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The Curriculum for CBFA

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CBFA syllabus

A Bank Forensic Accountant is a banker or banking professional or a banking consultant who has undergone training. For becoming an expert in the banking frauds domain, forensic auditing related to banking sector, litigation support and investigative accounting.

Certifed Bank Forensic Accountant course is curated by Indiaforensic and now presented by Riskpro Learning . The curriculum for the prestigious CBFA syllabus is very exhaustive. The aspirants who would opt for this course will get a thorough understanding of the Banking Frauds Investigations.  Hence, let us understand the CBFA syllabus in detail.

CBFA syllabus divided into 6 Vital Components

This course has a premier recognition. The CBFA syllabus is vast and dynamic. The Certified Bank Forensic Accountant is one of the kinds of destinations for becoming a bank forensic accountant. Altogether there are 6 modules that cover all the aspects.

  •  Introductory Forensic Accounting
  •  Fraud and Failure (BFSI Sector)
  • Investigative Processes
  • Advanced Investigative Techniques
  •  Report Writing Skills
  • Litigation Framework

These all modules are in a specific chronology as if one do not understand the frauds and failures in banking sector he may not be able to investigate the same or an aspirant must have a good knowledge on report writing as the same report is to be presented in the court of law, which is covered under litigation framework.

Hence this course covers the start to end process of a Banking Frauds Investigation conducted by a Forensic Accountant. 

Live Case Study Discussions and Sample case study for Practical Application.

After the completion of all 6 modules the trainer will also discuss the different types of case studies which will help the aspirants to understand the topic easily. Aspirants will also get a sample case study to solve and provide a report on the same. Based on which the trainer will provide the personal guidance on the same. Therefore, it will help them to understand the practical application of all 6 modules.

Aspirants will be introduced to the nature of fraud and other forms of abuse within an entity including the identification of factors that pre-dispose an entity to such activity and approaches to investigation and resolution of suspicions that such activities are taking place. 

It will also deal with acceptance of engagement as an independent expert especially issues of appropriateness of expertise, training and independence etc. It will also justify the methodology used to quantify economic loss and carry out business valuations.      

Concluding the Same….

The aspirants would also get the knowledge of application of theories of criminology, interdisciplinary approach to introduce the investigative processes used by forensic accountants to identify, examine and prevent fraudulent financial activity. They will explore the implications of law for the identification of sources of evidence, collection of evidence and presentation of evidence in a manner most suitable for the purposes of their investigation and/or role in the litigation of a relevant matter. Hence, the objective of this course is to provide extensive and vast knowledge along with practical application of forensic accounting to be applied in the BFSI sector. 

Virtual Training for CBFA by an experienced Forensic Accountant

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Virtual Training

As everyone knows, the Certified Bank Forensic Accountant course is offered by Riskpro Learning which is a Live Virtual Training session course. Therefore, for conducting the live training session for Certified Bank Forensic Accountant we have appointed a renowned faculty Mr. Nikhil Parulkar (CAME, CVIE, CBFA, MF, ACC).  Hence, he is going to conduct 30+ hours of live training sessions for Certified Bank Forensic Accountants.

About Mr. Nikhil Parulkar- CAME, CBFA, CVIE, MF. ACC

Mr. Nikhil Parulkar is determined in gaining a huge range of management exposure as well as his aim is to consolidate this background with his problem solving and analytical skills which has been a strong point to overcome the challenges that came before him.  We are honoured to have him as a faculty for the CBFA course which is going to be a live training session for 2 months. Therefore, as his immense knowledge in the field of banking consulting followed by the expertise in forensics, fraud investigation, training and development. The aspirants would gain a lot of knowledge from him when they attend the live training sessions.

He was a Vice President and Head of Market Intelligence Unit for RBL Bank since 2015. As he was the head, he managed an experienced team of analysts who undertook huge investigative assignments for the bank. His total banking and consulting experience is 18 years.

He has done his Master’s in Forensic from University of Wollongong, Australia. He is also a Certified Anti-Money Laundering Expert and Certified Vigilance and Investigation Expert from Indiaforensic .

His Core Skill Sets 

Following are the core skills sets of the trainer:

  • Forensic Accounting, Market Intelligence
  • Executing effective risk management (fraud, compliance and intelligence)
  • Corporate Investigations
  • Domain Expertise Consumer Banking, Wholesale Banking, Capital Markets, e-commerce
  • Business background investigations, whistle-blower investigations, AML and KYC

Training Pattern for Certified Bank Forensic Accountant

While conducting the Live Training Session, the trainer would explain each and every topic in a simple manner. As he is an expert in that domain, he can provide you with the latest and current examples of Bank Frauds Investigations. Virtual Training plays an important role. Personal guidance would be provided by our trainer. Mr. Nikhil Parulkar is one of the leading faculty for this course who has a lot of knowledge of the banking sector as a whole. It will be a knowledgeable session as we have a renowned faculty in that domain.

The aspirants who are keen to get more knowledge of the banking sector and also to become a bank forensic accountant in a renowned bank. Don’t lose this opportunity. Aspirant can visit the following link for Registration for Certified Banking Fraud Investigator Program-  https://indiaforensic.com/product/certified-bank-forensic-accountant/

Transformation of CBFA from Self Paced Learning Virtual Training Course

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CBFA

As per the report of RBI there is a spike in the Banking Frauds in 2020. According to the report, the amount in banking frauds has raised 2.5 times the amount in the year 2018-2019. This is quite alarming.  The problem with the banking system today is that it lacks the vital anti-fraud mechanism or investigative techniques to identify the frauds, banks often fail to conduct adequate Due Diligence to identify and gauge the extent of the risk involved in lending. Consequently they are often unable to detect fraud early enough to prevent it. Therefore, main reason for this absence is the rightful education on Bank Frauds Investigation. Let us understand the learning process for the CBFA.

Transformation in Learning Method for Certified Bank Forensic Accountant

The Certified Bank Forensic Accountant course is curated by Indiaforensic and now presented by Riskpro Learning which is a premier certification in forensic accounting domain.

C.A Mayur joshi launched this course as a self paced course in 2005. As there was a rapid change in the education system (Covid was the reason) as well as upgradation in technology there was a need to present the course through Virtual Trainings. So, considering all these elements we decided to start this course by taking live training sessions.

30+ Hours Live Virtual Training from Industry Expert 

Successful completion of the course includes 30+hours of live virtual training sessions for 2 months. On Saturday and Sundays the virtual training sessions would be conducted for 2 hours each. 1-month self-paced learning would be provided. While attending the live training session, personal guidance will be provided by our trainer. Hence, the Certified Bank Forensic Accountant is an exhaustive course. Additionally, the aspirants will develop the required skill set in the Risk Management domain necessary in the Banking sector. Mr. Nikhil Parulekar (CAME, CVIE, CBFA, MF, ACC) conducts these live training sessions. . Therefore, this is more of a Value based education provided by the Expert having 18+ years Industrial Experience.

Assessment for Certified Bank Forensic Accountant

To acquire the CBFA Certification, one should clear the examination with flying colors. The examination would be conducted through online mode. CBFA emphasizes on passing level 75%. Therefore, the examination is MCQ pattern which will consist of 100 questions and the duration for the same is 2 hours. The aspirants can choose their own examination date which is flexible for them. Hence, on clearing the examination with flying colours, the aspirants will get the digital copy of the certificate.

Hence to Conclude……

The professionals are in search of doing something unique. They are keen to explore the forensic accounting domain. However, the cost of these certifications plays a major barrier in gaining the certification. Riskpro Learning offers the course in a cost-effective manner. Riskpro Learning offers Certified Bank Forensic Accountant. The cost of the course is ₹ 25000 for an individual to complete this course.

Demand for Bank Forensic Accountant raised due to rise in Banking Frauds

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Bank Forensic Accountant

In recent years banking processes are getting acquainted with the new digital technology domain. The risk of fraud and the cybersecurity threat is rising day by day. Banks and the Financial Institutions are becoming prone to the risk of numerous fraudulent activities. Hence, they are in need of skillful professionals to effectively mitigate the threat by evaluating the risk assessments.

Forensic is a word that we usually encounter in crime thrillers and connection with highly-sensitive law enforcement departments. The term forensic accountant is bound to transport your mind to an investigation of the crime scene. But that is not the case here. Therefore, let us first understand what Bank Forensic Accounting is.

What is Bank Forensic Accounting and who are  Bank Forensic Accountants?

Bank Forensic Accounting is an attempt to achieve the goals for meeting the growing demand of the forensic accountants.The primary reason for choosing the banking sector is very simple. India has witnessed many frauds like Harshad Mehta, Ketan Parekh driven stock market frauds, CRB driven NBFC fraud and home trade driven rogue trading fraud. In recent times we have seen the frauds perpetrated by Vijay Mallya or Nirav Modi who have damaged an internal banking system a lot. Hence, Certified Bank Forensic Accountant investigate bank forensic accounting.The Investigations are either related to internal banking frauds or the external ones.  

A Bank Forensic Accountant is a banker or banking professional or a banking consultant who has undergone training. They can become an expert in the banking frauds domain, forensic auditing related to banking sector, litigation support and investigative accounting.

Rising Demand of Bank Forensic Accountants 

According to the latest RBI Report, banking frauds have doubled in 2020 compared to 2019. Hence banks need to set up a mechanism to curb these frauds and prevent them in the first stage itself. Here Certified Bank Forensic Accountants can actually aid to not only conduct the investigations but also to set a Risk Management or Risk Mitigation framework for the banking sector. Because these Certified Professionals are also experts in the subjects like forensic auditing, litigation support and investigative accounting and have an accurate skillset in the field of Fraud Investigation. Hence Certified Bank Forensic Accountant plays a vital role in the banking sector. 

Indiaforensic’s Gold standard certification on Banking Frauds

The Certified Bank Forensic Accountant is curated by Indiaforensic and presented by Riskpro Learning is a premier certification in the forensic accounting domain. C.A Mayur Joshi started this course in 2005-2008. At that time the technology was not much more develope. So an elaborative study material was developed for the aspirants to get the certification. It gained a lot of popularity at that time.

Riskpro Learning is an E-Learning division of Indiaforensic which is the most recognized Distance Learning Institute in India.As well as in the field of forensic accounting and Anti-Money Laundering. Riskpro Learning presents Certified Bank Forensic Accountant. This course would be an exhaustive course which will cover the start to end process of a bank forensic accountant.

Who should pursue the Certified Bank Forensic Accountant course

The Certified Bank Forensic Accountant course is applicable to the aspirants in the banking sector. Right from Auditors, Accountants, Finance Professionals to Bank’s Internal Auditors, these all eligible for pursuing the course.

This course is suitable for the professionals who are working in pre-disbursement investigations, Audits, Corporate Investigations, Post Disbursement Investigations, Fraud Prevention, Fraud Detection etc. . As the technology is increasing rapidly. We have started this course by introducing live training sessions of 30+ hours for 2 months. The Certified Bank Forensic Accountant is one of the vast and dynamic courses. This is more value-based education provided by the experts having 18+years of industrial experience. While pursuing the course personal guidance will be provided by our trainer.  The aspirants would get to know the overall BFSI sector.

Crypto Currency Laundering

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overview crypto currency laundering

Crypto Currency Laundering plays a vital role. In the era where technological advancements the Fintech sector has found itself at the forefront of this boom. From mobile banking and online stock trading platforms to unequivocally the most coveted one – cryptocurrency. Instantly crypto currency arises.Therefore, it does not require any third party. All the transaction that takes place in crypto currency systems will jointly be verified in the private network. The progress of technology that is taking place is growing significantly. It affects the economic development in terms of financial technology at large. Hence, the need for cash has been decreasing rapidly as the use of digital money or digital currency is increasing day by day.

Criminals use dirty money

Criminals use crypto money laundering to hide the illicit money by using different type of methods. Additionally, criminals readily exploit the fast-moving pace of technological advancement with financial transactions, using new payment methods such as cryptocurrencies, rapidly gaining acceptance worldwide. 

Crypto currency Susceptible to money laundering

There are a lot of reasons why crypto currency are susceptible to money laundering. Therefore, individuals and criminal organization can hide their true identity. By conducting the transaction anonymously.

Risk in Crypto Currency Laundering

 Crypto asset system or exchange has the potential to display risks that can be exploited. Hence,while banks have a distinct and heavily-regulated global system of legal protections and obligations, the crypto asset market isn’t as universally protected or regulated. Risk is associated in crypto currency laundering are:

  • Source of Funds

Through KYC Regulations the funds transaction takes place. Similarly, multiple banks can tie up with single crypto wallet.

  • Risk within specific jurisdiction

In some geographical areas, there is a fraction of the amount of AML or KYC regulations needed. Therefore, alongside a lack of full implementation of preventive measures. The existence of regulatory bodies creates opportunities that can be exploited by criminal groups. 

Overview of Certified Anti-Money Laundering Professional Program

Riskpro Learning has launched a new certification program named Certified Anti-Money Laundering Professional (CAMP) for the compliance, AML professionals. To meet the regulatory needs in the emerging market environment. Additionally, Certified Anti-Money Laundering Professional regarded as one of the best international certifications in the AML domain. Hence, to gain the global recognition for the course, Riskpro Learning Academy has entered into the agreement to offer certification program to the global compliance officers.

The Certified Anti-Money Laundering Professional Program is a very unique certification program that offers a lot of benefits. As well as flexibilities to the international community who are working in the AML, compliance domain. Hence, Certified Anti-Money Laundering is interesting experience for the compliance professionals.

The aim of launching this program is to put forth the aspect of crypto currency laundering. While doing the program, this topic will help the aspirants to understand the meaning of different terms like crypto currency, crypto asset. Why crypto currency laundering sounds interesting for the criminals, how do crypto currency crimes take place.

Conclusion

Cryptocurrencies are a relatively new innovation, but they have quickly transitioned from a niche market to global commodity. They have been abused in a number of illicit and illegal ways.

Transaction Monitoring

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Transaction Monitoring

A well-developed system is transaction monitoring. It is an important fundamental of an effective Anti-Money Laundering Compliance domain. Transaction Monitoring system assists in combating money laundering as well as terrorist financing to help the financial institutions to identify the unusual and suspicious activities that are taking place at large. Although, it allows the financial institutions to supervise the customer transactions that are happening on daily basis. Transaction Monitoring not only looks on the current transaction of the customer but also gives all the historical information as well as the account profile of the customer.  Hence, it is an essential part of preventing money laundering and terrorist financing. Therefore, it also includes sanction screening, blacklist screening, and customer profiling features.

Additionally, the activity of monitoring financial transactions is part of the ongoing due diligence obligations towards clients to fight against money laundering and terrorist financing. The size and nature of the entities should be equivalent.

How to conduct AML Transaction Monitoring

For conducting AML Transaction monitoring will involve examination of transactions happening through out the business relationship. Hence, it will take the responsibility of analysing the origin of the funds, whether the transactions are consistent with the customer’s characteristics, nature and purpose of business relationship etc. 

Do financial firm require AML Transaction monitoring Solutions

Now a days a lot of financial firms are being prone to money laundering. The third-party AML solution vendor targets highly the financial firms. The Anti-Money Laundering solutions that are developed monitors the individuals, entities and the transaction to detect the suspicious activity that is taking place. Therefore, these solutions are required in the financial firms.

Challenges in Transaction Monitoring

In the virtual currency world, it automatically monitors the customer’s behaviour which enables the crypto exchanges to find the suspicious transactions that are taking place. It also detects the high-risk activities of the potential customer. Transaction Monitoring in Crypto Currency is increasing day by day. Following are the challenges in transaction monitoring:

  • Customer Anonymity

Crypto Currency Transaction may be carrid out by any one anonymously. It allows the high-risk customer to circumvent the standard monitory measures to transfer the illegal funds.

  • Structuring Potential

Money launderers have a lot of knowledge. They can easily structure multiple crypto currency transactions.

  • Transaction Speed

Cryptocurrency transactions can take place in a matter of seconds, allowing money launderers to move large volumes of illegal funds around quickly and stay ahead of transaction monitoring measures. 

  • Use of Money Mules

Therefore, criminals engage third-party individuals to act as money mules which conducts transaction on there behalf. So that it can avoid the attention of these measures.

Overview of Certified Anti-Money Laundering Professional Program

Riskpro Learning has launched a new certification program named Certified Anti-Money Laundering Professional (CAMP) for the compliance, AML professionals to meet the regulatory needs in the emerging market environment. Certified Anti-Money Laundering Professional regarded as one of the best international certifications in the AML domain. To gain the global recognition for the course, Riskpro Learning Academy has entered into the agreement to offer certification program to the global compliance officers. International Community developed this course.

The Certified Anti-Money Laundering Professional Program is a very unique certification program that offers a lot of benefits and flexibilities to the international community who are working in the AML, compliance domain. Hence, Certified Anti-Money Laundering is interesting experience for the compliance professionals.

The aim of launching this program is to put forth the different aspects of transaction monitoring. It will give one the knowledge of the importance of transaction monitoring, transaction monitoring used in crypto universe. Hence, Cryptocurrencies are introducing new possibilities for users across the financial landscape but are also disrupting the way regulators and financial institutions deal with criminal threats such as money laundering and the financing of terrorism. It is designed to provide the aspirants with the keen knowledge in AML and compliance domain. Therefo