Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSAML805 Mapping and Delivery Guide
Manage assessment of organisation vulnerability to money laundering and terrorism financing

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSAML805 - Manage assessment of organisation vulnerability to money laundering and terrorism financing
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to develop and maintain an in-depth knowledge of the financial products and services provided or used by an organisation and how they may be applied to client needs. It covers the analysis of money laundering and terrorism financing (ML/TF) risk and recommended enhancements to organisational systems to manage vulnerabilities.It applies to individuals who use specialised 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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: 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
       
Element: 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
       
Element: 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
       
Element: 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
       
Element: 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
       


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. Analyse products and services an organisation uses

1.1 Research existing and new products, services and channels used by an organisation or sector and determine their purpose

1.2 Analyse characteristics of products and services and their strengths, weaknesses, terms and conditions

1.3 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

2.1 Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF

2.2 Develop risk criteria and conduct a ML/TF risk assessment of current and new products and services for an organisation

2.3 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

3.1 Collect, assess and evaluate information about existing AML/CTF controls

3.2 Determine appropriate enhancements to system AML/CTF controls for managing risks for specific products, services and channels

3.3 Prepare recommendations for enhancing AML/CTF systems

3.4 Submit recommendations for approval to appropriate governance or management group

4. Maintain product, service and channel knowledge

4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work

4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products, services and channels

4.3 Review emerging trends affecting the financial services industry and apply to product, service and channel knowledge

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.

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.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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. Analyse products and services an organisation uses

1.1 Research existing and new products, services and channels used by an organisation or sector and determine their purpose

1.2 Analyse characteristics of products and services and their strengths, weaknesses, terms and conditions

1.3 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

2.1 Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF

2.2 Develop risk criteria and conduct a ML/TF risk assessment of current and new products and services for an organisation

2.3 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

3.1 Collect, assess and evaluate information about existing AML/CTF controls

3.2 Determine appropriate enhancements to system AML/CTF controls for managing risks for specific products, services and channels

3.3 Prepare recommendations for enhancing AML/CTF systems

3.4 Submit recommendations for approval to appropriate governance or management group

4. Maintain product, service and channel knowledge

4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work

4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products, services and channels

4.3 Review emerging trends affecting the financial services industry and apply to product, service and channel knowledge

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
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 
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 
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 
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 
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 

Forms

Assessment Cover Sheet

FNSAML805 - Manage assessment of organisation vulnerability to money laundering and terrorism financing
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Assessment Record Sheet

FNSAML805 - Manage assessment of organisation vulnerability to money laundering and terrorism financing

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

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