Khaleeji Commercial Bank conducts training program on Anti-Money Laundering and Combating of the Financing of Terrorism (AML& CFT)

February 11, 2014 9:54 am

Khaleeji Commercial Bank (KHCB), one of Bahrain’s fast growing Islamic retail banks recently conducted a training program on Anti-Money Laundering and Combating the Financing of Terrorism (AML & CFT) as part of its commitment to refresh KHCB employees’ know-how about AML & CFT requirements and update them with the recent developments in the field.

The training forms part of a mandatory requirement by the Central Bank of Bahrain for all Banks in the Kingdom in order to ensure that the employees are experts in this challenging field.

All new staff members are enrolled into the programme within 3 months of joining the Bank’s workforce and all relevant staff receives this training on a yearly basis in order to update their knowledge about latest AML & CFT requirements.

Commenting on KHCB’s initiative towards the continuous training of its employees, Chief Executive Officer of KHCB Mr. Khalil Al Meer said, “At Khaleeji Commercial Bank, we have adapted a philosophy of investing in our people and equipping them with the latest knowledge about the trends in Islamic Banking Sector. Our training programme on AML & CFT requirements focuses on providing our staff with crucial information about knowing the Bank’s customer as well as due diligence requirements so that we mould our staff into experienced anti- money laundering professionals who can win the war against money launderers and terrorism financers.”

This year, KHCB conducted the training for its staff from all 7 branches in the Kingdom as well as relevant staff in the Head Office where more than 80 employees received the training. The programme included comprehensive training on a number of key areas on AML& CFT including stages of money laundering and terrorist financing along with cases and examples of such transactions.

“It is our aim that each member of our staff understands the important role they play at the Bank each day and is up-to-date with all the recent regulatory changes and policy updates in the AML & CFT area. It is important that they are fully equipped with knowledge about vital topics on this subject such as procedures to deal with high risk customers such as Politically Exposed Persons (PEPs), high risk transactions and reporting of Suspicious Transactions (STRs),” added Mr. Al Meer.

Headquartered in the kingdom of Bahrain, Khaleeji Commercial Bank BSC is a fast growing Islamic retail bank that endeavors to achieve its vision to be a leading domestic and regional Islamic Bank, providing a comprehensive range of high quality Shari’ah compliant banking and Investment products, services and investment opportunities to their customers and corporate clients.