ISO 9001:2015 provides significant benefits to the State Bank of India’s AML-CFT (Anti-Money Laundering and Countering Financing of Terrorism) Cell in terms of managing processes for identifying and reporting suspicious transactions, as well as preparing required monthly reports for the Financial Intelligence Unit-India (FIU-IND). By implementing this standard, the AML-CFT Cell will be able to create a systematic and efficient process framework that ensures accuracy, consistency, and timeliness in meeting legal requirements under the Prevention of Money Laundering Act of 2002, PML (Maintenance of Records) Rules 2005, and RBI’s KYC Master Directions. ISO 9001:2015 enhances process clarity, reduces errors, and promotes continuous improvement, enabling better coordination between different departments.
It also increases audit readiness by ensuring that all paperwork and reports comply with regulatory requirements. The certification improves the Cell’s risk management skills by requiring adequate detection, monitoring, and escalation of questionable activity. It also helps to build confidence with regulators, stakeholders, and consumers by demonstrating a commitment to regulatory compliance and operational excellence. This leads to more successful AML-CFT initiatives and improves the bank’s overall image in the financial industry.
SIS CERTIFICATIONS that certified STATE BANK OF INDIA AML-CFT CELL is accredited by both International Accreditation Services (IAS) and United Accreditation Foundation (UAF). Several certifications, including but not limited to ISO 9001, ISO 14001, ISO 22301, ISO 21001, ISO 37001, ISO 41001, ISO 45001, ISO 50001, ISO 13485, ISO 22000, HACCP, ISO 27001, IATF 16949, CE, RoHS, KOSHER, HALAL, Product Certifications, and training comes under the aegis of its services.
