Financial Crime World

Financial Crime Prevention Training Programs Launched in Bahrain

Bahrain’s financial sector is taking proactive steps to combat money laundering and terrorist financing with the launch of a new training program by the Bahrain Institute of Banking and Finance (BIBF). The Anti Money Laundering Academy aims to equip professionals in the industry with the necessary knowledge and skills to identify and mitigate risks.

A Proactive Approach to Compliance

The BIBF, which serves as the training arm of the Central Bank of Bahrain, has partnered with industry experts to develop a suite of courses that cover all aspects of compliance, financial crime prevention, and fraud detection. The program is designed to meet the regulatory requirements of the Central Bank of Bahrain and aligns with international standards set by the Financial Action Task Force (FATF).

Benefits of the Training Program

  • Equips professionals in the industry with the necessary knowledge and skills to identify and mitigate risks
  • Meets the regulatory requirements of the Central Bank of Bahrain
  • Aligns with international standards set by the FATF

A Growing Concern: Money Laundering and Terrorist Financing

The launch comes amid growing concerns about money laundering and terrorist financing globally. Recent high-profile cases, including the FinCEN leaks, have highlighted the need for financial institutions to adopt a risk-based approach to prevent these crimes.

Why is this a Key Priority?

  • “The fight against money laundering and combating the financing of terrorism is a key priority for us,” said a Central Bank of Bahrain spokesperson.
  • The country is committed to implementing international standards in this area and working with partners to ensure that its financial sector is secure and transparent.

Training Programs Offered by the BIBF

The BIBF’s Anti Money Laundering Academy will offer training programs under three main categories:

AML, Compliance, and Fraud

  • The courses aim to enhance professionals’ knowledge and technical skills, enabling them to detect and report money laundering activities effectively.

Bahrain’s Commitment to International Standards

Bahrain has been a member of the FATF since 2002 and is part of the Gulf Cooperation Council’s full membership in the organization. The country is also a founding member of the regional MENA-FATF and hosts its secretariat.

Flexibility with Online Training

The BIBF’s online AML training program will be available soon, providing professionals with flexibility to complete their training at their own pace. The academy brochure can be downloaded from the BIBF website for more information on the courses and programs offered.