Unit of competency Outline

Date retreived
22/07/2026 9:38 PM AWST

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Design and assess controls to monitor money laundering and terrorism financing risk

Design and assess controls to monitor money laundering and terrorism financing risk

Unit of competency
National Code
FNSAML812
State Code
OBR93
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
01/07/2020
View on TGA
State Implementation and Classification
Approved Date
02/10/2020
Field of Education
081105 - Investment And Securities
Original Release Date
02/10/2020
Nominal Hours
70
Description
This unit describes the skills and knowledge required to design and implement procedural controls to proactively identify money laundering (ML) and terrorism financing (TF) risks for an organisation. It covers developing risk analysis criteria to assess an organisation’s risk exposure and then designing, implementing and monitoring controls that are flexible and responsive to changes in ML and TF typologies.The unit applies to individuals who lead and review organisation wide activities, exercise significant autonomy, responsibility and accountability and contribute to the goals and operations of the organisation. They will typically have responsibility for the establishment and review of significant programs in the organisation. They use cognitive and creative skills to review, critically analyse, consolidate and synthesise knowledge, generate ideas and provide solutions to complex problems.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Analyse requirements and develop risk evaluation criteria
  • 1.1 Analyse all stages of risk assessment process, including identification, assessment, evaluation, mitigation and monitoring, related to organisational requirements
  • 1.2 Analyse relevant industry related typologies including those issued by Australian Transaction Reports and Analysis Centre (AUSTRAC) annually
  • 1.3 Evaluate and select risk management tools for organisation
  • 1.4 Develop risk criteria to evaluate risk based on organisation’s vulnerability to ML and TF
  • 1.5 Formulate and document risk management methodologies, including assessing risk appetite and holistic organisational ML and TF risk review processes
2. Assess organisation’s current exposure
  • 2.1 Analyse risk exposure in organisation’s operations, including products offered, clients, systems, channels of access and geographical sphere
  • 2.2 Analyse vulnerability of organisation to ML and TF risks
  • 2.3 Evaluate overall level of risk posed to organisation and confirm that level is within stated risk appetite tolerance
3. Design and implement controls
  • 3.1 Evaluate risk mitigation controls already in place and assess if proportionate to nature, size and complexity of organisation
  • 3.2 Determine risks with ineffective and insufficient controls
  • 3.3 Discuss risk management deficiencies with relevant stakeholders and identify required controls
  • 3.4 Allocate responsibility for managing controls to senior managers in organisation
  • 3.5 Work with stakeholders to implement controls where required
4. Monitor and maintain effectiveness of controls
  • 4.1 Review organisation’s overall risk assessment addressing methodology, and changes in organisation and regulatory landscape
  • 4.2 Implement processes to regularly monitor and assess effectiveness of mitigation controls
  • 4.3 Analyse deficiencies and work with stakeholders to ensure remediation
  • 4.4 Report deficiencies to relevant internal stakeholders, including management, Board, and audit and risk manager
  • 4.5 Report significant breaches to relevant authorities, including AUSTRAC
  • 4.6 Monitor implementation of improvements and changes to mitigation controls
  • 4.7 Research and analyse changes to industry and environment that may increase risk and necessitate changes to controls
No information
No information
Replaces
State Code National Code Title Type
AWF32 FNSAML802 Design and assess controls to monitor money laundering and terrorism financing risk Unit of competency