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STF Credit Utilisation Guidelines
Version  7
Approval

198th Council on 27 August 2019

Date 1 September 2019
1. Background

1.1 Pursuant to BNM/GP4, the STF Credit scheme was instituted in 2010 to ensure an equitable distribution and utilization of the fund in training and upskilling 
      employees in the banking industry.


2. STF Credit Allocation

2.1 A portion of the penalty contribution paid by the recruiting bank will be allocated to the releasing bank in the form of Credits at nominal value as per Table 1 below.

Allocation Effective Date

25%

20/10/2011

10%

01/01/2018

25%

01/01/2020

2.2 Effective from 1 January 2020, 10% of the current year’s Credit allocation to the releasing bank will be earmarked for ABS Executive Education programmes.


3. Validity Period

3.1 Credits earned and earmarked in one calendar year must be utilized within the following 2 calendar years. Unutilized Credits will be forfeited upon expiration.

3.2 There is no legal obligation by STF to pay the banks the remaining Credits in cash equivalent upon the termination of the scheme.


4. STF Credit Utilization

4.1 The eligibility and restriction for utilization of Credits are set out in Table 2 below:

Table 2: STF Credit Entitlement

Entity Eligible Effective Date
AICB

All qualifications awarded by AICB or jointly awarded with another professional body. Claimable fees include exam sitting, online resources, study text and all other charges directly attributable to the qualifications. Exam fees include first and subsequent sittings subject to the respective qualifications’ limitation.

Conferences organized by AICB or in collaboration with other strategic partners. Claimable expenses include trainers’ fee, food and beverages, and venue costs directly attributable to the program.

Participant’s airfare, ground transport & accommodation are not claimable except with the approval of AICB Council.

Membership fee for individual members and corporate members.

7/9/2016






1/1/2020
ABS All programs offered by ABS or in collaboration with other strategic partners. Claimable expenses include trainers’ fee, food and beverages, and venue costs directly attributable to the program.

Participant’s airfare, ground transport & accommodation are not claimable except for Executive Education programmes.

7/9/2016


FSTEP

3-month STF fully sponsored program conducted by ABS.

Salary or allowance paid to FSTEP students are not claimable.

1/1/2017

ICLIF

All programmes under the collaboration agreement dated 16 July 2019 (Collaborative Programmes), subject to AICB’s approval and must be marketed as jointly organized by AICB and ICLIF. Claimable expenses include trainers’ fee, food and beverages, and venue costs directly attributable to the program.

Participant’s airfare, ground transport & accommodation are not claimable unless it is an integral part of the collaborative program fee as agreed by AICB and ICLIF.

Utilization of STF Credit for Collaborative Programmes is subject to a cap of RM200,000 per bank per year.

16/7/2019






Abbreviations:

AICB – Asian Institute of Chartered Bankers
ABS – Asian Banking School
FSTEP – Financial Sector Talent Enrichment Programme
ICLIF – The Iclif Leadership and Governance Centre

4.2 Exemptions to the guidelines and special requests are subject to AICB Council’s approval.


5. Process

5.1 STF Resources Sdn Bhd will notify financial institutions (FIs) of their Credit balances on a monthly basis. As the information include staff salary, the statement will          be released to the CEO, Head of Human Resource and any other recipients designated by the Head of Human Resource only.

5.2 In order to utilize the Credits to purchase a program, FIs are required to submit the STF Credit Utilization Form upon registration or signing of the proposal for the          program.

5.3 Credits will be deducted immediately upon receipt of the STF Credit utilization form duly authorized by the Head of Learning and Development.

5.4 For effective management of the Credits, no reversal will be entertained for undelivered programs.

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