STATE BANK OF INDIA AML-CFT CELL has completed the Surveillance 01 audit and has received a favourable recommendation for the continuation of their IAS-accredited certificate for ISO 9001:2015 (Quality Management System). The scope of the certification includes the processes involved in Identifying and Reporting of Suspicious Transactions and other monthly mandatory reports to Financial Intelligence Unit-India (FIU-IND) and other related activities under Prevention of Money Laundering Act, 2002, PML (Maintenance of Records) Rules 2005 and RBI Master Direction Know Your Customer (KYC) Direction, 2016 (As updated from time to time).
The STATE BANK OF INDIA AML-CFT CELL can also apply for ISO/IEC 27001:2022 certification and ISO/IEC 27701:2019 certification to safeguard clients’ and customers’ confidential and sensitive information. Additionally, ISO/IEC 27002:2022 Certification is an extension to ISO/IEC 27001 Certification that provides a list of information security controls, known as Annex A Controls, to adopt the best information security measures.
The STATE BANK OF INDIA AML-CFT CELL can apply for the General Data Protection Regulation (GDPR) Certification to offer clients and customers rights to use their personal data. Moreover, the bank can also obtain the ISO 41001:2018 certification for Facility Management – Management System and the ISO 22301:2019 certification to ensure business continuity.
What is ISO 9001:2015 Certification?
ISO 9001:2015 Certification is a globally recognized for Quality Management System (QMS). It offers a framework for organizations to maintain consistent product and service quality to improve the customer experience. ISO 9001 emphasizes a process-driven approach, focusing on continuous improvement and compliance with regulatory requirements.
Benefits of ISO 9001 standard for STATE BANK OF INDIA AML-CFT CELL
ISO 9001 standard offers a goldmine of benefits for the STATE BANK OF INDIA AML-CFT CELL. These are:
- ISO 9001 helps the STATE BANK OF INDIA AML-CFT CELL streamline its processes to deliver consistent service quality by addressing customer needs. Moreover, this leads to enhanced customer satisfaction by fostering trust and loyalty within the banking industry.
- The STATE BANK OF INDIA AML-CFT CELL can optimize workflows, reduce redundancies, and minimize errors in daily operations with ISO 9001. Moreover, it increases efficiency by lowering costs and enabling better resource management for a smoother banking experience.
- ISO 9001 ensures that the STATE BANK OF INDIA AML-CFT CELL meets regulatory standards by reducing the risk of non-compliance and legal issues. The bank can mitigate operational risks and strengthen its reputation for reliability by fostering a continuous improvement culture.
Conclusion
The STATE BANK OF INDIA AML-CFT CELL received ISO 9001:2015 certification. Moreover, this achievement reflects the organization’s commitment to maintaining high-quality standards in its processes, particularly in identifying and reporting suspicious transactions under legal and regulatory frameworks. ISO 9001 certification enhances customer trust by ensuring consistent service quality and operational efficiency. The STATE BANK OF INDIA AML-CFT CELL also strengthens its compliance with regulatory requirements to reduce operational risks and enhance its reputation.
