Plan, develop and maintain effective relationships with relevant external bodies

URN: FSPAML16
Business Sectors (Suites): Anti-money Laundering
Developed by: Skills for Justice
Approved on: 31 Jan 2016

Overview

​This standard is about identifying key contacts with relevant external bodies. These may include regulatory bodies as well as law enforcement authorities.  You must recognise the roles, responsibilities, interests and concerns of such bodies and provide them with information to which they are entitled, whilst developing guidelines for the exchange of information, where appropriate.  You must consider any potential conflict between such bodies and your organisation and monitor and improve the effectiveness of relationships with these bodies, whilst also identifying potential new relationships.  You must also monitor wider developments and contribute to relevant consultations.​


Performance criteria

You must be able to:

1. ​identify key contacts with relevant external bodies, recognising their roles, responsibilities, interests and concerns 2. develop guidelines for exchanging information, where appropriate 3. provide relevant external bodies with the information to which they are entitled, advising them promptly of any difficulties in fulfilling agreements or statutory requirements 4. consider any potential conflict between the interests of relevant external bodies and your organisation’s objectives, values and policies, reviewing the organisational strategy as appropriate 5. monitor and review the effectiveness of relationships with relevant external bodies to identify improvements and potential new relationships 6. monitor wider developments to identify potential future issues of relevance to your relationship with relevant external bodies 7. respond to consultation requests within appropriate timescales, making representation to the organisation concerned if you cannot 8. assess the implications of the proposed changes or improvements for your organisation outlined in the consultation, identifying any potential barriers 9. determine which decision makers within your organisation should be involved in preparing a response to the consultation

Knowledge and Understanding

You need to know and understand:

1. ​relevant external bodies which are appropriate to your organisation’s current and future needs 2. responsibilities of a regulated firm or individual 3. principles of confidentiality and how to develop guidelines for exchanging information between individuals and organisations 4. resources needed to meet communication requirements 5. responsibilities of a regulated firm or individual in reconciling regulatory requirements for disclosure of information with client confidentiality 6. how to deal with potential conflicts of interests 7. how to determine the importance of providing a response, including any statutory responsibilities, to a consultation 8. legal regulatory requirements applicable to your organisation 

Scope/range


Scope Performance


Scope Knowledge


Values


Behaviours


Skills


Glossary

Anti-money laundering and counter terrorist financing measures
This encompasses all required policies, procedures and systems as well as the requirement for regulated organisations to apply enhanced customer due diligence and enhanced ongoing monitoring on a risk-sensitive basis in certain defined situations and any other situations which present a higher risk of Money Laundering or Terrorist Financing. 


Relevant authorities
This should be extended to all jurisdictions which have control over the organisations, including regulatory, statutory, legal, investing, licensing, issuing and supervisory authorities. 


Links To Other NOS


External Links


Version Number

2

Indicative Review Date

31 Jan 2021

Validity

Current

Status

Original

Originating Organisation

Financial Skills Partnership

Original URN

FSPAML14

Relevant Occupations

Finance, Financial Institution and Office Managers, Financial Institution Managers

SOC Code

2482

Keywords

Compliance; relationship; external bodies; regulations; consutlation