NBB strengthens safeguards against money laundering

All NBB staff involved in banking activities are being conducted through the programme which is led by Mr. Tariq Ali, Senior Instructor Banking Learning Centre at BIBF, with the purpose of strengthening the Bank's anti-money laundering measures.

This is the fifth in a series of money laundering prevention programmes which the Bank has implemented. The Bank's action against money laundering is in line with directives from the Bahrain Monetary Agency to implement Bahrain's law on money laundering that initially came into effect in October 2001.

According to Bahrain's law on money laundering which has adopted the forty recommendations of the international Financial Action Task Force (FATF), all employees of financial institutions involved in banking activities require to undertake a money laundering prevention course every year.

This latest programme for NBB employees has been arranged by Ahmed A. Rahim, the Bank's Assistant General Manager, Corporate Services. He said: " In addition to being compliant with Bahrain law, the Bank has a real responsibility to its staff to ensure that they are fully updated and briefed to implement the latest measures to combat money laundering."

Each group of participants in the programme are undertaking a four hour evening session covering the following topics: definition of money laundering, international and economic implications and initiatives to combat money laundering; the FATF forty recommendations; money laundering offences; BMA regulations; recognising suspicious transactions; politically exposed persons; and money laundering case studies.

Mr. Tariq Ali said: " It is essential for bank staff to be regularly updated on the latest information, criminal trends and legislation related to the prevention of money laundering. Financial products and new technologies are developing all the time and staff need to be fully aware of their responsibilities to protect and safeguard the institution where they are employed."