a communication strategy for promoting and sustaining staff awareness of the AML/CTF program

1.6 Consult with relevant personnel to ensure staff training programs and arrangements are established within required timeframes

2. Monitor an AML/CTF program

2.1 Design monitoring and supervision processes to ensure regular reviews of AML/CTF compliance

2.2 Collect, analyse and report performance data against program goals and performance criteria

2.3 Ensure rectification of any AML/CTF related compliance failings

2.4 Report and consult on progress and performance with stakeholders

3. Review and evaluate an AML/CTF program

3.1 Monitor organisational business strategy and legislative and regulatory environment for changes that may impact on the organisation's AML/CTF program

3.2 Consult with stakeholders on strategies for continuous improvement of the organisation's AML/CTF program

3.3 Report review findings to senior management and/or the Board as required

3.4 Oversee the communication of further changes to the AML/CTF program to staff and ensure requirements are implemented

Evidence of the ability to:

document an implementation plan to address new or changed requirements for the organisation's anti-money laundering and counter terrorism (AML/CTF) program

design and implement a system to monitor and review AML/CTF program and organisational policies and procedures.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

outline the key features and requirements of the legislative, regulatory and industry requirements relating to AML/CTF

explain processes for monitoring AML/CTF related compliance failings including internal audit and compliance arrangements

explain how information and data are captured and collated and how this information is recorded and managed

compare and contrast a range of management planning tools

explain how the AML/CTF program is reviewed and the decision making process used to determine alignment to strategic operations and relevant legislation

provide examples of how internal and external environmental factors are taken into account

outline key features of an organisational communication strategy

explain processes for monitoring AML/CTF related compliance failings including internal audit and compliance arrangements.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the AML/CTF field and include access to:

relevant legislation, regulations, standards and codes

relevant organisational records, policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Implement an AML/CTF program

1.1 Review requirements for the new, redesigned or reconfigured AML/CTF program and develop an implementation plan

1.2 Consult, negotiate and communicate the implementation plan with stakeholders including work redesign and resource allocation

1.3 Ensure procedures and/or system requirements are developed, tested and refined

1.4 Analyse and adopt organisational change processes to integrate new, redesigned or reconfigured AML/CTF requirements

1.5 Develop a communication strategy for promoting and sustaining staff awareness of the AML/CTF program

1.6 Consult with relevant personnel to ensure staff training programs and arrangements are established within required timeframes

2. Monitor an AML/CTF program

2.1 Design monitoring and supervision processes to ensure regular reviews of AML/CTF compliance

2.2 Collect, analyse and report performance data against program goals and performance criteria

2.3 Ensure rectification of any AML/CTF related compliance failings

2.4 Report and consult on progress and performance with stakeholders

3. Review and evaluate an AML/CTF program

3.1 Monitor organisational business strategy and legislative and regulatory environment for changes that may impact on the organisation's AML/CTF program

3.2 Consult with stakeholders on strategies for continuous improvement of the organisation's AML/CTF program

3.3 Report review findings to senior management and/or the Board as required

3.4 Oversee the communication of further changes to the AML/CTF program to staff and ensure requirements are implemented

Evidence of the ability to:

document an implementation plan to address new or changed requirements for the organisation's anti-money laundering and counter terrorism (AML/CTF) program

design and implement a system to monitor and review AML/CTF program and organisational policies and procedures.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

outline the key features and requirements of the legislative, regulatory and industry requirements relating to AML/CTF

explain processes for monitoring AML/CTF related compliance failings including internal audit and compliance arrangements

explain how information and data are captured and collated and how this information is recorded and managed

compare and contrast a range of management planning tools

explain how the AML/CTF program is reviewed and the decision making process used to determine alignment to strategic operations and relevant legislation

provide examples of how internal and external environmental factors are taken into account

outline key features of an organisational communication strategy

explain processes for monitoring AML/CTF related compliance failings including internal audit and compliance arrangements.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the AML/CTF field and include access to:

relevant legislation, regulations, standards and codes

relevant organisational records, policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Review requirements for the new, redesigned or reconfigured AML/CTF program and develop an implementation plan 
Consult, negotiate and communicate the implementation plan with stakeholders including work redesign and resource allocation 
Ensure procedures and/or system requirements are developed, tested and refined 
Analyse and adopt organisational change processes to integrate new, redesigned or reconfigured AML/CTF requirements 
Develop a communication strategy for promoting and sustaining staff awareness of the AML/CTF program 
Consult with relevant personnel to ensure staff training programs and arrangements are established within required timeframes 
Design monitoring and supervision processes to ensure regular reviews of AML/CTF compliance 
Collect, analyse and report performance data against program goals and performance criteria 
Ensure rectification of any AML/CTF related compliance failings 
Report and consult on progress and performance with stakeholders 
3.1 Monitor organisational business strategy and legislative and regulatory environment for changes that may impact on the organisation's AML/CTF program 
3.2 Consult with stakeholders on strategies for continuous improvement of the organisation's AML/CTF program 
Report review findings to senior management and/or the Board as required 
Oversee the communication of further changes to the AML/CTF program to staff and ensure requirements are implemented 

Forms

Assessment Cover Sheet

FNSAML806 - Implement an anti-money laundering and counter terrorism financing program
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Assessment Record Sheet

FNSAML806 - Implement an anti-money laundering and counter terrorism financing program

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Assessment task 1: [title] Result: Competent Not yet competent

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