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.
Elements and Performance Criteria
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 Performance
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.
Evidence of Knowledge
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.
Assessment Conditions
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.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 1.2, 2.1-2.3, 3.1, 4.3 | Evaluates information and products from a variety of sources to ensure appropriateness to client needs |
Writing | 1.3, 2.2, 2.3, 3.3 | Prepares documentation using clear language and correct spelling and terminology |
Oral Communication | 2.3, 3.1, 3.4 | Employs language appropriate for audience and uses active listening techniques to elicit, clarify and convey information |
Numeracy | 2.2 | Interprets, analyses and presents numeric and financial information |
Navigate the world of work | 3.4, 4.1 | Ensures knowledge of products, legislation, regulations and standards relevant to role is accurate, comprehensive and current |
Interact with others | 2.3, 3.1, 3.4 | Uses a variety of relevant communication tools and strategies to develop effective working relationships Takes a lead role in improving organisational processes with a focus on providing information and recommendations |
Get the work done | 2.1-2.3, 3.1-3.4, 4.1-4.3 | Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Contributes to continuous improvement of current work practices by applying basic principles of analytical and lateral thinking Uses digital tools to access information |
Sectors
Anti-money laundering and counter terrorism financing