Unit of competency Outline

Date retreived
23/07/2026 12:04 AM 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
FNSAML802
State Code
AWF32
TGA Status
Replaced
DTWD Status
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
081105 - Investment And Securities
Original Release Date
12/05/2016
Nominal Hours
70
Description
This unit describes the skills and knowledge required to design and implement procedural controls to proactively identify money laundering and terrorism financing risks for an organisation. It covers developing risk analysis criteria to assess an organisation's risk exposure and the design, implementation and monitoring of controls which must be flexible and responsive to changes in money laundering and terrorism financing typologies.It 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 within 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 Review all stages of the 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 appropriate risk management tools for the organisation
  • 1.4 Develop risk criteria to evaluate risk appropriate to the organisation
  • 1.5 Formulate and document risk management methodology including assessing risk appetite and a holistic organisational money laundering and terrorism financing risk review process
2. Assess the organisation’s current exposure
  • 2.1 Analyse the organisation's operations, including products offered, clients, systems, channels of access and geographical sphere
  • 2.2 Analyse the vulnerability of the organisation to money laundering and terrorism financing risks
  • 2.3 Assess and evaluate the overall level of risk posed to the organisation ensuring the level is within the stated risk appetite tolerance
3. Design and implement controls
  • 3.1 Evaluate risk mitigation controls already in place and assess if proportionate to the nature, size and complexity of the organisation
  • 3.2 Determine risks that have ineffective or insufficient controls
  • 3.3 Discuss risk management deficiencies with relevant stakeholders and identify controls required
  • 3.4 Allocate responsibility for managing the controls to senior managers within the organisation
  • 3.5 Work with stakeholders to implement controls where required
4. Monitor and maintain the effectiveness of controls
  • 4.1 Review the organisation’s overall risk assessment addressing methodology, and changes within the organisation and to the legislative and regulatory landscape
  • 4.2 Implement processes to regularly monitor and assess the effectiveness of mitigation controls
  • 4.3 Analyse deficiencies and work with stakeholders to ensure remediation
  • 4.4 Report deficiencies to relevant stakeholders including management, the Board and the audit and risk manager
  • 4.5 Report significant breaches to relevant authorities including AUSTRAC
  • 4.6 Monitor the implementation of improvements and changes to mitigation controls
  • 4.7 Research and analyse changes to the industry and environment that may increase risk and necessitate changes to controls
No information
No information
Replaced By
State Code National Code Title Type
OBR93 FNSAML812 Design and assess controls to monitor money laundering and terrorism financing risk Unit of competency