Unit of competency Outline

Date retreived
23/07/2026 3:35 AM AWST

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Design and monitor reporting systems for suspicious transactions

Design and monitor reporting systems for suspicious transactions

Unit of competency
National Code
FNSAML813
State Code
OBR91
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
080101 - Accounting
Original Release Date
02/10/2020
Nominal Hours
70
Description
This unit describes the skills and knowledge required to design, implement and maintain a transaction monitoring and reporting system, which assists organisations to identify, investigate and ultimately report suspicious matters relating to money laundering and terrorism financing (ML/TF).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 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. They use communication skills to demonstrate their understanding of theoretical concepts and to transfer knowledge and ideas to others.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify and analyse global risks and vulnerabilities
  • 1.1 Identify ML/TF risks and vulnerabilities that may potentially impact on organisation including cross border transactions
  • 1.2 Research, analyse and assess types of unusual activity relevant to industry and organisation
  • 1.3 Apply investigation techniques and analytical tools to detect suspicious matters relating to ML/TF
  • 1.4 Assess risk profile of different organisational portfolios and determine allocation of resources to monitor transactions
  • 1.5 Evaluate approaches for monitoring transactions to identify risks and vulnerabilities
2. Review analytical tools and reporting systems
  • 2.1 Analyse capabilities of organisation’s manual and automatic systems and assess appropriateness for different risk scenarios
  • 2.2 Evaluate effectiveness of organisation’s automated transaction monitoring software in detecting unusual transaction activity
  • 2.3 Review training programs to build staff skills in detecting and investigating unusual matters
  • 2.4 Review and evaluate organisational processes for triggering and monitoring alerts and creating suspicious matter reports
  • 2.5 Analyse overall process and organisational procedures for evidence-based investigations
  • 2.6 Evaluate processes and procedures for performing periodic effectiveness monitoring
3. Monitor performance of analytical tools and reporting systems
  • 3.1 Monitor and review alerts based on specific detection rules
  • 3.2 Test and evaluate reporting solution relevant to detection rules
  • 3.3 Manage provision of information and training to staff about transaction monitoring program
4. Manage investigation of alerts and generation of suspicious matter reports
  • 4.1 Investigate alerts that have been triggered based on detection rules and prioritise those with highest risk score
  • 4.2 Analyse alerts to determine if activity requires further investigation
  • 4.3 Ensure organisational procedures are followed for initiating an investigative activity or case
  • 4.4 Use previously investigated cases to inform current actions
  • 4.5 Implement effective feedback loops to ensure continuous improvement and training of staff
5. Analyse and report suspicious transactions
  • 5.1 Analyse trends in data related to alerts, activities investigated, and suspicious matters reported to determine effectiveness of reporting systems
  • 5.2 Oversee provision of feedback to relevant staff on decisions regarding reports into suspicious transactions and activities
  • 5.3 Prepare internal reports on suspicious transactions and activities according to organisational procedures
  • 5.4 Prepare reports on suspicious transactions and activities for regulators, including cross border regulators, following required reporting formats
  • 5.5 Manage sensitivities and protocols relating to privacy and confidentiality of information when working with multiple regulators or reporting bodies
No information
No information
Replaces
State Code National Code Title Type
AWF30 FNSAML803 Design and monitor a reporting system for suspicious transactions Unit of competency