Acceleration Towards Professionalising The Development Financial Institutions (DFIs) Industry via AICB’s Qualification Programmes


On 27 December 2017, an industry-wide commitment to professionalise the Development Financial Institutions (DFIs) industry was signed by six DFIs including Bank Kerjasama Rakyat Malaysia Berhad, Export-Import Bank of Malaysia Berhad, Bank Pertanian Malaysia Berhad, Bank Pembangunan Malaysia Berhad, Bank Simpanan Nasional and Small Medium Enterprise Development Bank Malaysia Berhad. This is part of the broader joint declaration initiative to enhance efforts to professionalise the Malaysian banking industry where an industry commitment was signed by Member Banks of the Association of Banks in Malaysia together with AICB in 2016 to create a workforce, characterised by high standards of professional conduct, knowledge and competence.

As an extension of this initiative, with effect from 1 January 2023, reporting submissions made by DFIs to the Bank Negara Malaysia will be required to be undersigned by officers of DFIs who have attained the Chartered Banker qualification or Chartered Professional in Islamic Finance qualification (for full-fledged Islamic DFIs).

This development will further strengthen the critical foundations for DFIs to maintain an effective role in promoting inclusive economic growth and development, supported by a highly competent and professional workforce.

With the signing, AICB as the provider of the Chartered Banker and Specialised Certification programmes in Malaysia commits to the following:

  1. Deliver the programme in a consistently high-quality manner that establishes the programme as an indispensable source of professional development for its members and the DFIs;
  2. Continuously improve the Chartered Banker and Specialised Certification to ensure its relevance, in consultation with the industry such that it anticipates and responds to the evolving needs of its members and DFIs; and
  3. AICB, in its role as the professional body for bankers in Malaysia, further commits to ensure adherence to its Code of Professional Conduct and the commitment of its members to Continuous Professional Development in order to maintain the highest standards of professionalism in banking in Malaysia.

This commitment will take effect beginning 1 January 2018 for the Chartered Banker programme and the Specialised Certification programme.

The Implementation Framework of the DFI industry commitment is as follows:

A. Specialised Function : Internal Audit 
Category Requirement
Senior Management (C-suite)
  1. To complete Chartered Banker or revised CIAFIN (Certified Bank Auditor) certification within 5 years from effective date of;
  2. Accelerated Pathway is available for those who possess:
    1. existing CIAFIN with at least 3 years of relevant audit experience
      or
    2. professional audit certification with at least 3 years of relevant audit experience.
  3. Any other certifications should gain AICB’ s accreditation and if eligible will be considered as a pathway to AICB’s membership.
  4. To maintain professional designation and membership with AICB upon completion of
    1. Chartered Banker (CB); or
    2. CIAFIN (Certifוed Bank Auditor)
  5. To comply with the annual CPD requirement of 35 hours, of which  10 hours to be mandatory CPD on Internal Audit and 5 hours on Ethics.
  6. Exemption from Certifוcation (to be approved by AICB) may be accorded in the following instance:
    1. Senior  Management  with  at  least  15  years of audit  or relevant experience inclusive of 5 years in C-1 position; or
    2. Staff who possess professional or specialised certification in audit. Note: Recommendation for exemptions to AICB must be approved by respective institution’s CEO
Entry Level to Mid Level
  1. To complete the revised CIAFIN (Certified Bank Auditor) certification within 5 years from effective date of:
    1. 1 January 2018 for existing employees in audit function; or
    2. Date of appointment (new joiners) or date assumed of audit function; whichever applicable.
  2. Accelerated Pathway is available for those who :
    1. Completed existing CIAFIN with at least 3 years of relevant audit experience; or
    2. Possess professional audit certification with at least 3 years of relevant audit experience.
  3. Any other certifications should gain AICB’s accreditation and if eligible will be considered as a pathway to AICB’s membership.
  4. To maintain professional designation (Certified Bank Auditor) and membership with AICB annually.
  5. To comply with the annual CPD requirement  of 35 hours, of which 10 hours to be mandatory CPD on Internal Audit and 5 hours on Ethics.
  6. Exemption from Certification (to be approved by AICB) may be accorded in the following instance:
    1. Staff who possess professional or specialised certification in audit.

Note: Recommendation for exemptions to AICB must be approved by respective institution’ s CEO

B. Specialised Function : Risk Management
Senior Management (C-suite)
  1. To complete Chartered Banker or Bank Risk Management (BRM) certifוcation within 5 years from effective date of:
    1. 1 January 2018 for existing employees in risk function; or
    2. Date of appointment (new joiners) or date assumed of risk function; whichever applicable.
  2. Accelerated Pathway is available for those who:
    1. Possess professional certifוcation such as Financial Risk Manager (FRM) or Professional Risk Manager (PRM)
  3. Any other certifications should gain AIC8’s accreditation and if eligible will be considered as a pathway to AIC8’s  membership.
  4. To maintain professional designation  and membership with AIC8 upon completion of:
    1. Chartered Banker (CB); or
    2. Bank Risk Management (Certifוed Bank Risk Practitioner)
  5. To comply with the annual CPD requirement  of 35 hours, of which  10 hours to be mandatory CPD on risk and 5 hours on Ethics.
  6. Exemption from Certification (to be approved by AIC8) may be accorded in the following instance:
    1. Senior Management with at least 15 years of risk management  or relevant experience inclusive of 5 years in C-1 position; or
    2. Staff who possess professional or specialised  certification  in risk management.

Note: Recommendation  for exemptions to AICB must be approved by respective institution’s CEO

Entry Level to Mid Level
  1. To complete the BRM certification within 5 years from effective date of:
    1. 1 January 2018 for existing employees in risk function; or
    2. Date of appointment (new joiners) or date assumed of risk function; whichever applicable.
  2. Accelerated Pathway is available for those who possess:
    1. professional certification in risk management such as Financial Risk Manager (BRM) or Professional Risk Manager (PRM).
  3. Any other certifications should gain AICB’s accreditation and if eligible will be considered as a pathway to AICB’s membership.
  4. To maintain professional designation (Certified Bank Risk Practitioner) and membership with AICB annually.
  5. To comply with the annual CPD requirement of 35 hours, of which 10 hours to be mandatory CPD on risk and 5 hours on Ethics.
  6. 50% of relevant staff to be certified by 2020.
  7. Exemption from Certification: (to be approved by AICB) may be accorded in the following instance:
    1. Staff who possess professional or specialised certification in risk management.

Note: Recommendation for exemptions to AICB must be approved by respective institution’s CEO

C. Specialised Function : Credit
Senior Management (C-suite)
  1. To complete Chartered Banker or Professional Credit Certification (PCC) within 5 years from effective date of:
    1. 1 January 2018 for existing employees in credit function; or
    2. Date of appointment (new joiners) or date assumed of credit function; whichever applicable.
  2. Accelerated Pathway is available for those who possess:
    1. degree or professional qualifications and with relevant banking work experience.
  3. Any other certifications should gain AICB’s accreditation and if eligible will be considered as a pathway to AICB’s membership.
  4. To maintain professional designation and membership with AICB upon completion of:
    1. Chartered Banker (CB); or
    2. Certified Business or Retail Credit Practitioner.
  5. To comply with the annual CPD requirement of 35 hours, of which 10 hours to be mandatory CPD on credit and 5 hours on Ethics.
  6. Exemption from certification (to be approved by AICB) may be accorded in the following instance:
    1. Senior Management with at least 15 years of credit or relevant experience inclusive of 5 years in C-1 position exercising credit authority; or
    2. Staff who possess professional or specialised certification in credit.

Note: Recommendation for exemptions to AICB must be approved by respective institution’s CEO

Entry Level to Mid Level
  1. Credit Origination to Recovery Functions to complete the Professional Credit Certification (PCC) within 5 years from effective date of:
    1. 1 January 2018 for existing employees in credit function; or
    2. Date of appointment (new joiners) or date assumed of credit function; whichever applicable.
  2. Accelerated Pathway is available for those who possess:
    1. degree or professional qualifications and with relevant banking work experience.
  3. Any other certifications should gain AICB’s accreditation and if eligible will be considered as a pathway to AICB’s membership.
  4. To maintain professional designation (Certified Business or Retail Credit Practitioner) and membership with AICB annually.
  5. To comply with the annual CPD requirement of 35 hours, of which 10 hours to be mandatory CPD on credit and 5 hours on Ethics.
  6. 50% of relevant staff to be certified by 2020.
  7. Exemption from certification (to be approved by AICB) may be accorded in the following instance:
    1. Staff who possess professional or specialised certification in credit.

Note: Recommendation for exemptions to AICB must be approved by respective institution’s CEO

D. Specialised Function : Compliance
Senior Management (C-suite)
  1. To complete Advanced Certification in Regulatory Compliance or a higher level certification in Compliance or any other specialised certification related to compliance (to be introduced by AICB at a later stage) within 5 years from effective date of:
    1. 1 January 2018 for existing employees in compliance function; or
    2. Date of appointment (new joiners) or date assumed of compliance function; whichever applicable.
  2. Accelerated Pathway is available for those who possess:
    1. degree or professional qualifications with compliance work experience.
  3. Any other certifications should gain AICB’s accreditation and if eligible will be considered as a pathway to AICB’s membership.
  4. To maintain professional designation and membership with AICB upon completion of:
    1. Chartered Banker (CB); or
    2. Certified Practitioner – Compliance
  5. To comply with the annual CPD requirement of 35 hours, of which 10 hours to be mandatory CPD on compliance and 5 hours on Ethics.
  6. Exemption from Certification (to be approved by AICB) may be accorded in the following instance:
    1. Senior Management with at least 15 years of compliance or relevant experience inclusive of 5 years in C-1 position; or
    2. Staff who possess professional or specialised certification in compliance.

Note: Recommendation for exemptions to AICB must be approved by respective institution’s CEO

Entry Level to Mid Level
  1. For entry level, to complete Certification in Regulatory Compliance; and for mid level, to complete Advanced Certification in Regulatory Compliance within 5 years from effective date of:
    1. 1 January 2018 for existing employees in compliance function; or
    2. Date of appointment (new joiners) or date assumed of compliance function; whichever applicable.
  2. Accelerated Pathway is available for those who:
    1. Possess degree or professional qualifications with compliance work experience.
  3. Any other certifications should gain AICB’s accreditation and if eligible will be considered as a pathway to AICB’s membership.
  4. To maintain professional designation (Certified Practitioner – Compliance upon completion of Advanced Certification in Regulatory Compliance) and membership with AICB annually.
  5. To comply with the annual CPD requirement of 35 hours, of which 10 hours to be mandatory CPD on compliance and 5 hours on Ethics.
  6. Exemption from Certification (to be approved by AICB) may be accorded in the following instance:
    1. Staff who possess professional or specialised certification in compliance.

Note: Recommendation for exemptions to AICB must be approved by respective institution’s CEO

 E. Specialised Function : Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT)
Senior Management (C-suite)
  1. To complete Chartered Banker or Certified Professional in AML/CFT Certification or any other specialised certification related to AML/CFT (to be introduced by AICB at a later stage) within 5 years from effective date of:
    1. 1 January 2018 for existing employees in AML/CFT function; or
    2. Date of appointment (new joiners) or date assumed of AML/CFT function; whichever applicable.
  2. Accelerated Pathway is available for those who possess:
    1. Degree or professional qualifications with AML/CFT related work experience.
  3. Any other certifications recognised by AICB and will be considered as a pathway to AICB’s membership.
  4. To maintain professional designation and membership with AICB upon completion of:
    1. Chartered Banker (CB); or
    2. Certified Professional in AML/CFT: Certified Senior Practitioner – AML/CFT
  5. To comply with the annual CPD requirement of 35 hours, of which 10 hours to be mandatory CPD on AML/CFT and 5 hours on Ethics.
  6. Exemption from Certification (to be approved by AICB) may be accorded in the following instance:
    1. Senior Management with at least 15 years of AML/CFT or relevant experience inclusive of 5 years in C-1 position; or
    2. Staff who possess professional or specialised certification in AML/CFT.

Note: Recommendation for exemptions to AICB must be approved by respective institution’s CEO

Entry Level to Mid Level
  1. For entry level, to complete Certification in AML/CFT; and for mid level, to complete Advanced Certification in AML/CFT within 5 years from effective date of:
    1. 1 January 2018 for existing employees in AML/CFT function; or
    2. Date of appointment (new joiners) or date assumed of AML/CFT function; whichever applicable.
  2. Accelerated Pathway is available for those who possess:
    1. Degree or professional qualifications with AML/CFT related work experience.
  3. Any other certifications recognised by AICB and will be considered as a pathway to AICB’s membership.
  4. To maintain professional designation and membership with AICB upon completion of Advanced Certification in AML/CFT: Certified Practitioner – AML/CFT;
  5. To comply with the annual CPD requirement of 35 hours, of which 10 hours to be mandatory CPD on AML/CFT and 5 hours on Ethics.
  6. Exemption from Certification (to be approved by AICB) may be accorded in the following instance:
    1. Staff who possess professional or specialised certification in AML/CFT.

Note: Recommendation for exemptions to AICB must be approved by respective institution’s CEO