Occupational Certificate: Anti Money Laundering Analyst

Purpose

The purpose of this qualification is to prepare a learner to operate as an Anti-Money Laundering Analyst. An Anti-Money Laundering Analyst monitors and analyses data relating to the movement of money and assets, investigates the legitimacy of these transactions within the local, national and international frameworks, regulations and guidelines and reports on it. A competent candidate shall demonstrate among others the following attributes: honesty, punctuality, initiative, critical analysis, integrity, ethics, professionalism, etc.

A qualified learner will be able to

• Conduct screening of clients, business relationships and monitor transactions to identify risks associated with money laundering, sanctions, bribery, corruption financing of terrorism practices and related financial crime.
• Investigate the identified risks associated with money laundering, sanctions, bribery, corruption financing of terrorism practices and related financial crime.
• Continually research and identify new risks/red flags in the area of money laundering, sanctions, bribery, corruption financing of terrorism practices and related financial crime.
• Develop and submit appropriate analysis reports on the risks associated with money laundering, sanctions, bribery, corruption financing of terrorism practices and related financial crime.

Rationale

This qualification has been developed for Anti-Money Laundering Analysts. With financial crime more prevalent than ever, it is important that both companies and governments develop measures to curb it. The most common way to prevent it, is to implement anti-money laundering policies that prevent the smuggling of illegally-obtained funds. Most countries now have anti-money laundering policies, and many require that all financial institutions strictly abide by these policies in order to support efforts against financial crime. The work of these analysts is not limited to financial crime, it also embraces the detection and prevention of the flow of money and assets for the use by internationally recognised terrorist groups.

Internationally there is a shortage of properly qualified individuals for this important work. This qualification has the aim of creating a pathway for current employees, in this field, to obtain an appropriate Occupational Qualification that will enable them to progress within the discipline. The qualification also creates a career pathway for new entrants into the industry. The work is not limited to one sector, the need for these analysts exists within all financial services providers such as: - Banks, Insurance Agencies, Estate Agencies, Retail Finance Providers, Gaming Industry, etc.

This is a growing employment situation, the role has been identified as a critical and scares skill and it supports the spirit of the National Development Strategy. Meeting the international policies and standards relating to clean governance is critical for South Africa to access investments and global trade opportunities. Foreign direct investment result in job creation and economic growth for the country. This qualification contributes towards creating this environment.

The qualification was developed in collaboration with South African Banking Risk Information Centre (SABRIC) and participation of major banks in South Africa.

Recognition of Prior Learning (RPL)

RPL for access to the external integrated summative assessment

Accredited providers and approved workplaces must apply the internal assessment criteria specified in the related curriculum document to establish and confirm prior learning. Accredited providers and workplaces must confirm prior learning by issuing a statement of result or certifying a work experience record. Learners who have been certified competent in some or similar modules through a statement of results from an accredited provider may be granted access to the EISA and credited for those modules after verification through Integrated Formative Assessment.

RPL for access to the qualification

Accredited providers and approved workplaces may recognise prior learning against the relevant access requirements. Learners who are competent in some modules after an integrated RPL assessment shall be awarded credits towards relevant modules by issuing a statement of results and granted access to the qualification for learning.

Entry Requirements

The minimum entry requirement for this qualification is

• NQF Level 4 qualification.

This qualification is made up of compulsory Knowledge, Practical Skill and Work Experience Modules

Knowledge Modules

• 241108-001-00-KM-01, Screening Clients and Monitoring of Transactions, Level 5, 29 Credits.
• 241108-001-00-KM-02, Effective Investigation and Reporting of Suspicious Behaviour, Level 6, 76 Credits.
• 241108-001-00-KM-03, Remaining Updated on New Trends, Regulations, Ethics and Practices, Level 6, 8 Credits.

Total number of credits for Knowledge Modules: 113

Practical Skill Modules

• 241108-001-00-PM-01, Screen Clients and Business Relationships, Level 5, 6 Credits.
• 241108-001-00-PM-02, Monitor Transactions, Level 5, 14 Credits.
• 241108-001-00-PM-03, Investigate Potential Risks Related to Specific Clients and Specific Financial Transactions, Level 6, 16 Credits.
• 241108-001-00-PM-04, Develop and Submit the Appropriate Internal Reports Relating to Money Laundering and Suspicious Transactions and Behaviour of Clients, Level 6, 12 Credits.
• 241108-001-00-PM-05, Conduct Appropriate Environmental Scanning Related to Trends and Methods of Money Laundering, Bribery, Corruption Funding of Terrorism and Related Financial Crime, Level 6, 16 Credits.
• 241108-001-00-PM-06, Effective Regulator Interactions, Level 5, 8 Credits.

Total number of credits for Practical Skill Modules: 72

Work Experience Modules

• 241108-001-00-WM-01, Client Screening Processes, Level 5, 36 Credits.
• 241108-001-00-WM-02, Transaction Screening Processes, Level 5, 44 Credits.
• 241108-001-00-WM-03, Risk Identification Processes, Level 6, 64 Credits.
• 241108-001-00-WM-04, Processes of Identifying New and Developing Trends, Level 6, 16 Credits.
• 241108-001-00-WM-05, Processes of Submitting Required Reports to the Regulator, Level 6, 8 Credits.

Total number of credits for Work Experience Modules: 168.

1. Conduct screening (due diligence) of clients and monitoring of transactions to identify risks associated with money laundering, sanctions, bribery, corruption, the financing of terrorism and related financial crimes.
2. Investigate the identified risks associated with money laundering, sanctions, bribery, corruption, financing of terrorism and related financial crimes.
3. Continually research and identify new risks/ red flags in the area of money laundering, sanctions, bribery, corruption, financing of terrorism and related financial crimes.
4. Develop and submit appropriate analysis reports on the risks associated with money laundering, sanctions, bribery, corruption financing of terrorism practices and related financial crime.

Associated Assessment Criteria for Exit Level Outcome 1

• Create different scenarios and contexts, using clients' information and provide appropriate recommendations that are in line with prevailing policies and within international standards.
• Motivate and substantiate recommendations by factual evidence against the ethical and regulatory rules, policies and related standards.
• Craft valid and legal explanations according to prevailing leading practices to describe the processes used to arrive at the provided recommendations.
• Accurately identify suspicious behaviour using information from client profiles and behaviour within a range of different financial transactions, and highlight the possible causes of such behaviour.
• Justify the reasons for considering client behaviour as suspicious based on recognised deviations from internationally accepted behaviour, legislative requirements and leading practices.
• Accurately link suspicious behaviours to possible predictive offences, current and emerging methods of criminality used globally.

Associated Assessment Criteria for Exit Level Outcome 2

• Apply and demonstrate industry accepted investigation processes using different bank statements, financial statements, media reports and a range of transactional documentation,
• Properly verify and factually substantiate investigation findings.
• Analyse findings to identify gaps in information, possible suspicious behaviour and questionable transactions.
• Analyse all findings (questionable transactions) for possible deviations from regulatory requirements and potential risks associated with these deviations.

Associated Assessment Criteria for Exit Level Outcome 3

• Identify and procedurally access appropriate sources of valid information regarding new and emerging criminal methods.
• Describe, debate and evaluate the implications of the new and emerging methods and possible impacts on current AML practices, policies and procedures.

Associated Assessment Criteria for Exit Level Outcome 4

• Ethically draft appropriately structured reports using different bank statements, financial statements, media reports and a range of transactional documentation.
• Use and apply the formats of internal and external reports in compliance with industry standards and leading practices.
• Highlight findings in reports on key red flags containing appropriate reflection on the short, medium and long term risks associated with the red flags.

INTEGRATED ASSESSMENT

Integrated Formative Assessment

The skills development provider will use the curriculum to guide them on the stipulated internal assessment criteria and weighting. They will also apply the scope of practical skills and applied knowledge as stipulated by the internal assessment criteria. This formative assessment together with work experience leads to entrance in the integrated external summative assessment.

Integrated Summative Assessment

An external integrated summative assessment, conducted through the relevant QCTO Assessment Quality Partner is required for the issuing of this qualification. The external integrated summative assessment will focus on the exit level outcomes and associated assessment criteria.

The assessment will be conducted through written assessment and the evaluation of practical tasks at decentralised approved assessment sites by a panel of assessors evaluated by assessor(s) registered with the AQP within a period of 1 day.