Diploma of Applied Anti-Money Laundering and Counter Terrorism Financing Management

This qualification is designed for individuals in anti-money laundering and counter terrorism financing (AML/CTF) job roles. It establishes benchmark standards for technical AML/CTF knowledge and practice to improve the quality and effectiveness of the AML/CTF regime in Australia.

The AML/CTF Act covers the financial sector, gambling sector and bullion dealing and any other professionals or businesses that provide particular 'designated services'. The AML/CTF Act imposes a number of obligations on businesses when they provide these designated services. These obligations include:

customer due diligence:

identification

verification of identity

ongoing monitoring of transactions

reporting:

suspicious matters

threshold transactions

international funds transfer instructions

record keeping

establishing and maintaining an AML/CTF program.

Subjects

Packaging Rules

13 units of competency must be achieved:

9 core units

plus4 elective units.

1 elective units must be selected from the elective units listed below.

The remaining 2 elective units may be selected from the elective units listed below, any endorsed Training Package or accredited course. These elective units may be selected from a Diploma qualification.

Only 1 elective unit may be selected from Group A.

Elective units must be relevant to the work outcome, local industry requirements and the qualification level.

Core units of competency:

add topic BSBCOM503B Develop processes for the management of breaches in compliance requirements

add topic BSBCOM602B Develop and create compliance requirements

add topic FNSFMK505A Comply with financial services legislation, industry and industry codes of practice

add topic FNSINC402A Develop and maintain in depth knowledge of products and services used by an organisation or sector

add topic FNSORG502A Develop and monitor policy and procedures

add topic FNSRSK501A Undertake risk identification

add topic FNSRSK502A Assess risks

add topic PSPREG417A Undertake compliance audits

add topic PSPREG502A Coordinate investigation processes

Elective units of competency:

Group A

add topic FNSRSK601A Develop and implement risk mitigation plan

add topic FNSRSK602A Determine and manage risk exposure strategies

Group B (General)

add topic BSBINM401A Implement workplace information system

add topic BSBOHS303B Contribute to OHS hazard identification and risk assessment

add topic BSBRES401A Analyse and present research information

add topic BSBRKG404A Monitor and maintain records in an online environment

add topic BSBSUS501A Develop workplace policy and procedures for sustainability

add topic FNSINC601A Apply economic principles to work in the financial services industry

add topic PSPFRAU502B Anticipate and detect possible fraud activity

add topic PSPFRAU504B Conduct fraud risk assessments

add topic PSPFRAU505B Develop fraud control plans

Pathways...

    Pathways into the qualification

    The primary pathway from this qualification is employment in financial services or related industry organisations where anti-money laundering and counter terrorism financing legislation applies.

    Pathways from the qualification

    A further learning pathway utilising qualifications such as:

    Advanced Diploma of Financial Licensing Management

    Advanced Diploma of Financial Risk Management

    or other specialisations and/or study in relevant higher education programs would support career progression.

    Learners should establish relevant qualifications and any credit arrangements that may apply in order to make appropriate elective choices in this qualification.

Entry Requirements

Not applicable.

Licensing Information

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. You should refer to the IBSA website (www.ibsa.org.au under Training Packages/Industry) or the relevant regulator for specific guidance on requirements.

Employability Skills

QUALIFICATION SUMMARY

Employability Skill

Industry/enterprise requirements for this qualification include:

Communication

conducting research to collect and analyse information and presenting it in report form

consulting with stakeholders on risk management policies and procedures

developing and writing reports to specifications

preparing and presenting correspondence in appropriate electronic format

questioning, clarifying and evaluating information

negotiating solutions with clients and colleagues

Teamwork

monitoring and working with staff to implement policies and procedures

supporting staff to implement compliance systems and making referrals to external specialists as required

Problem solving

analysing and synthesising information and determining levels of risk

collecting, analysing, comparing and contrasting data

comparing risk exposure levels with industry and statutory obligations

identifying and resolving inconsistencies

providing strategies on how to address non compliances

solving problems in respect to risk

testing strategic assumptions and applying different risk treatment strategies

Initiative and enterprise

identifying and investigating risk as it relates to existing and new business

identifying improvements to work design and organisation

reviewing processes to inform future activity

Planning and organising

contributing to the organisational effectiveness by researching and providing accurate information and recommendations

monitoring activity against legislative requirements

researching, developing, trialling, implementing, monitoring and reviewing policies and procedures and risk strategies

Self-management

acting as a role model for others

applying time management strategies to own work schedule

planning own work schedule and monitoring and evaluating own work performance

presenting a positive organisational image

taking responsibility as required by work role and ensuring all organisational policies and procedures are followed

understanding and acting upon compliance requirements

working ethically and complying with all industry codes of practice and legislative requirements

Learning

undertaking training to meet compliance requirements is maintained

evaluating and reviewing risk assessment strategies

facilitating other staff to gain the knowledge and skills to implement compliance systems

maintaining personal competence and identifying professional development opportunities

Technology

conducting web searches and using corporate templates

operating computers and using word processing, spreadsheet and database skills to produce workplace documentation

using business technology to access, organise and monitor information

using research data devices and telecommunication devices and equipment