SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Explain how money laundering legislation impacts on monetary transactions in South Africa

SAQA US ID	UNIT STANDARD TITLE
113904	Explain how money laundering legislation impacts on monetary transactions in South Africa
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 2	NQF Level 02	2
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
2026-06-30		2029-06-30

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 does not replace any other unit standard and is not replaced by any other unit standard.

PURPOSE OF THE UNIT STANDARD

This unit standard is intended for learners work in financial services and other institutions mentioned in the Finance Intelligence Center Act 38 of 2001 (FICA). It covers the Financial Intelligence Center Act 38 of 2001 (FICA) and the Prevention of Organised Crime Act (POCA) legislation at a basic level of understanding. It will empower the individual in financial services and other organisations with the knowledge and skills needed to avoid inadvertently becoming involved in money laundering activities and could be included in an induction programme for new employees. The focus is on the learner in his/her specific work situation.

The qualifying learner is capable of:

Explaining money laundering.

Explaining how money laundering legislation impacts on the individual.

Explaining the impact of money laundering legislation on a business.

Explaining how to identify and deal with suspicious transactions.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

There is open access to this unit standard. Learners should be competent in communication and Mathematical Literacy at Level 1.

UNIT STANDARD RANGE

The typical scope of this unit standard is

Financial Intelligence Center Act 38 of 2001 (FICA) at a basic level of understanding and as it applies to a person in the learner`s situation.

Prevention of Organised Crime Act (POCA) at a basic level of understanding and as it applies to a person in the learner`s situation.

Potentially suspicious transactions include, but are not limited to large amounts of cash, lack of identity, complex transactions.

Dealing with suspicious transactions includes reporting procedures.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Explain money laundering.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The concept of money laundering is explained and an indication is given of why some people need to launder money.

ASSESSMENT CRITERION 2

2. Ways in which governments police money laundering are explained with examples.

ASSESSMENT CRITERION 3

3. Reasons why governments police money laundering are explained with reference to the activities of organised crime and acceptance in the global economy.

ASSESSMENT CRITERION 4

4. Ways in which ordinary people can help fight organised crime are discussed with reference to arms trafficking, tax evasion, fraud and other unlawful activities.

ASSESSMENT CRITERION 5

5. Activities that could be regarded as money laundering are named with examples of how an individual could become involved in such activities.

SPECIFIC OUTCOME 2

Explain how money laundering legislation impacts on the individual.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The penalties for money laundering by individuals are named with examples.

ASSESSMENT CRITERION 2

2. The concept of an accountable institution is explained with examples.

ASSESSMENT CRITERION 3

3. The penalties for money laundering by individuals in accountable institutions are named with examples.

ASSESSMENT CRITERION 4

4. Circumstances under which an individual could avoid the penalties are indicated for three authentic case studies.

ASSESSMENT CRITERION 5

5. Personal information that institutions could require from individuals is named and an indication is given of when and why the information is required.

SPECIFIC OUTCOME 3

Explain the impact of money laundering ilegislation on a business.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The difference between an accountable institution and a non- accountable institution is explained and an indication is given of whether FICA applies to a specific business.

ASSESSMENT CRITERION 2

2. The penalties for non-compliance with money laundering legislation in an accountable institution is explained with reference to a specific business.

ASSESSMENT CRITERION 3

3. Suspicious and threshold transactions that accountable institutions are required to report are indicated with reference to the internal reporting procedure in a specific organisation.

ASSESSMENT CRITERION 4

4. The impact of non-compliance with money laundering legislation on a specific business, its employees and customers is explained with reference to sustainability.

SPECIFIC OUTCOME 4

Explain how to identify and deal with suspicious transactions.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Transactions that are described as unusual or suspicious in FICA are explained with
examples.

ASSESSMENT CRITERION 2

2. Clues that could indicate potentially suspicious transactions are discussed with examples relevant to the learner`s situation.

ASSESSMENT CRITERION 3

3. An indication is given of what the individual should do in three potentially suspicious situations.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

Accreditation for this Unit Standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative and formative assessment by a registered assessor.

Assessors must be registered as an Assessor with the relevant ETQA.

Moderators must be registered as assessors with the relevant ETQA, or with an ETQA that has a Memorandum of Agreement with the relevant ETQA.

Training providers must be accredited by the relevant ETQA.

Moderation should include both internal and external moderation where applicable.

UNIT STANDARD DEVELOPMENTAL OUTCOME

N/A

UNIT STANDARD LINKAGES

N/A

Critical Cross-field Outcomes (CCFO):

UNIT STANDARD CCFO WORKING

Learners are able to work as a member of a team in knowing when to report suspicious transaction to an appropriate authority and the consequences if they do not comply.

UNIT STANDARD CCFO ORGANISING

Learners are able to organise and manage themselves effectively in demonstrating techniques to avoid inadvertently becoming involved in money laundering.

UNIT STANDARD CCFO COMMUNICATING

Learners can communicate effectively in explaining aspects of money laundering.

UNIT STANDARD CCFO DEMONSTRATING

Learners are able to demonstrate an understanding of the world as a set of related systems in recognising why governments police money laundering.

UNIT STANDARD CCFO CONTRIBUTING

Learners are able to act as responsible citizens in the organisation by understanding the consequences of inadvertently becoming involved in activities deemed to be money laundering and the effect of such activities on the country.

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

N/A

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Core	48783	National Certificate: Financial Services	Level 2	NQF Level 02	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Core	49089	National Certificate: Financial Services	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Core	48494	National Certificate: Financial Services Management	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2012-06-30	INSETA
Core	63269	National Certificate: Gaming Operations	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2023-06-30	CATHSSETA
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

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.

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