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Evidence Guide: FNSRTS302A - Handle foreign currency transactions

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSRTS302A - Handle foreign currency transactions

What evidence can you provide to prove your understanding of each of the following citeria?

Identify nature of customer's foreign currency needs

  1. The nature of the foreign currency transaction is clarified with the customer
  2. Relevant information is obtained from the customer including verifying the identity of the person presenting notes for sale or wishing to purchase foreign currency according to organisational policy and procedures
  3. Customer requests for foreign currency dealings are handled in accordance within the officer's authority to approve transactions
The nature of the foreign currency transaction is clarified with the customer

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant information is obtained from the customer including verifying the identity of the person presenting notes for sale or wishing to purchase foreign currency according to organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Customer requests for foreign currency dealings are handled in accordance within the officer's authority to approve transactions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Verify that the proposed transaction can be conducted

  1. Cleared funds are identified as available for requests to purchase foreign currency
  2. Requests for foreign currency notes are assessed against current stock of currencies held with currencies not held on site ordered and the customer advised when they will be available
  3. Foreign currency notes presented for sale are verified for authenticity according to organisational procedures
Cleared funds are identified as available for requests to purchase foreign currency

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Requests for foreign currency notes are assessed against current stock of currencies held with currencies not held on site ordered and the customer advised when they will be available

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Foreign currency notes presented for sale are verified for authenticity according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct the transaction

  1. Conversion of foreign currency amounts is calculated using the organisation's set procedures and tables or by accessing relevant databases
  2. The customer is provided with a copy of the rates used to calculate the currency conversion
  3. Where travellers cheques are being purchased or sold, the customer’s signature is witnessed in accordance with policies and procedures
  4. Details of the transaction are entered into the relevant database
Conversion of foreign currency amounts is calculated using the organisation's set procedures and tables or by accessing relevant databases

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The customer is provided with a copy of the rates used to calculate the currency conversion

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Where travellers cheques are being purchased or sold, the customer’s signature is witnessed in accordance with policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Details of the transaction are entered into the relevant database

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain accurate records of transaction

  1. Required vouchers and receipts are completed in accordance with organisation procedures and required signatures are obtained on relevant documentation
  2. Relevant reports are completed and filed in the event of significant cash transactions including relevant reports where a transaction is considered a possible suspect transaction
  3. Internal records of foreign currency transactions are updated and maintained in accordance with organisational procedures
Required vouchers and receipts are completed in accordance with organisation procedures and required signatures are obtained on relevant documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant reports are completed and filed in the event of significant cash transactions including relevant reports where a transaction is considered a possible suspect transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Internal records of foreign currency transactions are updated and maintained in accordance with organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

undertake a range of foreign currency transactions effectively and accurately, completing relevant checks, documentation and records

follow organisational procedures when conducting foreign currency transactions especially to ensure that unacceptable risks are not taken.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to foreign exchange rates systems and current information.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

communication skills to:

determine and confirm customer requirements, using questioning and active listening as required

provide relevant responses to customer queries on foreign currency transactions

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

make basic financial transaction calculations

access and use computer-based transaction systems

access and use internet information such as currency exchange rates

problem solving skills to address customer service issues

literacy skills to read documents and complete forms and transaction records accurately

organisational skills, including the ability to plan and sequence work

teamwork skills to work cooperatively with others

self-management skills for complying with procedural requirements

learning skills to maintain knowledge of changes to currency exchange process and procedures

Required knowledge

industry codes of practice including:

Privacy Act

Consumer Credit Code

Code of Banking Practice

Anti-Money Laundering and Counter Terrorism Financing Acts

organisation policies and procedures in regard to foreign currency transactions

relevant fees and charges for foreign currency transactions

relevant legislation and statutory requirements including Financial Transaction Reports Act (FTRA)

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Foreign currency transactions may include:

conversion of Australian dollars to another currency

foreign notes and coins

international drafts

overseas bank cheques

telegraphic transfers

traveller’s cheques.

The customer may be:

a customer of another financial institution

a new customer

a resident or non-resident of Australia

an existing customer.

Relevant information to be collected may include:

bank account details

name, address and contact details

source of funds to cover transaction.

Cleared funds refers to:

cash

cheque from same institution

cleared funds within a bank account held at same institution.

Significant cash transactions are:

transactions involving currency (i.e. coin and paper money of Australia or of a foreign country) in excess of the equivalent of $10,000 or as determined by legislation.