Unit of competency Outline

Date retreived
23/07/2026 1:20 AM AWST

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

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

Unit of competency
National Code
FNSINC512
State Code
OCZ42
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081105 - Investment And Securities
Original Release Date
22/04/2021
Nominal Hours
70
Description
This unit describes the skills and knowledge required to assess financial products and services provided by an organisation, or those an organisation uses, and determine their vulnerability to money laundering and terrorism financing. It includes undertaking Money Laundering and Terrorism Financing (ML/TF) risk assessments, assessing existing Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) controls and reviewing and responding to industry changes affecting financial products’ and services’ risk to ML/TL.The unit applies to those who work in various financial services industry job roles and with a wide range of financial products or services.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Assess financial products and services
  • 1.1 Identify products and services used by an organisation and determine their purpose
  • 1.2 Analyse characteristics of products and services
  • 1.3 Document functions of each product and service and the client needs it satisfies
2. Undertake ML/TF risk assessments of products and services
  • 2.1 Identify characteristics of products and services that are at risk of money laundering and terrorism financing
  • 2.2 Conduct ML/TF risk assessment of products and services as required by organisational policies and procedures
3. Recommend enhancements to AML/CTF systems
  • 3.1 Collect and assess information on existing AML/CTF controls
  • 3.2 Determine enhancements to system controls for managing ML/TF risks for products and services identified through risk assessment
  • 3.3 Manage vulnerabilities of products and services
  • 3.4 Prepare and communicate recommendations for enhancing AML/CTF systems according to organisational policies and procedures
4. Maintain product knowledge
  • 4.1 Review required products and services and initiate any changes to terms and conditions
  • 4.2 Establish and use systems to inform and maintain knowledge regarding products and services
  • 4.3 Review emerging trends affecting the financial services industry and action any required changes to products and services
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