To complete the unit requirements safely and effectively, the individual must:
describe a range of money laundering and terrorism financing (ML/TF) risks and vulnerabilities, identifying areas of high priority for monitoring and reporting
compare and contrast a range of investigative techniques and analytical tools to detect suspicious matters relating to ML/TF
identify and describe reporting requirements of key regulators for the organisation
outline the circumstances appropriate for:
manual transaction monitoring
automated transaction monitoring
analyse and explain typical behaviours for what constitutes unusual industry or organisation activity including:
buying and selling in large volumes and/or value
purchase or sale of a product not previously utilised, particularly if associated with ML/TF
change in customer profile
payments to sanctioned or suspicious individuals and organisations
compare and contrast key features of automated transaction monitoring systems including:
detection rules
rule selection criteria
tuning and fine tuning of detection rules
deployment
periodic review and reassessment of effectiveness
processes to document decisions
analyse organisational processes and procedures for performing periodic effectiveness monitoring including:
purpose of detection rules and alerts
analysis of data collected for detection rules including volume of rules triggered and ratio between cases and eventual suspicious matter reports
explain organisational processes and procedures for reviewing alerts including:
examination of detection rules including electronic payment monitoring, cash and cash equivalent monitoring, trading rules and loan rules
creating and investigating cases resulting from alert monitoring
determining reasonable grounds on which the basis of a suspicion is formed
process for creating a suspicious matter report
timeliness and compliance obligations
outline key features of staff information and training programs including how to:
review alerts
investigate cases
escalate unusual activities
determine whether a suspicious matter report should be filed
outline organisational procedures for investigating suspicious activities including:
collecting and analysis of evidence
security and confidentiality including not tipping off clients or others about activity subject to investigation or reporting
explain grounds used to investigate a suspicious activity or case including:
money laundering
terrorism financing
tax evasion
analyse and explain legislative and industry requirements for reporting suspicious activities
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the AML/CTF field and include access to:
relevant legislation, regulations, standards and codes
relevant organisational records, policies and procedures
organisational reporting system for suspicious transactions or case study scenarios.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.