IBSL Diploma in Compliance Exam study guide
IBSL Diploma in Compliance Exam · Work through your exam, one topic at a time.
The Diploma in Compliance is one of the diploma-level programmes listed by the Institute of Bankers of Sri Lanka (IBSL) on its official website, appearing alongside other diplomas such as Treasury & Risk Management, Credit Management, Corporate Banking, International Trade and Internal Auditing for Banking & Finance. IBSL describes itself as the premier institution for academic and professional qualifications with advanced knowledge and skills in banking and finance, and states that it was first established in 1964 as the Bankers' Training Institute (Ceylon) by the Central Bank of Sri Lanka and re-incorporated in 1979 by the Institute of Bankers of Sri Lanka (Incorporation) Act No. Candidates who search for this qualification are typically compliance officers, internal auditors, risk and operations staff, and bankers moving into regulatory roles who want a structured, banking-specific grounding in compliance rather than a generic legal or accounting certificate. The IBSL site publishes a syllabus, examination regulations, examination fees, timetables and results under its Examinations section, and this page should be your starting point for those official documents. Topics on this exam: Compliance. The IBSL Diploma in Compliance Exam study guide has 1 section and about 456 words.
01Compliance
The Compliance domain tests whether you can describe the compliance function as a control function, apply the risk-based approach, and map obligations to Sri Lankan law - chiefly the Banking Act, the Financial Transactions Reporting Act No. 6 of 2006 (FTRA) and the Prevention of Money Laundering Act, plus CBSL directions and FATF Recommendations. Compliance risk is the risk of legal or regulatory sanctions, material financial loss or loss of reputation from failure to comply with laws, regulations, self-regulatory standards and codes of conduct (Basel Committee, 2005). The compliance function must be independent of business lines, have a direct reporting line to the board or a board committee, and have unrestricted access to information and people.
456 words, about 2 min