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Evidence Guide: FNSINC502 - Assess financial products and services 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

 

FNSINC502 - Assess financial products and services 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 the organisation uses

  1. Identify products and services 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 function of each product and service and client needs it satisfies
Identify products and services 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 function of each product and service and client needs it satisfies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake a money laundering and terrorism financing (ML/TF) risk assessment of organisation’s products and services

  1. Analyse characteristics of products and services to determine their potential use for money laundering and/or terrorism financing
  2. Conduct ML/TF risk assessment of products and services for organisation
Analyse characteristics of products and services to determine their potential use for money laundering and/or terrorism financing

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct ML/TF risk assessment of products and services for organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

  1. Collect and assess information about existing AML/CTF controls
  2. Determine appropriate enhancements to system controls for managing ML/TF risks for specific products and services
  3. Prepare recommendations for enhancing AML/CTF systems
Collect and assess information about existing AML/CTF controls

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine appropriate enhancements to system controls for managing ML/TF risks for specific products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare recommendations for enhancing AML/CTF systems

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain product 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 and services
  3. Review emerging trends affecting financial services industry and apply to product and service 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 and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake a money laundering and terrorism financing (ML/TF) risk assessment of organisation’s products and services

  1. Analyse characteristics of products and services to determine their potential use for money laundering and/or terrorism financing
  2. Conduct ML/TF risk assessment of products and services for organisation
Analyse characteristics of products and services to determine their potential use for money laundering and/or terrorism financing

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct ML/TF risk assessment of products and services for 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 the organisation uses

1.1 Identify products and services 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 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

2.1 Analyse characteristics of products and services to determine their potential use for money laundering and/or terrorism financing

2.2 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

3.1 Collect and assess information about existing AML/CTF controls

3.2 Determine appropriate enhancements to system controls for managing ML/TF risks for specific products and services

3.3 Prepare recommendations for enhancing AML/CTF systems

4. Maintain product 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 and services

4.3 Review emerging trends affecting financial services industry and apply to product and service 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 the organisation uses

1.1 Identify products and services 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 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

2.1 Analyse characteristics of products and services to determine their potential use for money laundering and/or terrorism financing

2.2 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

3.1 Collect and assess information about existing AML/CTF controls

3.2 Determine appropriate enhancements to system controls for managing ML/TF risks for specific products and services

3.3 Prepare recommendations for enhancing AML/CTF systems

4. Maintain product 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 and services

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

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.

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.