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 THAT HAS PASSED THE END DATE: 

Purchase Foreign Instruments from a customer in a banking environment 
SAQA US ID UNIT STANDARD TITLE
7310  Purchase Foreign Instruments from a customer in a banking environment 
ORIGINATOR
SGB Financial Services 
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 5  Level TBA: Pre-2009 was L5  12 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 
2003-12-03  2004-08-11  SAQA 1351/03 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2005-08-11   2008-08-11  

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 is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
117838  Purchase Foreign Instruments from a customer in a banking environment  Level 4  NQF Level 04  Complete 

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for a person who purchases foreign instruments from a customer. A person credited with this unit standard will be able to purchase travellers cheques, foreign notes, bank drafts and process inward transfers. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Open 

UNIT STANDARD RANGE 
Travellers cheques, Foreign notes, Bank Drafts, Inward Transfers. 

UNIT STANDARD OUTCOME HEADER 
Purchase cheques/travellers cheques 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Purchase cheques/travellers cheques. 
OUTCOME RANGE 
Personal/Business cheques, Bank Drafts, Repurchased drafts and travellers cheques 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. The different Instruments are identified and checked for authenticity and technical correctness in terms of the full range, including but not limited to the range. 
ASSESSMENT CRITERION RANGE 
Date, currency, amount in words and figures, signature, customer endorsement.
 

ASSESSMENT CRITERION 2 
2. The reason for the transaction is checked for compliance with exchange control rulings and regulations. 

ASSESSMENT CRITERION 3 
3. The cheque is negotiated or sent for collection according to company specific risk evaluation procedures and the customer is advised accordingly. 

ASSESSMENT CRITERION 4 
4. A Form E is completed correctly and reported in accordance with the SARB Exchange Control Rulings. 

ASSESSMENT CRITERION 5 
5. The transactions are processed correctly in accordance with company specific procedures, including but not limited to the range. 
ASSESSMENT CRITERION RANGE 
Customer account, nostro account, vostro account, commission account, passport endorsement.
 

ASSESSMENT CRITERION 6 
6. The appropriate exchange rate and formula is used to convert the currency correctly if applicable. 
ASSESSMENT CRITERION RANGE 
T/T rate, AM rate, Surface rate.
 

ASSESSMENT CRITERION 7 
7. The transactions are finalised in accordance with company specific requirements. 

SPECIFIC OUTCOME 2 
Purchase Foreign Notes. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
2. The foreign notes are checked for validity using appropriate identification tools. 
ASSESSMENT CRITERION RANGE 
Special pen, ultra violet.
 

ASSESSMENT CRITERION 2 
1. The source of funds is checked for compliance with exchange control rules and regulations. 

ASSESSMENT CRITERION 3 
3. The foreign notes are accepted in terms of company specific rules on currency acceptance. 

ASSESSMENT CRITERION 4 
4. A Form E is completed correctly and reported in accordance with SARB Exchange Control Ruling. 

ASSESSMENT CRITERION 5 
5. The appropriate exchange rate and formula is used to convert the currency correctly. 

ASSESSMENT CRITERION 6 
6. The transaction is prepared and processed correctly according to company specific procedures. 

ASSESSMENT CRITERION 7 
7. The foreign notes are secured in accordance with company specific requirements. 

SPECIFIC OUTCOME 3 
Process Inward Transfers. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Transfers are identified, authenticated and interpreted accurately in terms of the full range, including but not limited to the range. 
ASSESSMENT CRITERION RANGE 
Currencies, Nostro/Vostro, Value date, Reimbursing Instructions, Beneficiary details, Details of Payment.
 

ASSESSMENT CRITERION 2 
2. A Form E is completed correctly and reported in accordance with SARB Exchange Control Rulings. 

ASSESSMENT CRITERION 3 
3. The transactions are processed in accordance with transfers instructions, customer instructions and company specific procedures. Including but not limited to the range. 

ASSESSMENT CRITERION 4 
4. The appropriate exchange rate and formula is used to convert the currency correctly if applicable. 

ASSESSMENT CRITERION 5 
5. The reasons for the transfer of funds are checked for exchange control compliance where applicable. 


UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
1. Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA.

2. Any institution offering learning that will enable achievement of this unit standard or assessing this unit standard must be accredited as a provider with the relevant ETQA.

3. Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines in the relevant qualification and the agreed ETQA procedures.

Therefore anyone wishing to be assessed against this unit standard may apply to be assessed by any assessment agency, assessor or provider institution which is accredited by the relevant ETQA. 

UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • knowledge of different currencies for different countries
  • understand third currency payments
  • knowledge of dirrent SWIFT messages types
  • knowledge of different transfers message types
  • understand value dating
  • understand reimbursing instructions
  • knowledge of different rates of exchange
  • understand nostro and vostro accounts
  • understand the concept of Bills Negotiable, Bills Payable, Bills for Collection
  • knowledge of exchange control rules and regulations 


  • Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO WORKING 
    To work effectively as a member of an organisation when checking that the reason for the transaction complies with exchange control rulings and regulations, that the source of funds complies with exchange control rules and regulations, accepting foreign notes in terms of company specific rules on currency acceptance and when the reason for an inward transfer of funds is checked for exchange control compliance. 

    UNIT STANDARD CCFO COLLECTING 
    To critically evaluate information when identifying different instruments and checking for authenticity and technical correctness, the foreign notes are checked for validity and when identifying, authenticating and interpreting transfers accurately. 

    UNIT STANDARD CCFO COMMUNICATING 
    To communicate effectively when using visual, mathematical and language skills in oral and written presentation modes when capturing/reporting a Form E to SARB via the system, processing transactions on the system and when accessing the rates available on the system. 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 117838, which is "Purchase Foreign Instruments from a customer in a banking environment", Level 4, 9 credits.

    Legal Requirements:

    South African Reserve Bank Exchange Control Rulings and Regulations 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  61589   National Certificate: Banking  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2021-06-30  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. Nedbank Ltd 
    2. Plumb Line Risk Alignment 
    3. The Institute of Literacy Advancement 



    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.