Unit of competency Outline

Date retreived
23/07/2026 3:36 PM AWST

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Assess financial products and services vulnerability to money laundering and terrorism financing

Assess financial products and services vulnerability to money laundering and terrorism financing

Unit of competency
National Code
FNSINC502
State Code
AUR91
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
2.00
Current Release Date
22/04/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
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 by an organisation, or those an organisation uses, and how they may be applied to client needs.It applies to individuals who work in various financial services industry job roles and with a wide range of financial products or services.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 the organisation uses
  • 1.1 Identify products and services 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 function of each product and service and client needs it satisfies
2. Undertake a money laundering and terrorism financing (ML/TF) risk assessment of organisation’s products and services
  • 2.1 Analyse characteristics of products and services to determine their potential use for money laundering and/or terrorism financing
  • 2.2 Conduct ML/TF risk assessment of products and services for organisation
3. Recommend end enhancements to anti-money laundering and counter terrorism financing (AML/CTF) systems to manage specific vulnerabilities of products and services
  • 3.1 Collect and assess information about existing AML/CTF controls
  • 3.2 Determine appropriate enhancements to system controls for managing ML/TF risks for specific products and services
  • 3.3 Prepare recommendations for enhancing AML/CTF systems
4. Maintain product 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 and services
  • 4.3 Review emerging trends affecting financial services industry and apply to product and service knowledge
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