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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Purchase Foreign Instruments from a customer in a banking environment 
SAQA US ID UNIT STANDARD TITLE
117838  Purchase Foreign Instruments from a customer in a banking environment 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
BANKSETA - Banking Sector Education and Training Authority 
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
7310  Purchase Foreign Instruments from a customer in a banking environment  Level 5  Level TBA: Pre-2009 was L5  12  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for a learner working in the FOREX section of a bank and who specifically has the task of purchasing foreign instruments from a customer.

A person credited with this Unit Standard will be able to:
  • Purchase cheques and travellers cheques
  • Purchase foreign notes
  • Process inward transfers 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that the learner is competent in:
  • Communication at NQF Level 3
  • Mathematical Literacy at NQF Level 3
  • Computer Literacy at NQF Level 3. 

  • UNIT STANDARD RANGE 
    N/A 

    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 
    The different Instruments are identified and checked for authenticity and technical correctness in terms of the full range of requirements 
    ASSESSMENT CRITERION RANGE 
    Range of requirements includes: Date, currency, amount in words and figures, signature, customer endorsement.
     

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

    ASSESSMENT CRITERION 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 
    BoP is completed correctly and reported in accordance with the SARB Exchange Control Rulings. 

    ASSESSMENT CRITERION 5 
    The transactions are processed correctly in accordance with company specific procedures. 
    ASSESSMENT CRITERION RANGE 
    Customer account, Nostro account, Vostro account, commission account, passport endorsement. The appropriate exchange rate and formula is used to convert the currency correctly if applicable. Range: T/T rate, AM rate, Surface rate.
     

    ASSESSMENT CRITERION 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 
    The transactions are finalised in accordance with business specific requirements 

    SPECIFIC OUTCOME 2 
    Purchase Foreign Notes. 

    ASSESSMENT CRITERIA
     

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

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

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

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

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

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

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

    SPECIFIC OUTCOME 3 
    Process Inward Transfers. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 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 
    BoP is completed correctly and reported in accordance with SARB Exchange Control Rulings. 

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

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

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


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • An individual wishing to be assessed (including through RPL) against this Unit Standard may apply to an assessment agency, assessor or provider institution accredited by the relevant ETQA, or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Anyone assessing a learner against this Unit Standard must be registered as an assessor with the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA
  • 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 or with an ETQA that has a Memorandum of Understanding with the relevant ETQA
  • Moderation of assessment will be conducted by the relevant ETQA at its discretion. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • Different currencies for different countries
  • Third currency payments
  • Different SWIFT messages types
  • Different transfers message types
  • Value dating
  • Reimbursing instructions
  • Different rates of exchange
  • Nostro and Vostro accounts
  • The concept of Bills Negotiable, Bills Payable, Bills for Collection
  • Exchange control rules and regulations
  • Forms used in the Foreign Exchange environment 

  • UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    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 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 7310, "Purchase Foreign Instruments from a customer in a banking environment", Level 5, 12 credits.

    Legal:

    South African Reserve Bank Exchange Control Rulings & Regulations

    Terminology:
  • BoP - Balance of Payments
  • SARB is the South African Reserve Bank
  • Nostro
  • Vostro
  • SWIFT
  • Bills negotiable
  • Bills payable
  • Bills for collection 

  • QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  20185   Further Education and Training Certificate: Banking  Level 4  NQF Level 04  Reregistered  2023-06-30  BANKSETA 


    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. Absa Learning & Development 
    2. Bidvest Bank 
    3. Chartall Business College 
    4. Cornerstone Performance Solutions (Pty) Ltd 
    5. Felix Risk Training Consultants 
    6. Firstrand Bank - Benmore 
    7. Nedbank Ltd 
    8. The Facilitation Workshop 



    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.