Unit of competency Outline

Date retreived
23/07/2026 4:37 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 and monitor a reporting system for suspicious transactions

Design and monitor a reporting system for suspicious transactions

Unit of competency
National Code
FNSAML803
State Code
AWF30
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
080101 - Accounting
Original Release Date
12/05/2016
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).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 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. 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 a range of ML/TF risks and vulnerabilities potentially impacting on the organisation including cross border transactions
  • 1.2 Research, analyse and assess types of unusual activity relevant to the industry and/or organisation
  • 1.3 Explore a range of investigative 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 appropriate for identified risks and vulnerabilities
2. Review analytical tools and reporting systems
  • 2.1 Analyse the capabilities of the organisation’s manual and automatic systems and assess the appropriateness for different risk scenarios
  • 2.2 Evaluate the effectiveness of the organisation’s automated transaction monitoring software in detecting unusual transaction activity
  • 2.3 Review training programs to encourage staff to use intuition in further investigating unusual matters
  • 2.4 Review and evaluate organisational processes for triggering and monitoring alerts and creating suspicious matter reports
  • 2.5 Analyse the process and organisational procedures for evidence based investigations
  • 2.6 Evaluate the processes and procedures for performing periodic effectiveness monitoring
3. Monitor the performance of analytical tools and reporting systems
  • 3.1 Monitor and review alerts based on specific detection rules
  • 3.2 Test and evaluate the reporting solution relevant to the detection rules
  • 3.3 Manage the provision of information and training to staff about the transaction monitoring program
4. Manage the 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 the 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 Analyse and review processes related to investigated cases where no action was taken and cases escalated to a suspicious matter report level to determine whether the actions taken were appropriate
  • 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 the effectiveness of reporting systems
  • 5.2 Oversee the 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
Replaced By
State Code National Code Title Type
OBR91 FNSAML813 Design and monitor reporting systems for suspicious transactions Unit of competency