To facilitate the financial sector, The BIBF as the training arm of the Central Bank of Bahrain is launching the AML Academy. This will include a suite of courses covering all elements of compliance, financial crime and fraud prevention. These courses are being launched in partnership with our partners. The BIBF is also launching its online AML training which is in-line with CBB regulations.
Regulatory risk as well as money laundering are emerging as the major areas of risk across financial institutions. With so many cases including the most recent FinCEN leaks, it is becoming very evident that financial institutions need to do much more. Banks have been pro actively adopting a risk based approach to identify risks and take appropriate steps to mitigate risks including avoiding the risk or derisking as the circumstances demand.
Anti Money Laundering Categories
In line with the Kingdom of Bahrain’s determination to fight against Money Laundering, the BIBF presents a number of programmes pertaining to Anti Money laundering under three main categories, AML, Compliance and Fraud.
The aim of the programmes is to expose and correctly react to inherent and residual money laundering, terrorist financing, and fraud-related risks. These programmes bolster professional knowledge and technical aspects that will help with a powerful reporting system that can immediately detect money laundering.
The Central Bank of Bahrain views the fight against money laundering (‘AML’) and combating the financing of terrorism (‘CFT’) as a key priority. Bahrain is part of the Financial Action Task Force (‘FATF’) through the full membership of the Gulf Cooperation Council in the FATF, and is committed to the implementation of all international standards in this area. Bahrain is also a founding member of the regional MENA-FATF, and hosts its secretariat.