SAQA

All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.

SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED QUALIFICATION:

Occupational Certificate: Anti Money Laundering Analyst

SAQA QUAL ID	QUALIFICATION TITLE
118250	Occupational Certificate: Anti Money Laundering Analyst
ORIGINATOR
Development Quality Partner - BANKSETA
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY			NQF SUB-FRAMEWORK
-			OQSF - Occupational Qualifications Sub-framework
QUALIFICATION TYPE	FIELD		SUBFIELD
Occupational Certificate	Field 03 - Business, Commerce and Management Studies		Finance, Economics and Accounting
ABET BAND	MINIMUM CREDITS	PRE-2009 NQF LEVEL	NQF LEVEL	QUAL CLASS
Undefined	353	Not Applicable	NQF Level 06	Regular-ELOAC
REGISTRATION STATUS		SAQA DECISION NUMBER	REGISTRATION START DATE	REGISTRATION END DATE
Registered		EXCO 043/21	2021-06-22	2026-06-22
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2027-06-22		2030-06-22

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.

This qualification does not replace any other qualification and is not replaced by any other qualification.

PURPOSE AND RATIONALE OF THE QUALIFICATION

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.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

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.

RECOGNISE PREVIOUS LEARNING?

QUALIFICATION RULES

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.

EXIT LEVEL OUTCOMES

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

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.

INTERNATIONAL COMPARABILITY

This qualification was compared with two qualifications in United Kingdom and Australia.

United Kingdom
The Certificate for Anti-Money Laundering Specialists (CAMS) is a globally recognised certificate done as an interactive online course. The qualification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS).

The certificate covers the following online content:

Module 1: Risks and methods of money laundering and terrorism financing.

Module 2: Compliance standards for Anti Money Laundering (AML) and combatting the financing of terrorism (CFT).

Module 3: AML, CFT and Sanctions Compliance Programmes.

Module 4: Conducting and Supporting the Investigation Process.

In order to sit for the final examination, candidates have to demonstrate successful completion of the theory contained in the modules as well as specified work experience and related professional training.

Obtaining of this certificate leads to professional recognition and the allocation of a professional designation issued by the Association for the Combatting of Financial Crime.

Australia
The Diploma of Applied Anti-Money Laundering and Counter Terrorism Financing Management (Australia) 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. It is offered by 360 Training Academy PTY (Ltd).

The Qualification contains the following learning components:
Core Units:

Develop processes for the management of breaches in compliance requirements.

Comply with financial services legislation and industry codes of practice.

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

Develop and monitor policy and procedures.

Undertake risk identification.

Assess risks.

Elective Units:

Develop and implement risk mitigation plan.

Determine and manage risk exposure strategies.

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

Analyse and present research information.

Monitor and maintain records in an online environment.

Develop workplace policy and procedures for sustainability.

Anticipate and detect possible fraud activity.

Conduct fraud risk assessments.

Develop fraud control plans.

Similarities
Both qualifications covers learning outcomes and content similar to the one in this qualification, with outcomes and content driven by the industry.

Conclusion
This qualification compares favourably with the qualifications from the two countries in terms of complexity, content and scope.

ARTICULATION OPTIONS

This qualification provides opportunities for horizontal and vertical articulation options.

Horizontal Articulation:

Occupational Certificate: Compliance Officer, NQF Level 6.

Occupational Certificate: Organisational Risk Practitioner, NQF Level 6.

Advanced Certificate in Business Management in Risk Management, NQF Level 6.

Vertical Articulation:

Occupational Certificate: Internal Auditor, NQF Level 7.

NOTES

Qualifying for external assessment:
In order to qualify for an external assessment, learners must provide proof of completion of all required modules by means of a statement of results and work experience.

Additional legal or physical entry requirements:
None.

Criteria for the accreditation of providers
Accreditation of providers will be done against the criteria as reflected in the relevant curriculum on the QCTO website.

The curriculum title and code are: Recruitment Manager: 121907-001-00-00.

Encompassed Trades
This qualification encompasses the following trades as recorded on the NLRD:
This is not a trade.

Assessment Quality Partner
Services SETA.

LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION:

NONE

PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION:

This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.

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