Unit of competency Outline

Date retreived
23/07/2026 5:49 AM AWST

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Manage assessment of organisation vulnerability to money laundering and terrorism financing

Manage assessment of organisation vulnerability to money laundering and terrorism financing

Unit of competency
National Code
FNSAML805
State Code
AWF29
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
70
Description
This unit describes the skills and knowledge required to develop and maintain an in-depth knowledge of the financial products and services provided or used by an organisation and how they may be applied to client needs. It covers the analysis of money laundering and terrorism financing (ML/TF) risk and recommended enhancements to organisational systems to manage vulnerabilities.It applies to individuals who use specialised 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. Analyse products and services an organisation uses
  • 1.1 Research existing and new products, services and channels used by an organisation or sector and determine their purpose
  • 1.2 Analyse characteristics of products and services and their strengths, weaknesses, terms and conditions
  • 1.3 Document the function of each product and service and the client need it satisfies
2. Conduct a ML/TF risk assessment of the organisation’s products and services
  • 2.1 Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF
  • 2.2 Develop risk criteria and conduct a ML/TF risk assessment of current and new products and services for an organisation
  • 2.3 Analyse and report outcomes of the ML/TF risk assessment of products and services for an organisation
3. Recommend enhancements to anti-money laundering and counter terrorism financing (AML/CTF) systems to manage specific vulnerabilities of products and services
  • 3.1 Collect, assess and evaluate information about existing AML/CTF controls
  • 3.2 Determine appropriate enhancements to system AML/CTF controls for managing risks for specific products, services and channels
  • 3.3 Prepare recommendations for enhancing AML/CTF systems
  • 3.4 Submit recommendations for approval to appropriate governance or management group
4. Maintain product, service and channel knowledge
  • 4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work
  • 4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products, services and channels
  • 4.3 Review emerging trends affecting the financial services industry and apply to product, service and channel knowledge
No information
No information
Replaced By
State Code National Code Title Type
OBR71 FNSAML815 Manage assessment of organisation vulnerability to money laundering and terrorism financing Unit of competency