Certification in KYC/AML by IIBF

Believe it or not, every banker becomes an expert in KYC-AML norms and other guidelines set by the Reserve Bank of India.

IIBF has introduced the certification in KYC AML (Know Your Customer- Anti Money Laundering, CFT- Countering of Finanacing of Terrorism) as a means to certify the applicants in KYC AML guidelines. Every Bank recognises the certificate and many of the Banks also incentivise their staff members for having completed the said course.

This exam conducted by IIBF in India is one of the most important exam in the banking world and should be taken by all bankers with thorough preparation and study .

Why should bankers take this exam?

There are ____ simple reasons why every banker should take this exam:

  1. Learning purpose: for better knowledge and understanding of banking operations

Banks in India were advised to follow certain guidelines regarding customer identification for opening of accounts in bank as well monitoring the nature of transactions made by customers . The money laundering process is a complex and diverse process. Criminals follows many methods of money laundering techniques using the loop holes in the financial system.

As a banker we would have came across many of those methods where transactions look shady and customer verification is not up to the mark. Certification in AML/KYC examination is conducted by Indian Institute of Banking and Finance to help bankers understand the concept of KYC and issues related to Anti money laundering.

“Know your customer” is one of the foremost guideline policy that has to followed by each and every banker when it comes to compliance and due diligence. The objectives of KYC guidelines in banks is to prevent being used by criminal entities for money laundering or any illegal purpose and enable banks to better understand the customer and their financial wheeling and dealing. Therefore , writing this exam will only increase the knowledge and help the banker to understand the difference between fraudulent person and a genuinely interested customer. This exam will also make bankers aware about the several types of transfer frauds and money laundering procedures that are involved in the process.

It enables you to have a better understanding and insight into the principles behind these guidlelines, enabling you to commit to your work in a better way.

2. Better Portfolio: Being certified banker in KYC/AML

Another advantage of taking this exam is in terms of your portfolio. It is always desirable to have certifications from goods institutions, like IIBF. So, whenever you are going for any promotion test or any interview, it makes a difference if your portfolio is equipped with certifications related to your work.

3. Economic benfits: Reimbursement or fee and certificate incentives

As stated earlier, Banks motivate and encourage their employees to get certifications in such certificate courses. Many of the banks also provide for reimbursement of course fee as well as offer course incentives for certified candidates.

So, this acts as another motivation to the bankers to take these exams.

Afterall, who doesn’t like some extra incentive from their employer.

How to study for the exam?

The course structure of the KYC AML certificate exam is not very complicated. You should be able to grasp it in one reading only. Click here to see KYC AML exam syllabus

Instead of searching for the sample questions and short notes, it is best advised to read the published material from IIBF itself. The book gives you a detailed information about the KYC AML norms and guidelines by RBI in the matter.

Click here to see/purchase the book on flipkart

Also interested exam takers can refer the master circular issued by RBI regarding the same .Click here to refer to the circular.

The exam is conducted at several centers every year.

We wish you luck for the exam.

regards

Banker Forum!

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