JAIIB classes

May 2015 JAIIB Batch

JAIIB New Batches
Congrats to all those who have come out successful in their May2015 JAIIB exam. We are pleased to note that we have recorded a 80% success rate in the last exam and hope to be better in Nov 2015. Our candidate Priya says that most of the questions discussed in the training sessions appeared in the Exam and was very thankful to us for the same. Priya.. your success was due to your hard work. Priaya had cleared all papers in a single attempt. Where there is a will, there is a way. Best wishes for CAIIB too.

CREDIT APPRAISAL TECHNIQUES 2015

Diligence proposes the next training session on  Credit Appraisal Technique for DSCB officials. This 2 days program will comprise of all aspects of credit appraisal starting from Building up a Loan proposal to the techniques of appraisal and will end after a briefing on Loan department Managements. A session will be dedicated to for understanding the "Common errors in appraisal" and "How to avoid the same"  The whole program will be interactive and will comprise of lots of group discussions. Program will be coordinated by V SELVARAJAN Director Diligence Academy

RBS - Advanced Banking Program for UK Processes

It was indeed exciting and enriching to reach out to the Management trainees of RBS who are by and large from top B Schools with Engineering Background, mostly IITians. This team indeed is a promising group for RBS. RBS has chosen the cream from the campus

The 5 day program facilitated by me dealt at length, areas such us Retail and Corporate Banking, Investment Banking, Anti Money Laundering, Study of Financial Statements, Global payment services, BASEL accords and Risk management, Forex Transactions, Trade finance, ALM etc. 

In fact a satisfying work from my side, as I could feel the pulse of candidates who are well aware of many concepts and actively involved in the higher learning endeavor . I wish them all the best in their career in RBS. Proud to be with my young team.. the odd man out ...!!! God bless you all, guys !!

V SELVARAJAN

CREDIT APPRAISAL TECHNIQUES 2014

Diligence has just concluded 4 batches of Credit Appraisal techniques for the Delhi State Co-op Bank Employees. Workshop focused on MSME financing and Retail Credit. More stress was made on simple approach to Project finance for MSME sector. The program was rated EXCELLENT by the participants

MONEY MULES

BY V SELVARAJAN

A Mule is born when a male donkey & female horse love each other and give birth to a young one. Therefore it is neither a horse nor a donkey. Going forward in the same line, let us try to understand as to what could be a money mule? It is so simple....If one account is opened to help a customer to save money and earn interest; he fails to do the normal genuine activity but joins a criminal who wants to transfer his illegal money into legal channel without opening an account.

Money mules can be used to launder the proceeds of fraud schemes (e.g., phishing and identity theft) by criminals who gain illegal access to deposit accounts by recruiting third parties to act as ‘money mules.’ In some cases these third parties may be innocent while in others they may be having complicity with the criminals. In a money mule transaction, an individual with a bank account is recruited to receive cheque deposits or wire transfers and then transfer these funds to accounts held on behalf of another person or to other individuals, after taking certain commission. Many a times the address and contact details of such mules are found to be fake or not up-to-date, making it difficult for enforcement agencies to locate the account holder.

With a view to preventing banks from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities Reserve Bank of India has issued guidelines on Know Your Customer (KYC) norms/Anti-Money laundering. The operations of such mule accounts can be minimised if banks follow the guidelines on Know Your Customer (KYC) norms, Anti-Money Laundering (AML) Standards, Combating of Financing of Terrorism (CFT) / Obligation of banks.

Money mules are in the increase and especially the cooperative banks are subject to the onslaughts of the Money mules. This may be perhaps due to the reason that many of the cooperative banks are still using the manual system for operations and effectively monitoring the accounts may be a challenge. In most of the cooperative banks, necessary internal control measures are not in place. Therefore RBI has asked co-operative banks to strictly follow know your customer norms to prevent their use by criminal elements for money laundering or terrorist financing activities.

"State and central Co-operative Banks are, therefore, advised to strictly adhere to the guidelines on KYC/AML/CFT. In order to protect themselves and their customers from misuse by such fraudsters, "the RBI said in a communication to chief executives of all state and central co-operative Banks.