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Qualification details

FNS51715 - Diploma of Applied Anti-Money Laundering and Counter Terrorism Financing Management (Release 2)

Summary

Usage recommendation:
Deleted
The Deleted usage recommendation was implemented on 13 June 2017 to describe training components that have no replacement. Enrolments in training components and statements of attainment or qualifications issued before 13 June 2017 are valid. For any components marked as deleted after 13 June 2017, the applicable transition/teach-out periods apply. For specific questions regarding the enrolment, delivery or issuance of a statement of attainment/qualification, please contact your training regulator.
Mapping:
MappingNotesDate
DeletedDeleted from FNS Financial Services Training Package13/Jan/2016
Supersedes FNS51710 - Diploma of Applied Anti-Money Laundering and Counter Terrorism Financing ManagementUpdated to meet Standards for Training Packages. Packaging rules updated to address industry needs. Number of units overall has been reduced from 13 to 10. Number of core and elective units changed.24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
2 (this release) 22/Apr/2015
(View details for release 1) 25/Mar/2015


Training packages that include this qualification

Units of competency

CodeSort Table listing Units of Competency by the Code columnTitleSort Table listing Units of Competency by the Title columnEssentialSort Table listing Units of Competency by the Essential column
BSBCOM503 - Develop processes for the management of breaches in compliance requirementsDevelop processes for the management of breaches in compliance requirements Core
BSBINM401 - Implement workplace information systemImplement workplace information system Elective
BSBRES401 - Analyse and present research informationAnalyse and present research information Elective
BSBRKG404 - Monitor and maintain records in an online environmentMonitor and maintain records in an online environment Elective
BSBSUS501 - Develop workplace policy and procedures for sustainabilityDevelop workplace policy and procedures for sustainability Elective
BSBWHS303 - Participate in WHS hazard identification, risk assessment and risk controlParticipate in WHS hazard identification, risk assessment and risk control Elective
FNSFMK505 - Comply with financial services regulation and industry codes of practiceComply with financial services regulation and industry codes of practice Core
FNSINC502 - Assess financial products and services vulnerability to money laundering and terrorism financingAssess financial products and services vulnerability to money laundering and terrorism financing Core
FNSINC601 - Apply economic principles to work in the financial services industryApply economic principles to work in the financial services industry Elective
FNSORG502 - Develop and monitor policy and proceduresDevelop and monitor policy and procedures Core
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Classifications

SchemeCodeClassification value
ANZSCO Identifier 221213 External Auditor 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 
Qualification/Course Level of Education Identifier 421 Diploma 
Taxonomy - Industry Sector N/A Financial Services,Fraud Control 
Taxonomy - Occupation N/A Anti-Money Laundering and Counter Terrorism Financing Compliance Officer 

Classification history

SchemeCodeClassification valueStart dateEnd date
ANZSCO Identifier 221213 External Auditor 30/Jul/2015 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 30/Jul/2015 
Qualification/Course Level of Education Identifier 421 Diploma 25/Mar/2015 
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Modification History

Release 

Comments 

Release 2

This version released with FNS Financial Services Training Package version 1.1

Release 2 created to correct typographical error

Release 1

This qualification first released with FNS Financial Services Training Package version 1.0

Qualification Description

This qualification is designed for individuals in anti-money laundering and counter terrorism financing (AML/CTF) job roles. Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others. Individuals have particular obligations in providing designated services under the AML/CTF Act. These relate to customer due diligence, reporting and record keeping.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil.

Packaging Rules

Total number of units = 10 

6 core units  plus

4 elective  units

The elective units consist of:

  • 1 from Group A

Of the remaining 3 units:

  • up to 3 may be from Group B
  • up to 3 may be from a Certificate IV, Diploma or Advanced Diploma in any currently endorsed training package or accredited course.

The elective units chosen must be relevant to the work outcome and meet local industry needs.

Core Units  

BSBCOM503 Develop processes for the management of breaches in compliance requirements

FNSFMK505 Comply with financial services legislation and industry codes of practice

FNSINC502 Assess financial products and services vulnerability to money laundering and terrorism financing

FNSORG502 Develop and monitor policy and procedures

FNSRSK501 Undertake risk identification

FNSRSK502 Assess risks

Elective Units 

Group A  

FNSRSK601 Develop and implement risk mitigation plan

FNSRSK602 Determine and manage risk exposure strategies

Group B 

BSBINM401 Implement workplace information system

BSBWHS303 Participate in WHS hazard identification, risk assessment and risk control

BSBRES401 Analyse and present research information

BSBRKG404 Monitor and maintain records in an online environment

BSBSUS501 Develop workplace policy and procedures for sustainability

FNSINC601 Apply economic principles to work in the financial services industry

PSPFRAU502B Anticipate and detect possible fraud activity

PSPFRAU504B Conduct fraud risk assessments

PSPFRAU505B Develop fraud control plans

Qualification Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNS51715 Diploma of Applied Anti-Money Laundering and Counter Terrorism Financing Management.

FNS51710 Diploma of Applied Anti-Money Laundering and Counter Terrorism Financing Management.

Updated to meet Standards for Training Packages.

Packaging rules updated to address industry needs. Number of units overall has been reduced from 13 to 10. Number of core and elective units changed.

No equivalent qualification

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe