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 UNIT STANDARD: 

Explain South African money laundering legislation and the implications for accountable institutions in transacting with clients 
SAQA US ID UNIT STANDARD TITLE
242593  Explain South African money laundering legislation and the implications for accountable institutions in transacting with clients 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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 unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
14506  Explain the Finance Intelligence Centre Act, Act 38 of 2001 and its implications for client relations  Level 4  NQF Level 04  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners in any industry where there is a responsibility to verify the source of funds under money laundering legislation. It will be useful for Wealth Managers and employees of accountable institutions required to do client identification.

The qualifying learner is capable of:
  • Explaining the purpose of the various money laundering legislation applicable in South Africa.
  • Explaining the requirements for accountable institutions.
  • Explaining the recording function and how to report suspicious transactions.
  • Demonstrating understanding the consequences of non-compliance. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Verification of a South African Legal Entity includes Companies, Closed Corporations, and their Directors.
  • Persons authorised to act on behalf of a Trust include Trustees, beneficiaries, settlors and any other parties authorised to act on behalf of the Trust.
  • Cash transactions include coins, paper money, and traveller's cheques.
  • Money laundering legislation includes, but is not limited to the Financial Intelligence Centre Act, 38 of 2001, Protection of Constitutional Democracy Against Terrorism and Related Activities Act, 2004 (POCDATRA) and Prevention of Organised Crime Act (POCA).
  • Duties of accountable institutions include, but are not limited to, identification, verification, training, recording, reporting, rules and procedures and knowing the client.
  • Role players include, but are not limited to the Money Laundering Advisory Council, the Money Laundering Reporting Officer and the Financial Intelligence Centre, the Financial Services Board (FSB) and the South African Revenue Service (SARS).
  • Categories of client include, a natural person, legal person, Trust, unincorporated entities and a client who is not present in person.
  • Transactions include cash and suspicious transactions. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the purpose of various money laundering legislation applicable in South Africa. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concepts of money laundering and unlawful activities are explained with examples. 

    ASSESSMENT CRITERION 2 
    The purpose of the Acts is explained and an indication is given of how each contributes to the prevention of money laundering. 

    ASSESSMENT CRITERION 3 
    The statutory bodies created to support the money laundering legislation are identified with reference to the functions of the different role players. 

    ASSESSMENT CRITERION 4 
    The concept of an accountable institution is explained with reference to the duties of accountable institutions under the Act. 

    ASSESSMENT CRITERION 5 
    The role and functions of the Money Laundering Reporting Officer are explained with examples. 

    SPECIFIC OUTCOME 2 
    Explain the requirements for accountable institutions. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The categories of client indicated in the money laundering legislation are named and an indication is given of the documents required to identify and verify each. 

    ASSESSMENT CRITERION 2 
    The concepts of identification and verifications are explained with reference to a business relationship or one that requires indication. 

    ASSESSMENT CRITERION 3 
    Circumstances or products that are exempt from the, know your client requirements are identified with examples. 

    SPECIFIC OUTCOME 3 
    Explain the recording function and how to report suspicious transactions. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Records required by the money laundering legislation are listed and an indication is given of timeframes required for storing these records. 

    ASSESSMENT CRITERION 2 
    Requirements relating to accessibility of information are explained with examples. 

    ASSESSMENT CRITERION 3 
    The process to be followed in reporting different types of transaction is explained with examples. 

    ASSESSMENT CRITERION 4 
    Possible indicators that could infer that a transaction is suspicious are discussed and an indication is given of who is responsible for reporting the suspicious transaction. 

    SPECIFIC OUTCOME 4 
    Demonstrate understanding of the consequences of non-compliance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Penalties for non-compliance are explained with reference to personal liability and the liability of the organisation. 

    ASSESSMENT CRITERION 2 
    The internal rules of an organisation relating to the various Acts that refer to money laundering are analysed for compliance. 

    ASSESSMENT CRITERION 3 
    Possible defences against personal liability for not reporting suspicious transactions available to employees, directors, trustees and partners of accountable institutions in the event of prosecution are discussed for different scenarios. 

    ASSESSMENT CRITERION 4 
    The impact of non-compliance on the economy of South Africa is explained with reference to attracting foreign investment. 

    ASSESSMENT CRITERION 5 
    The consequences of whistle blowing for the individual are discussed with reference to the appropriate legislation. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information relating to the money laundering legislation applicable in South Africa. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in explaining the various sections of the legislation. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems by explaining the impact of non-compliance on the economy of South Africa. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is able to participate as a responsible citizen in the life of local, national and global communities by knowing his/her responsibility in reporting suspicious transactions. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 14506, "Explain the Finance Intelligence Centre Act, Act 38 of 2001 and its implications for client relations", Level 4, 3 credits.
  • Search words: money laundering, reporting officer, verification of suspicious transactions, FICA, POCA, POCDATARA, Financial Intelligence Centre. 

  • QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  59098   Further Education and Training Certificate: Gaming Supervision  Level 4  NQF Level 04  Reregistered  2023-06-30  CATHSSETA 
    Core  59097   Further Education and Training Certificate: Real Estate  Level 4  NQF Level 04  Reregistered  2023-06-30  SERVICES 
    Core  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  64289   Further Education and Training Certificate: Automotive Sales and Support Services  Level 4  NQF Level 04  Reregistered  2023-06-30  MERSETA 
    Elective  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Elective  59989   National Certificate: Resolving of Crime  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2016-06-30  SAS SETA 
    Elective  66611   National Certificate: Wealth Management  Level 5  NQF Level 05  Passed the End Date -
    Status was "Reregistered" 
    2018-12-07  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    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.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. AFRICAN UNION SKILLS DEVELOPMENT PTY LTD 
    3. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    4. BMW SA (Pty) Ltd (ROSSLYN) (TP) 
    5. Boland Public FET College - Central Office 
    6. BPC HR Solutions (PRETORIA) (TP) 
    7. CKP Development Agency (Pty) Ltd. 
    8. COLLEGE OF CAPE TOWN 
    9. College of Cape Town - Central Office 
    10. College of Production Technology 
    11. De Vries Management & Training Services cc 
    12. DSBI (Pty) Ltd 
    13. Equal Career Services (Pty) Ltd (CENTURION) (TP) 
    14. Faisit (Pty) Ltd 
    15. False Bay College 
    16. Intec College 
    17. JAGUAR LAND ROVER (SOUTH AFRICA)(PTY) LTD (Irene)(TP) 
    18. JESUA CONSULTANTS (Hartenbos) (WA) 
    19. Jesua Consultants (Pty) Ltd (MOSSEL BAY) (TP) 
    20. KwaZulu Automotive Training Services cc (KZN) (DURBAN) (TP) 
    21. Masifunde Training Centre (Pty) Ltd 
    22. Milpark Education (Pty) Ltd (previously known as Milpark Business School) 
    23. North Link College 
    24. Northlink College - Central Office 
    25. Old Mutual Life Assurance Company South Africa 
    26. Outsurance Insurance Company Ltd 
    27. Professional Provident Society Limited(Limited by Guarantee) 
    28. Ray Strodl Consulting (Pty) Ltd 
    29. Ripple Effect 4 (Pty) Ltd 
    30. RJM Educational Consulting PTY LTD 
    31. Ronald Sewell & Associates SA (Pty) Ltd T/A Sewells (BRYANSTON) (TP) 
    32. Sanlam Life Insurance Ltd 
    33. Sanlam Life Insurance Ltd. 
    34. SOUTH AFRICAN POLICE SERVICE IN SERVICE TRAINING PROVISION INSTITUTION 
    35. South Cape College 
    36. South Cape Public FET College - Central Office 
    37. The Institute of Health Risk Managers (Pty) Ltd 
    38. Toyota Academy Toyota SA Motors (Pty) Ltd (SANDTON) (TP) 
    39. Universal Healthcare Services (Pty) Ltd 
    40. Ziphi Nkomo Training Services 



    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.