Unit of competency Outline

Date retreived
23/07/2026 12:04 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Design an anti-money laundering and counter terrorism financing program

Design an anti-money laundering and counter terrorism financing program

Unit of competency
National Code
FNSAML801
State Code
AWF31
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
80
Description
This unit describes the skills and knowledge required to design and develop an organisation's anti-money laundering and counter terrorism financing (AML/CTF) program to meet organisational goals and regulatory requirements. It covers the research and analysis of requirements and the design and development of a new, redesigned or reconfigured AML/CTF program.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. Research and analyse requirements for AML/CTF program development
  • 1.1 Analyse legislative and regulatory requirements relevant to AML/CTF policy and practice including specific requirements of the National Privacy Principles
  • 1.2 Evaluate the AML/CTF implications for the products and services offered by the organisation
  • 1.3 Analyse and assess the organisation's AML/CTF program requirements and goals, considering the organisation’s nature, scale and complexity of business
  • 1.4 Research and assess other relevant guidance including industry codes and standards, sector counterparts and international regulators
  • 1.5 Collate and analyse organisational data and trends relating to AML/CTF activity and controls
  • 1.6 Synthesise outcomes of research and analysis and brief relevant personnel on the implications of the findings for the organisation's AML/CTF program
2. Design an AML/CTF program for an organisation
  • 2.1 Review outcomes of research and design a program for a new, redesigned or reconfigured AML/CTF program in consultation with key personnel
  • 2.2 Document a proposal for a new, redesigned or reconfigured AML/CTF program that includes consideration of resource allocations, assessment of risk and prioritised actions and timeframes
  • 2.3 Present proposal for a new, redesigned or reconfigured AML/CTF program, advocate benefits and secure approval from senior management and/or the Board
3. Develop the AML/CTF program
  • 3.1 Oversee the preparation of draft policies and procedures and specifications for changes to system requirements
  • 3.2 Consult with stakeholders to seek input and feedback on new, redesigned or reconfigured AML/CTF program to ensure agreement and ownership
  • 3.3 Lead evaluation of feedback on draft policies and procedures and system requirements, and authorise changes
  • 3.4 Designate responsibility and accountability in job roles and/or organisational sections for ensuring compliance with aspects of the AML/CTF program
  • 3.5 Develop AML/CTF program goals and performance criteria
  • 3.6 Secure approval from senior management or Board for the new, redesigned or reconfigured AML/CTF program
No information
No information
Replaced By
State Code National Code Title Type
OBR86 FNSAML811 Design anti-money laundering and counter terrorism financing programs Unit of competency