Unit of competency
Modification History
Release |
Comments |
Release 2 |
This version first released with FNS Financial Services Training Package Version 1.1 Version 2 created to correct mapping information |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to develop and maintain an in-depth knowledge of the financial products and services provided by an organisation, or those an organisation uses, and how they may be applied to client needs.
It applies to individuals who work in various financial services industry job roles and with a wide range of financial products or services.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Industry capability
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Analyse products and services the organisation uses |
1.1 Identify products and services used by an organisation or sector and determine their purpose 1.2 Analyse characteristics of products and services and their strengths, weaknesses, terms and conditions 1.3 Document function of each product and service and client needs it satisfies |
2. Undertake a money laundering and terrorism financing (ML/TF) risk assessment of organisation’s products and services |
2.1 Analyse characteristics of products and services to determine their potential use for money laundering and/or terrorism financing 2.2 Conduct ML/TF risk assessment of products and services for organisation |
3. Recommend end enhancements to anti-money laundering and counter terrorism financing (AML/CTF) systems to manage specific vulnerabilities of products and services |
3.1 Collect and assess information about existing AML/CTF controls 3.2 Determine appropriate enhancements to system controls for managing ML/TF risks for specific products and services 3.3 Prepare recommendations for enhancing AML/CTF systems |
4. Maintain product knowledge |
4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work 4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services 4.3 Review emerging trends affecting financial services industry and apply to product and service knowledge |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Learning |
4.2 |
|
Reading |
1.1-1.3, 2.1, 3.1, 4.1, 4.3 |
|
Writing |
1.3, 3.3, 4.2 |
|
Oral Communication |
2.2, 3.3 |
|
Navigate the world of work |
1.1, 1.2, 2.1, 2.2, 4.1, 4.3 |
|
Get the work done |
1.3, 3.1-3.3, 4.1-4.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSINC502 Assess financial products and services vulnerability to money laundering and terrorism financing |
Not applicable |
New unit based on FNSINC402A |
No equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe