Bahrain Takes Tough Stance on Financial Regulation Compliance Amid Rising Money Laundering Risks

Comprehensive Training to Combat Financial Crime

Manama, Bahrain - The Bahrain Institute of Banking and Finance (BIBF) has launched an Anti-Money Laundering (AML) Academy in collaboration with the Central Bank of Bahrain. This initiative aims to equip professionals in financial institutions with the knowledge and skills needed to prevent financial crime and identify emerging risks.

The Growing Need for Financial Institutions to Comply

Regulatory risk and money laundering are increasingly becoming major concerns globally, following high-profile cases such as the FinCEN leaks. Banks in Bahrain have been proactive in adopting a risk-based approach to identifying and mitigating potential threats, including the option of de-risking or avoiding transactions that may be tainted by illicit activities.

BIBF’s AML Academy

The BIBF’s AML Academy is structured around three main categories:

• Anti-Money Laundering (AML): Provides professionals with knowledge and skills to prevent financial crime.
• Compliance: Enhances professional understanding of regulatory requirements.
• Fraud Prevention: Equips professionals to establish effective reporting systems that can quickly identify and respond to money laundering risks.

Bahrain’s Commitment to Combating Financial Crime

The kingdom has shown its commitment to combating financial crime through:

• Membership in the Financial Action Task Force (FATF) through the Gulf Cooperation Council.
• Its role as a founding member of the regional MENA-FATF.
• Hosting the secretariat of the latter organization.

Enhancing Financial Sector Regulation Compliance

The launch of the AML Academy is seen as a significant step towards enhancing financial sector regulation compliance in Bahrain. This move aims to protect the integrity of the country’s financial system and maintain its reputation as a safe and secure destination for investment.