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: 

Process and Control Non-Residents' and Emigrants' Bank Accounts/Assets 
SAQA US ID UNIT STANDARD TITLE
117843  Process and Control Non-Residents' and Emigrants' Bank Accounts/Assets 
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 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" 		 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
7318  Process and Control Non-Resident and Emigrants Bank Accounts/Assets  Level 5  Level TBA: Pre-2009 was L5  18   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is for persons working in the exchange control environment of authorised dealers.

A person credited with this Unit Standard will be able to:
  • Process emigration formalities
  • Control emigrants blocked assets and funds
  • Monitor and control non-resident rand accounts. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in:
  • Communications 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 
    Process Emigration Formalities. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    An Emigration Formalities form is checked for correctness & compliance and a certified copy handed to the customer for taking to SARS. 
    ASSESSMENT CRITERION RANGE 
    Form NEP, Registration Paper, Proof of being accepted.
     

    ASSESSMENT CRITERION 2 
    Supporting documentation is requested from the customer as per exchange control rulings if applicable. 

    ASSESSMENT CRITERION 3 
    A tax clearance certificate is checked to verify and confirm that tax obligations have been met. 

    ASSESSMENT CRITERION 4 
    An application is submitted to the South African Reserve Bank when the customer's request cannot be dealt within the ambit of the SARB rulings. 

    ASSESSMENT CRITERION 5 
    Facilities are accorded in terms of exchange control rulings & regulations and confirmation advised to South African Reserve Bank. 
    ASSESSMENT CRITERION RANGE 
    Travel Allowance, Settling In Allowance, Forms NEP attested.
     

    SPECIFIC OUTCOME 2 
    Control Emigrants' Blocked Assets and Funds. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Documents of title in respect of the customer's remaining assets are brought under the authorised dealer's physical control and restrictively endorsed, in terms of exchange control rulings. 

    ASSESSMENT CRITERION 2 
    An undertaking is obtained from the relevant party with whom the asset/s is/are held regarding any blocked assets, and in terms of exchange control rulings. 

    ASSESSMENT CRITERION 3 
    The customer is informed/advised on how the blocked funds may be invested and utilised locally, in terms of exchange control rulings and/or regulations 

    ASSESSMENT CRITERION 4 
    In instances where a client inadvertently fails to declare assets on emigration, any dealings relating to these assets must be referred to the South African Reserve Bank in accordance with exchange control rulings and/or regulations. 

    ASSESSMENT CRITERION 5 
    Income accruing to the emigrant customer may be remitted subject to exchange control rulings and/or regulations 

    SPECIFIC OUTCOME 3 
    Monitor and Control Non-Residents' Rand Accounts. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The account is checked for sub-product codes and designation in accordance with business specific requirements 

    ASSESSMENT CRITERION 2 
    The account is strictly monitored for activity (especially for any credits), in accordance with exchange control rulings & or regulations 

    ASSESSMENT CRITERION 3 
    Rand deposits into the non-resident's accounts are responded to in accordance with business specific requirements and exchange control rulings and / or regulations 

    ASSESSMENT CRITERION 4 
    Forms for the purchase and sale of exchange are completed in terms of the prescribed limits according to exchange control rulings and/or regulations. 


    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 
  • Exchange Control Rulings
  • All relevant banking policies and procedures, as well as bond registration processes for non-residents
  • Various interest rates, repayment amounts and periods, and charges
  • Non-financial factors which may be relevant to the client 
    		•

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    To critically evaluate information when the Emigration Formalities Form is checked for correctness and compliance; and an application is submitted to the SARB when the customer's request cannot be dealt within the ambit of SARB rulings. 

    UNIT STANDARD CCFO COMMUNICATING 
    To communicate effectively when requesting supporting documentation from the customer as per exchange control rulings; submitting an application to Reserve Bank; facilities are accorded in terms of excon rulings and regulations and confirmation advised to SARB; the customer is informed/advised on how blocked funds may be invested & utilised locally in terms of excon rules and regulations; and forms for the purchase and sale of exchange are completed in terms of the prescribed limits according to excon rules and regulations. 

    UNIT STANDARD CCFO SCIENCE 
    To use technology effectively when the account is checked on the system for sub-product codes and designation in accordance with company specific requirements; and the account is strictly monitored via the system for activity in accordance with excon rules and regulations 

    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 7318, "Process and Control Non-Residents' and Emigrants' Bank Accounts/Assets", Level 5, 18 credits.

    Legal:
  • Knowledge of Exchange Control Rulings & Regulations
  • Code of Banking Practice 
    		•

    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  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  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. Absa Learning & Development 
    2. AFRICAN BANK LTD 
    3. Chartall Business College 
    4. Plumb Line Risk Alignment 
    5. Riverwalk Trading 151 CC trading as Culhane Consulting 
    6. The Institute of Literacy Advancement 
    7. THE SHERQ CENTRE OF EXCELLENCE PTY LTD 


    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.