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

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

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

What evidence can you provide to prove your understanding of each of the following citeria?

Analyse products and services an organisation uses

  1. Research existing and new products, services and channels used by an organisation or sector and determine their purpose
  2. Analyse characteristics of products and services and their strengths, weaknesses, terms and conditions
  3. Document the function of each product and service and the client need it satisfies
Research existing and new products, services and channels used by an organisation or sector and determine their purpose

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document the function of each product and service and the client need it satisfies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct a ML/TF risk assessment of the organisation’s products and services

  1. Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF
  2. Develop risk criteria and conduct a ML/TF risk assessment of current and new products and services for an organisation
  3. Analyse and report outcomes of the ML/TF risk assessment of products and services for an organisation
Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse and report outcomes of the ML/TF risk assessment of products and services for an organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommend enhancements to anti-money laundering and counter terrorism financing (AML/CTF) systems to manage specific vulnerabilities of products and services

  1. Collect, assess and evaluate information about existing AML/CTF controls
  2. Determine appropriate enhancements to system AML/CTF controls for managing risks for specific products, services and channels
  3. Prepare recommendations for enhancing AML/CTF systems
  4. Submit recommendations for approval to appropriate governance or management group
Collect, assess and evaluate information about existing AML/CTF controls

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare recommendations for enhancing AML/CTF systems

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Submit recommendations for approval to appropriate governance or management group

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain product, service and channel knowledge

  1. Review relevant products and services regularly and apply any changes to terms and conditions in daily work
  2. Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products, services and channels
  3. Review emerging trends affecting the financial services industry and apply to product, service and channel knowledge
Review relevant products and services regularly and apply any changes to terms and conditions in daily work

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct a ML/TF risk assessment of the organisation’s products and services

  1. Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF
  2. Develop risk criteria and conduct a ML/TF risk assessment of current and new products and services for an organisation
  3. Analyse and report outcomes of the ML/TF risk assessment of products and services for an organisation
Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse and report outcomes of the ML/TF risk assessment of products and services for an organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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.