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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 the organisation uses
   • Identify products and services used by an organisation or sector and determine their purpose
   • Analyse characteristics of products and services and their strengths, weaknesses, terms and conditions
   • Document function of each product and service and client needs it satisfies
2. Undertake a money laundering and terrorism financing (ML/TF) risk assessment of organisation’s products and services
   • Analyse characteristics of products and services to determine their potential use for money laundering and/or terrorism financing
   • Conduct ML/TF risk assessment of products and services for organisation
3. Recommend end enhancements to anti-money laundering and counter terrorism financing (AML/CTF) systems to manage specific vulnerabilities of products and services
   • Collect and assess information about existing AML/CTF controls
   • Determine appropriate enhancements to system controls for managing ML/TF risks for specific products and services
   • Prepare recommendations for enhancing AML/CTF systems
4. Maintain product 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 and services
   • Review emerging trends affecting financial services industry and apply to product and service knowledge
5. Undertake a money laundering and terrorism financing (ML/TF) risk assessment of organisation’s products and services
   • Analyse characteristics of products and services to determine their potential use for money laundering and/or terrorism financing
   • Conduct ML/TF risk assessment of products and services for organisation

Performance Evidence

Evidence of the ability to:

maintain currency of knowledge of financial products and their compliance requirements, analyse the potential use of these products in money laundering and terrorism financing, and assess anti-money laundering and counter terrorism financing (AML/CTF) controls.

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 and services

describe the products and services used by the organisation or sector and their purpose

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

describe characteristics of products and services that make them vulnerable to money laundering and terrorism financing

assess AML/CTF controls

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

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