List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify nature of customer's foreign currency needs | 1.1 Clarify nature of foreign currency transaction with customer 1.2 Obtain relevant information from customer, including verifying identity of person presenting notes for sale or wishing to purchase foreign currency according to organisational policy and procedures 1.3 Handle customer requests for foreign currency dealings in accordance with officer's authority to approve transactions |
2. Verify that proposed transaction can be conducted | 2.1 Identify cleared funds as available for requests to purchase foreign currency 2.2 Assess stocks of currencies held on site and inform customer if their requests for foreign currency notes can be fulfilled or advise when currencies will be available 2.3 Verify foreign currency notes presented for sale for authenticity according to organisational procedures |
3. Conduct transaction | 3.1 Calculate conversion of foreign currency amounts using organisation's set procedures and tables or by accessing relevant databases 3.2 Provide customer with copy of rates used to calculate currency conversion 3.3 Witness customer’s signature, in accordance with policies and procedures, if travellers cheques are being purchased or sold 3.4 Enter details of transaction into relevant database |
4. Maintain accurate records of transaction | 4.1 Complete required vouchers and receipts in accordance with organisational procedures and obtain required signatures on relevant documentation 4.2 Complete and file relevant reports in event of significant cash transactions, including relevant reports where transaction is considered a possible suspect transaction 4.3 Update and maintain internal records of foreign currency transactions in accordance with organisational procedures |
Evidence of the ability to:
undertake a range of foreign currency transactions effectively and accurately within a range of authority and compliance procedures
complete relevant identification checks, verifications of documentation and ensure stocks of currency
follow organisational procedures to conduct foreign currency transactions
use appropriate tools and calculate conversion of foreign currency accurately
complete and maintain accurate records according to organisational policy and procedures.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
describe a range of foreign currency transactions undertaken by the organisation
explain the key requirements of industry codes of practice and legislation, and their relevance to foreign currency transactions
describe the key features of organisational policy and procedures in regard to foreign currency transactions
identify and categorise relevant fees and charges for foreign currency transactions.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial retail services field of work and include access to:
common office equipment, technology, software and consumables
foreign exchange rates systems and current information.
Assessors must satisfy NVR/AQTF assessor requirements.