Application
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.
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. 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 Performance
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.
Evidence of Knowledge
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 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 |
Learning | 1.5, 1.6, 3.4 | Designs, plans and oversees implementation of training for staff to achieve organisational goals |
Reading | 1.1, 1.4, 2.2, 3.1 | Sources and critically analyses documentation from a variety of sources and records and consolidates information to determine requirements |
Writing | 1.1, 1.3, 1.5, 2.2, 2.4 | Uses a range of formats and structures to report and present information logically for different audiences Develops material for a specific audience using clear and detailed language to convey accurate information and recommendations |
Oral Communication | 1.2, 2.4, 3.2 | Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of key stakeholders Clearly explains detailed information using concepts, language, tone and pace appropriate to the audience |
Numeracy | 1.2, 1.3 | Interprets, analyses and presents numeric and financial information |
Navigate the world of work | 1.1, 1.3-1.6, 2.1, 3.1 | Develops and implements programs to ensure organisational goals are achieved and performance improved Monitors and reviews organisational policies, procedures and adherence to legislative requirements |
Interact with others | 1.2, 2.4, 3.2 | Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships Plays a lead role in situations requiring effective collaboration and high level negotiation skills |
Get the work done | 1.1-1.6, 2.1-2.4 | Accepts responsibility for planning and sequencing complex tasks and workload Systematically gathers and analyses all relevant information, reviews data and evaluates options in order to inform decisions about complex organisational programs Develops flexible plans for routine and complex activities with strategic implications that involve a diverse range of personnel Monitors results against stated goals, adjusting plans and resources where necessary Uses digital systems and technologies to enter, store or access information |
Sectors
Anti-money laundering and counter terrorism financing