BIBF launches the Anti-Money Laundering Academy

Sunday, October 18, 2020

In line with the Kingdom’s determination to combat money laundering and terrorist financing, the Bahrain Institute of Banking and Finance (BIBF), had launched an Academy for Anti-Money Laundering (AML) that includes a suite of courses covering all elements of Compliance, Financial Crime and Fraud Prevention, to develop skills to spot and prevent money laundering, terrorist financing, and fraud-related risks, while successfully navigate the legislative landscape.

These courses are provided in partnership with the BIBF’s established official training partners, such as the Global Association of Risk Professionals (GARP), the London Institute of Banking and Finance (LIBF), the Association of Certified Anti-Money Laundering Specialists (ACAMS), the International Compliance Association (ICA), and the Association of Certified Fraud Examiners (ACFE).

The Central Bank of Bahrain (CBB) 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.

The AML Academy programmes are available as an e-learning solution and can be delivered in person or virtually in-line with the CBB regulations.

On this occasion, the BIBF Director, Dr. Ahmed Al Shaikh stated, “The establishment of the AML Academy marks a fundamental step in supporting the Kingdom’s commitment to the implementation of international standards and requirements regarding the fight against financial crime.”

He also added, “As the industry continues to grow, there’s an increasing demand for high calibre financial crime experts, as many employers within financial services now find they are faced with a distinct skills gap. The AML academy presents a number of programmes in three main areas, Anti-Money Laundering (AML), Compliance, and Fraud, to plug the skills gap in financial crime prevention and bolster professional knowledge and technical aspects in designing a powerful reporting system that will immediately detect and combat money-laundering.”