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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Analyse products and services an organisation uses
   • Research existing and new products, services and channels used by an organisation or sector and determine their purpose
   • Analyse characteristics of products and services and their strengths, weaknesses, terms and conditions
   • Document the function of each product and service and the client need it satisfies
2. Conduct a ML/TF risk assessment of the organisation’s products and services
   • Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF
   • Develop risk criteria and conduct a ML/TF risk assessment of current and new products and services for an organisation
   • Analyse and report outcomes of the ML/TF risk assessment of products and services for an organisation
3. Recommend enhancements to anti-money laundering and counter terrorism financing (AML/CTF) systems to manage specific vulnerabilities of products and services
   • Collect, assess and evaluate information about existing AML/CTF controls
   • Determine appropriate enhancements to system AML/CTF controls for managing risks for specific products, services and channels
   • Prepare recommendations for enhancing AML/CTF systems
   • Submit recommendations for approval to appropriate governance or management group
4. Maintain product, service and channel knowledge
   • Review relevant products and services regularly and apply any changes to terms and conditions in daily work
   • Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products, services and channels
   • Review emerging trends affecting the financial services industry and apply to product, service and channel knowledge
5. Conduct a ML/TF risk assessment of the organisation’s products and services
   • Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF
   • Develop risk criteria and conduct a ML/TF risk assessment of current and new products and services for an organisation
   • Analyse and report outcomes of the ML/TF risk assessment of products and services for an organisation

Performance Evidence

Evidence of the ability to:

maintain current knowledge and document organisational financial products and services features and compliance requirements

conduct an analysis of the potential use of organisational products and services in money laundering and terrorism financing (ML/TF) and assess relevant organisational controls

document and report assessment findings.

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

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Knowledge Evidence

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

explain systems that can be accessed to obtain up-to-date information on products

summarise the analysis of products and services used by the organisation or sector

outline compliance requirements for products and services used by the organisation or sector

explain characteristics of products and services that make them vulnerable to money laundering and terrorism financing (ML/TF)

analyse and outline anti-money laundering and counter terrorism (AML/CTF) controls

outline general client characteristics and needs for the organisation or sector.

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