Unit of competency Outline

Date retreived
23/07/2026 4:58 AM AWST

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Implement an anti-money laundering and counter terrorism financing program

Implement an anti-money laundering and counter terrorism financing program

Unit of competency
National Code
FNSAML806
State Code
AWF25
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
14/01/2016
View on TGA
State Implementation and Classification
Approved Date
12/05/2016
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
12/05/2016
Nominal Hours
80
Description
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.
Notes
Elements and Performance Criteria
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
No information
No information
Replaced By
State Code National Code Title Type
OBR78 FNSAML816 Implement an anti-money laundering and counter terrorism financing program Unit of competency