Elements and Performance Criteria
- Analyse products and services an organisation uses
- Research existing and new products, services and channels used by an organisation or sector and determine their purpose
- Analyse characteristics of products and services and their strengths, weaknesses, terms and conditions
- Document the function of each product and service and the client need it satisfies
- Conduct a ML/TF risk assessment of the organisation’s products and services
- Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF
- Develop risk criteria and conduct a ML/TF risk assessment of current and new products and services for an organisation
- Analyse and report outcomes of the ML/TF risk assessment of products and services for an organisation
- Recommend enhancements to anti-money laundering and counter terrorism financing (AML/CTF) systems to manage specific vulnerabilities of products and services
- Collect, assess and evaluate information about existing AML/CTF controls
- Determine appropriate enhancements to system AML/CTF controls for managing risks for specific products, services and channels
- Prepare recommendations for enhancing AML/CTF systems
- Submit recommendations for approval to appropriate governance or management group
- Maintain product, service and channel knowledge
- Review relevant products and services regularly and apply any changes to terms and conditions in daily work
- Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products, services and channels
- Review emerging trends affecting the financial services industry and apply to product, service and channel knowledge
- Conduct a ML/TF risk assessment of the organisation’s products and services
- Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF
- Develop risk criteria and conduct a ML/TF risk assessment of current and new products and services for an organisation
- Analyse and report outcomes of the ML/TF risk assessment of products and services for an organisation