Jun 18 , 2007

Shamil Bank Conducts Anti Money Laundering Course Under CBB Directives

Shamil Bank organized a series of training courses on Anti Money Laundering for its top and middle management personnel including all new incumbents. The courses were held at the Bank’s head office located at Seef Tower on five consecutive days last week.

The courses offered an introduction to Anti-Money Laundering with due diligence in respect to knowing the customer accurately and authentically besides knowing the nature of their main and associated businesses as well as  business associates with the objective of creating  an awareness of anti money laundering activities involving them or their account(s). It also included detecting and reporting suspicious transactions and an understanding of the quality of Suspicious Transaction Report Filing, Money laundering and Terrorist Financing Red Flags.
The courses were conducted by Mr. Hussam Al Abed a distinguished member of the Advisory Board of the Association of Certified Anti-Money Laundering Specialists (ACAMS), from Bahrain Financial Services Training Center.

There is now a worldwide recognition that all the banks must deal firmly and effectively with increasingly elusive, well-financed and technologically adept criminals who are determined to use every means available to subvert the financial systems that are the cornerstone of legitimate international commerce. The Central Bank of Bahrain, in keeping with its meticulous regulatory policies, has made it mandatory for all banks in Bahrain to provide Anti Money Laundering training to all staff members without any exceptions.