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Certified Associate - Financial Crime Compliance

Financial crime has become one of the top concerns of governments and regulators globally. The International Monetary Fund estimates the amount of money laundered annually is between 2% and 5% of gross domestic product globally. With G20 and OECD leaders emphasizing cooperation to fight financial crimes, regulators across the globe are adopting stricter regulations and enhancing their enforcement efforts. Banks and other financial institutions not only face negative publicity, reputational damage and loss of trust and business, but regulatory sanctions and fines are also materially impacting profits.

 

Skill Board Professional certification in Financial Crime Compliance evaluates candidates for fundamental knowledge of laws and compliance processes necessary to meet regulations such as the Bank Secrecy Act (BSA), USA PATRIOT Act, Screening, Anti-Money Laundering (AML) Act, Know Your Customer (KYC) laws, anti-bribery and anti-corruption laws, Financial Action Task Force (FATF) issued recommendations, and financial crime compliance management systems. The assessment is conducted through an online remote proctored test.


Candidates can choose between two certification options:

 

Certified Business Operations Associate (CBOA) - Financial Crime Compliance certification is issued to candidates with 1+ years of career experience in banking and financial services business operations focused on financial crime compliance and who successfully pass the assessment for the CBOA - Financial Crime Compliance.

 

Certified Business Technology Associate (CBTA) - Financial Crime Compliance certification is issued to candidates 1+ years of career experience in banking and financial services technology applications supporting financial crime compliance operations and who successfully pass the assessment for the CBTA - Financial Crime Compliance.

Next available assessment date:

May 21
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Who should get certified
  • Business Analysts with 1+ years of experience working in banking and financial services. 
  • Developers and QAs with 1+ years of experience working on financial crime compliance management systems.
  • Business Operations Associates with 2+ years of experience working in banking and financial services industry compliance.
  • Banking professionals who are exploring career opportunities in Information Technology.
Candidates are evaluated for
  • Knowledge of KYC compliance requirements.
  • Knowledge of regulatory requirements for AML compliance.
  • Knowledge for compliance reporting.
  • Knowledge of financial crime prevention and compliance management systems.
Maintaining the certification
  • Certified Associates are required to recertify after 3 years either by taking a recertification assessment or through continuing education credits.\
  • Continuing education credits may be earned by taking industry certifications, participating in industry conferences including professional presentations and writing industry thought papers that get published on skillboard.org or other online forums.
Assessment weightage by Knowledge Area
DomainWeightage

KYC Compliance

Customer Identification and Due Diligence, Enhanced Due Diligence, Ultimate Beneficial Ownership, Risk-based KYC Approaches, Risk Profiling, Ongoing Reviews and Due Diligence.

20-30%

KYC Compliance Regulations

Bank Secrecy Act, US Patriot Act, Sanctions Screening, FinCEN Customer Due Diligence Guidance, OFAC Regulations, EU AML Directive, Financial Actions Task Force (FATF) and Wolfsberg Group Guidance, FATCA.

10-20%

Financial Crime

Tax Avoidance, Tax Evasion, Money Laundering, Market Manipulation, Insider Trading, Bribery and Corruption, Fraud, Identity Theft.

20-30%

AML & CFT Compliance Implementation

AML Money Laundering Processes, Transactions Monitoring, Money Laundering Identification and Red Flags, Screening, Identifying Shell Companies.

20-30%

Regulatory Agencies & Reporting

US Federal Reserve, SEC, FINRA, Monetary Authority of Singapore (MAS), Financial Conduct Authority (“FCA”), European Banking Authority (EBA), EU Central Bank, ESMA, Suspicious Activity Reporting, Financial Crime Investigations.

10-20%

Compliance & Regulatory Technology (for CBTA certification)

KYC Technologies, List Screening, AML Pattern-based Transaction Alerts, Technology Vendors.

10-20%